Chapter 12 Section 4 Mr. Biddle’s Bank A. The 2nd Bank of the USA was very powerful B. Mr. Biddle was its president C. A. Jackson hated the bank 1. He thought it had too much power 2. He thought it favored the rich 3. He had once lost $ in a bank

Chapter 12 Section 4 D. Mr. Biddle needed to renew the bank’s charter E. Congress said “yes” F. Jackson vetoed it

Chapter 12 Section 4 G. Eventually the bank went out of business, and the US economy was hurt 1. State banks issued too much money and inflation occurred H. Martin Van Buren becomes president and The Panic of 1837 occurred http://www.youtube.com/watch?v=vYh7pato4uE&feature=related

Chapter 12 Section 4 2. Rise of the Whig party A. Henry Clay & Daniel Webster wanted to help the economy B. Van Buren believed the economy would take care of itself

Chapter 12 Section 4 C. The Whig party developed 1. They were against a leader having too much power 2. They nominated WH Harrison as a candidate for president in 1840 a) He was a common man b) He was an Ohioan, so he was a “Westerner” 3. Harrison won 4. He died one month later