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Chapter 11-3 Jackson and the Bank
Transcript of Chapter 11-3 Jackson and the Bank
EQ: How do economic issues affect the president and presidential elections?
President Jackson forced the National Bank to close, and economic problems split the Democratic party.
The Bank as an Election Issue
Jackson's opponents tried to use the bank to defeat Jackson in the election of 1832.
Clay and Webster believed that if Biddle, the Bank 's president, applied for an early charter, Jackson would defeat the Bill and he would lose the popular vote and Clay would become President.
Jackson vetoed, or killed the Bill because he felt the Bank was unconstitutional despite the Supreme Court's decision to the contrary in McCulloh v. Maryland (1819)
Election of 1832
The Bank did play a large part in the election-- but it backfired on Clay. Jackson's veto was largely supported and the motion to "kill the Bank" was well in motion.
1836 Democrats candidate Martin Van Buren (Jackson's VP) ran against three Whig candidates. Due to Jackson's popularity, Van Buren won easily.
*Shortly after the election, a severe economic depression swept the nation. Recognizing the benefits of laissez-faire, Van Buren established an independent federal treasury in 1830 for only federal purposes.
*Not favorable with the Democrats or the Whig parties.
The Whigs Take Power
Whig candidate, William Henry Harrison, a hero of the War of 1812, tried to win the favor of the laborers and farmers who favored Van Buren.
The Whigs adopted the icon of a log cabin to portray their candidate as "man of the people."
On Inauguration day, Harrison tried to carry out this "MAN of the people" image by refusing to wear a coat in January of 1841.
Only 32 days later, Harrison died of pneumonia serving the shortest term of any American president.
John Tyler of Virginia, his VP, became the first to fain presidency because of a death in office.
Tyler was a Democrat that Harrison brought on to gain the Southern vote for the Whigs.
After Harrison's death, Tyler took the presidency in a direction that went against the Whigs' goals, and the Whigs lost power.
Section Main Ideas
Panic of 1837
Land Values dropped, investments declined, banks failed.
Thousands of businesses closed.
In the South, cotton prices fell
to record lows.
Many people couldn't afford
food or rent.
Farmers plunged into debt
and lost their land
Lack of party loyalty outraged many Whigs
Most of his cabinet resigned
he vetoed many bills
including one to recharter the bank.
Whigs could not agree on their goals as they began to vote with sectional ties- North, South, West- not only party ties