Chapter 12, lesson 3 Jackson & the Bank. War Against the Bank Jackson disliked 2 nd Bank of US Nicholas Biddle was president of Bank Westerners couldn’t.

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Chapter 12, lesson 3 Jackson & the Bank

War Against the Bank Jackson disliked 2 nd Bank of US Nicholas Biddle was president of Bank Westerners couldn’t get easy loans Bank represented wealthy East Limited growth

1832 Election Henry Clay & Daniel Webster used the Bank against Jackson Had Biddle apply for new charter (gov’t permit to run bank) early Jackson vetoed the charter People were glad he did Jackson closed Bank, all $ to state banks

Panic of 1837 Martin Van Buren (VP) takes over after Jackson Whig Party (Federalists) opposed him, 3 candidates from all over W/ Bank closed state banks gave out bad loans Depression: land value, banks failed, businesses closed, unemployment Van Buren did little to help: laissez-faire Set up US Treasury-It’s own bank

Whigs in Power

Log Cabin Campaign Whig: William Harrison, War of 1812 hero, VP John Tyler “Tippecanoe & Tyler Too” Harrison, man of the people, log cabin Van Buren, wealthy snob

President John Tyler Harrison wins but dies soon after inauguration Webster & Clay wanted to control Harrison Tyler not a strong Whig, leaned Dem Vetoed many Whig bills passed in Congress Outraged Whigs, they expelled him from Party Webster-Ashburn Treaty, 1842 settled Canadian border from Maine to MN

Whig Party Can’t agree on goals Vote according to region (N, S, W) Party dissolves (ends) Northern Whigs become Republican Party

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