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States’ Rights & the Bank of the US. The South & the Tariff. After War of 1812: Protective tariff established Benefitted businesses in north trying to compete with Europe Hurt south – Europe retaliated by  tariffs on US exports (cotton ). The South & the Tariff. Next 2 decades:

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states rights the bank of the us
States’ Rights &

the Bank of the US

the south the tariff
The South & the Tariff
  • After War of 1812:
    • Protective tariff established
    • Benefitted businesses in north trying to compete with Europe
    • Hurt south – Europe retaliated by tariffs on US exports (cotton)
the south the tariff1
The South & the Tariff
  • Next 2 decades:
    • US raised tariffs over & over
    • The higher the tariffs, the more they helped north and hurt south
tariff of abominations
“Tariff of Abominations”
  • Very high tariff in 1828
  • Nearly shut down foreign trade
  • South took it personally
    • Saw it as N getting rich off them
john calhoun
John Calhoun
  • VP under Jackson
    • Later Sen from SC
  • Had been very nationalistic
    • Favored Henry Clay’s American Plan
john calhoun1
John Calhoun
  • SC voters were against the tariffs
  • Changed to believe in states’ rights
  • Developed theory of nullification
nullification
Nullification
  • States can choose not to follow laws if they believe they violate the constitution
    • Also states can secede if their constitutional rights are violated
hayne webster debate
Hayne-Webster debate
  • Sens Robert Hayne (SC) & Daniel Webster (MA)
  • Very charged debate – threats of secession
    • Calhoun (VP) on side of Hayne
jackson s response
Jackson’s response
  • “The union: it must be preserved.”
  • Split Jackson & Calhoun
    • Calhoun resigned as VP, then named a Senfrom SC (next day)
tariff of 1832
Tariff of 1832
  • Milder tariff – SC still against it
    • SC said they can ignore it, threatened secession
  • Force Bill of 1833 – Jackson threatened to march federal troops into SC
compromise
Compromise
  • Henry Clay (KY) suggested:
    • Reduce tariff back to original 1816 level
    • SC agreed to it, ended conflict for the time being
bank of the united states
Bank of the United States
  • Jackson hated BUS
    • Said it favored northern rich
  • BUS was on a 20 year charter
    • Jackson vetoed bill that would have rechartered bank
    • BUS would expire
bank of the united states1
Bank of the United States
  • BUS had all fed gov’s accounts
    • Hurt state banks – didn’t have a chance to get deposits
    • BUS investors received interest revenue from tax deposits
jackson s pet banks
Jackson’s “Pet Banks”
  • Jackson had tax deposits put in hand-picked state banks
    • Banks loyal to Democrats
  • Ended up bankrupting BUS before its charter expired
creation of whig party
Creation of Whig Party
  • JQ Adams & Clay’s supporters had formed Natl Republicans
    • Democrats upset over Jackson’s treatment of BUS joined them
whig party
Whig Party
  • Beliefs:
    • Tariffs for US business
    • Infrastructure spending
    • National currency & bank
martin van buren
Martin Van Buren
  • Won election of 1836 easily
  • Whigs couldn’t pick 1 person to run against him
panic of 1837
Panic of 1837
  • Result of Jackson’s bank policies
    • Relaxed rules over state banks
    • Allowed state banks to make risky investments
    • Investments went bad; banks went bankrupt
    • Many people lost everything
panic of 18371
Panic of 1837
  • Investments went bad; banks went bankrupt
  • Many people lost everything
  • Over 1/3 of US unemployed
election of 1840
Election of 1840
  • Van Buren vs. WH Harrison
    • Harrison hero of Battle of Tippecanoe
    • Harrison’s running mate was John Tyler
    • Catchy slogan: “Tippecanoe & Tyler Too”
election of 18401
Election of 1840
  • Van Buren got nickname too
    • He was from Kinderhook, NY
    • His people began calling him “Old Kinderhook”
    • Formed OK Clubs – originated American slang “OK”
election of 18402
Election of 1840
  • Bad economy = Harrison won
  • Gave long inauguration speech in snow
  • Didn’t wear a coat
election of 18403
Election of 1840
  • Got pneumonia
  • Died in 32 days
  • 1st president to die in office
john tyler tn
John Tyler (TN)
  • Never supposed to have power
  • Had run for VP to get south for Whigs
  • “His Accidency”
john tyler tn1
John Tyler (TN)
  • Disagreed w/Whigs, got booted from party
  • One of weakest presidents ever
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