1. Chapter 12, lesson 3
Jackson & the Bank

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

3. 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 re-elected
Jackson closed Bank, all $ to state banks

4. Panic of 1837 Martin Van Buren (VP) takes over after Jackson
Whig Party (Federalists) opposed him, 3 candidates from all over (Fav Sons)
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
President Martin Van Buren
Set up US Treasury-It’s own bank

5. Whigs in Power

6. Whigs in Power

7. 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

8. 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

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