Fallout of the Veto Creates Panic

Era of Van Buren Nation prospered under Jackson Nation prospered under Jackson Whig Party formed as opponentstoJackson Whig Party formed as opponents to Jackson ◦ (“King Andrew I”) Jackson’s V.P. won Election of 1836 Jackson’s V.P. easily won the Election of 1836 ◦ Martin Van Buren ◦ Main opponent is former military general William Henry Harrison Within months people feared for the economy ◦ Panic of 1837 exchange paper money for gold or silver People rushed to banks to exchange paper money for gold or silver

Depression and Change Banks could not keep up Banks could not keep up & most went into default led to a depression ◦ It led to a depression Clay & Webster believed the government should help Some like Clay & Webster believed the government should help ◦ Van Buren believed the economy would improve on its own Van Buren blamed for the Panic Van Buren blamed for the Panic of 1837

Election of 1840 Whigschose William Henry Harrison Whigs again chose military hero William Henry Harrison John Tyler as V.P., ◦ (VA) John Tyler as V.P., a former Democrat Made most of nickname “Old Tippecanoe” “Tippecanoe & Tyler, too!” ◦ Whig campaign slogan – “Tippecanoe & Tyler, too!” Whigs appealed to “common people Whigs appealed to “common people” Used the log cabin ◦ Similar to Andrew Jackson ◦ Blamed Van Buren for the depression ◦ HarrisonPresident ◦ Harrison has a decisive Presidential victory Harrison’s speech in the cold led to his death Harrison’s long speech in the bitter cold led to his death one month after inauguration ◦ First time a president died in office Tyler became president ◦ Vice-President Tyler became president