1. Chapter 11 The Jackson Era (1824-1845) Section 3 Jackson and the Bank
MAIN IDEA:
Economic issues affected the presidencies of Andrew Jackson & Martin Van Buren.

2. To reject a bill an prevent it from becoming a law.
veto/vetar
To reject a bill an prevent it from becoming a law.

3. depression/depresíon
a period of low economic activity and widespread unemployment

4. laissez-faire/laissez-faire
Policy that government should interfere as little as possible in the nation’s economy.

5. log cabin campaign /campaña de cabana rustica
Name given to William Henry Harrison’s campaign for presidency in 1840, from the Whigs’ use of a log cabin as their symbol

6. How do economic issues affect the president and presidential elections?

7. The National Bank Andrew Jackson hated the Bank of the United States
Jackson felt it helped the wealthy Easterners
The bank was a powerful institution that held the federal governments money
The Bank’s president, Nicholas Biddle, represented everything Jackson disliked
Jackson was a self-made man while Biddle was born into a wealthy family

8. Jackson attacked the Bank of the United States because
A. it was being run by corrupt elected officials.
B. it provided loans to all citizens.
C. it financed foreign business deals that put Americans out of work.
D. it was controlled by wealthy Easterners. A B C D

9. Campaign of 1832
Jackson’s opponents, Henry Clay and Daniel Webster, were friends of Biddle
Clay and Webster planned to use the Bank to defeat Jackson
They persuaded Biddle to apply for an early charter (The old one did not expire until 1836)
Clay and Webster felt that if Jackson vetoed the charter it would lead to his defeat
Clay could then be elected president

10. The Bank’s Charter
When the bill to renew the Bank’s charter came to Jackson to sign, he was sick in bed
Jackson told his friend Martin Van Buren- “The bank…is trying to kill me. But I will kill it!”
Jackson vetoed the bill
Jackson felt the Bank was unconstitutional (Contrary to McCulloch v. Maryland)
“The laws… make the rich richer”

11. Does this cartoon support the President or the Bank?

12. The Election of 1832 The plan for gaining support for Clay backfired
Most people supported Jackson’s veto
Jackson was reelected
Jackson chose to “kill” the Bank ahead of the schedule
All money was withdrawn and put into smaller state banks
In 1836 he refused to sign a new charter for the Bank, and it closed

13. Jackson decided not to run for a third term and the Democrats chose Martin Van Buren
A new party, the Whigs, nominated three candidates (Each had a following in different parts of the country)
Jackson’s popularity helped Van Buren win easily
Shortly after Van Buren became president, the country entered a severe economic depression
Election of 1836

14. The Panic of 1837 The depression began with the Panic of 1837
Land values dropped, investments declined, and banks failed
1000s of businesses closed and people lost jobs
In the South, cotton prices dropped to record lows
Farmers went into debt and lost their land
In the cities, many could not afford food or rent

15. President Van Buren Believed in laissez-faire (Like Jefferson)
Van Buren persuaded Congress to establish an independent federal treasury in 1840
The government will not deposit money in private banks (Like they did under Jackson)
The private banks had used government funds to back their banknotes
The new treasury system would keep this from happening and avoid crises
Van Buren’s own party along with the Whigs criticized the act

16. The Whigs
The Whigs nominated William Henry Harrison, a hero of the War of 1812
John Tyler, a planter from Virginia, was Harrison’s running mate
Harrison won national fame for defeating Tecumseh’s followers at the Battle of Tippecanoe
The Whig’s used the slogan “Tippecanoe and Tyler Too”
To win the election Harrison had to gain support from the laborers and farmers who supported Jackson

17. What was the reason the Whigs won the 1840 election?
A. They made a “corrupt bargain” with Henry Clay to steal the presidency.
B. The Democrats split over Van Buren.
C. They ended the Panic of 1837.
D. They gained support from farmers and laborers rather than the wealthy elite. A B C D

18. The Log Cabin Campaign
Harrison and the Whigs chose a log cabin as their symbol
Harrison was rich, but wanted to look like a “man of the people”
The Whigs criticized Van Buren as “King Martin” that spent the peoples money on fancy furniture for the White House
The Log Cabin Campaign worked- Harrison won by a wide margin
Harrison became the first Whig president

19. Harrison’s Inauguration
Inauguration day bitter cold
Harrison insisted on giving his speech without a hat or coat
He died 32 days later
Served the shortest term of any American President
VP John Tyler became president

20. Tyler’s Presidency John Tyler had once been a Democrat
The Whigs added him to the ticket with Harrison to attract Southern voters
Tyler vetoed many Whig sponsored bills (Including a recharter of the Bank)
His lack of party loyalty outraged many Whigs
Whig leaders in Congress expelled Tyler from the party
The Whigs could not agree on their party’s goals
They voted according to sectional ties
Henry Clay (Now a Whig) lost the election of 1844 to Democratic candidate James Polk

21. How do economic issues affect the president and presidential elections?
- Closing of the Bank
- The Panic of 1837
- Economic depression