1. Chapter 12.3
Jackson and the Bank

2. Jackson’s War Against the Bank
Andrew Jackson- came from nothing, self-made man, western pioneer
Nicholas Biddle- President of the Second Bank of the United States, came from a wealthy Philadelphia family, good education
Jackson and Biddle clashed

3. The Bank and the Election of 1832
Henry Clay and Daniel Webster told the bank to apply for a new charter and when Jackson vetoed it, Jackson would lose support of the people
Their plan backfired, most people supported Jackson’s veto and he was reelected.
1826- Jackson refused the new bank’s charter and it closed

4. Panic of 1837 Jackson did not want to run for a third term
Democrats chose Martin Van Buren (Jackson’s VP)
New Party:Whigs nominated 3 people, hoping to splits the votes and the House of Representatives would vote (Whigs controlled the House)
Van Buren was very popular because of Jackson, he won the popular and electoral vote

5. Panic of 1837 continued…
When the Bank closed in 1836, control over state banks vanished
Government stopped accepting banknotes from smaller banks and people panicked
The Panic of led to a depression, land values dropped, banks failed, thousands of businesses closed, workers lost their jobs, farmers lost their land, many people could not afford food or rent

6. The Whigs in Power
Democrats unpopular because of the depression…allowed Whig Party to win the 1840 election.
William Henry Harrison won the election with John Tyler as his VP
On Inauguration day, it was cold and Harrison insisted on delivering his speech without a hat or coat.
He died of pneumonia 32 days later.

7. John Tyler’s Presidency
John Tyler became the first vice president to become president because of the death of the elected president.
John Tyler ruled with very little party loyalty.
He vetoed several bills sponsored by the Whigs and was kicked out of the Whig Party
Tyler’s biggest success was the 1842 Webster- Ashburton Treaty
Between Great Britain and the United States
Ended the dispute over the border between Maine and Canada
Set a firm U.S.-Canadian boundary from Maine to Minnesota

8. End of the Whig Party Next Whig president: Zachary Taylor in 1848
Taylor also died in office
Whig Party was divided over the issue of slavery
By the 1850s, the party had nearly disappeared
Northern Whigs left the party and joined the Republican Party

9. Seminole- The Unconquered
(skip to 19.30)