Effects of the War on the Bank

Bill for renewal came to Jackson on J JJ July 4, 1832 ◦J◦J ackson was sick in bed Jackson vetoed the bill that would give the bank a new charter ◦“◦“ The bank, Mr. Van Buren, is trying to kill me. But I will kill it!” Jackson pulled govt. funds ◦D◦D◦D◦Deposited the money in state banks OOpponents called them “ ““ “pet banks”

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”) Martin Van Buren, Jackson’s V.P., easily won the Election of 1836 Martin Van Buren, Jackson’s V.P., easily won the Election of 1836 Within months people feared for the economy ◦ Panic of 1837 exchanged paper money for gold or silver People exchanged 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 Some believed the gov’t should help Some like Clay & Webster believed the gov’t should help ◦ Van Buren believed the economy would improve on its own Van Buren blamed for the Panic Van Buren blamed for the Panic

Election of 1840 Whigschose William Henry Harrison Whigs again chose military hero William Henry Harrison John Tyler as V.P., ◦ Virginian John Tyler as V.P., a former Democrat Made the most of his 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 as symbol ◦ Van Buren blamed for the depression 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