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NBC Learning Videos • American System • Early American Turnpikes • Era of Good Feelings • War Against the Bank
B.U.S. (Bank of the United States) • Clay and Webster try to renew the BUS charter • Jackson is suspicious of the BUS, sees it as a threat to democracy b/c of its influence and its loans to “corrupt” politicians • Jackson rouses anger of the people against BUS • Bank loses charter, eventually goes out of business. HISTORICAL CONSEQUENCES: 1. Banking shifts from Philly to NYC and smaller banks 2. Clay and Webster create a new political party, the Whigs, to oppose Jackson and the Democrats.
Jackson and the National Bank • Jackson opposed the National Bank • Personal problems • Saw the bank as a symbol of Northern wealth and power • Election issue • “Common Man” • Pet Banks • Formation of the “Whig” Party • Jackson viewed as a king
Jackson “anoints” Martin Van Buren to become President after him and to lead the Democratic Party. PANIC OF 1837: Causes and Effects What is history’s verdict of Van Buren? How much of the Panic of 1837 was his fault? Unemployment & Recession Fed $ put in Wildcat Banks Specie Circular 1836 “run” on Bank Notes Banks stop accepting paper $ Bank closings