Jackson and the Bank Section Three

The Bank of the United States The Bank of the United States was a powerful organization that controlled the money of the U.S. government. It was run by private bankers instead of government officials with little public input. Jackson believed the bank was unconstitutional. Nicholas Biddle

Plot by Clay and Webster In 1832, Clay and Webster plotted to defeat Jackson in the next election (over the issue of the U.S. Bank), but it did not work. Most Americans supported Jackson and he was easily re-elected. He went ahead and “killed” the Bank by withdrawing all U.S. funds and refusing to sign a new charter.

Election of 1832

Jackson Leaves Office

…that I did not shoot Henry Clay or hang John C. Calhoun… Jackson’s Regrets …that I did not shoot Henry Clay or hang John C. Calhoun…

Election of 1836 In 1836, Martin Van Buren was elected President after Jackson gave him his support. Martin Van Buren

Election of 1836

Panic of 1837 In the Panic of 1837, an economic depression occurred when land value dropped and caused the banks to fail and people to lose jobs. Van Buren believed in laissez faire (a Jeffersonian idea that government should stay out of the nation’s economy). However, VB did start putting all U.S. funds in a federal treasury instead of private banks.

Election of 1840 As a result of the crisis, and after 12 years in power, the Democrats lost the 1840 presidential election and the Whig Party moved into power.

Tippecanoe & Tyler, Too William Henry Harrison and John Tyler won with the motto “Tippecanoe and Tyler, Too.” (Harrison was the hero of the Battle of Tippecanoe.)

The Log Cabin Campaign Harrison and the Whigs used a log cabin to say that Harrison was born poor trying to gain Jackson-like support from the common people. At the same time, the Whigs said Van Buren was “King Martin” to say he was a rich snob! Harrison was actually born wealthy!

Election of 1840

Death of Harrison 31 days after his inauguration in 1841, Harrison died of pneumonia and Tyler took over as President.

President John Tyler As President, Tyler angered the Whigs by vetoing several Whig bills… The election of 1844 went to the Democrats once again.