Jackson and Reform

1. Jackson and Reform What is something you hate that you would like to see changed?

2. War on the Bank • Jackson attacked the Nat’l Bank as only helping the wealthy • Bank held Federal money, controlled money supply, run by private bankers • Nicholas Biddle, pres. of the Bank, wealthy family, good education, and social standing • Jackson a self made man, rising from nothing • Clay and Webster encouraged renewing charter 4 yrs early, hoping to hurt Jackson and get Clay elected, Jackson sick when bill came to renew, still vetoed • Bank important in Election of 1832, Bank strategy backfired, Jackson won w/ 55% of pop. Vote, 219 electoral votes, Martin Van Buren VP • Jackson ordered a withdrawal of all Fed deposits and moved to small banks, 1836 refused new charter, Bank died

3. Whigs • Jackson refused to run for 3rd term, Martin Van Buren of NY, Dem candidate faced new party the Whigs, anti-Jackson forces Jackson threw in his support Van Buren won • Right after Van Buren’s inauguration a depression hit country, began w/ panic of 1837, investments dropped banks failed, businesses closed, 100,000’s lost jobs, cotton record low, farmers lost land ,for debt, many could not afford food or rent • Van Buren had a Laissez-faire attitude but established Treasury in 1840, money no longer in private banks like under Jackson, prevent banks from using money to back their notes, split Dem. Party • 1840 – After 12 yrs of Dem.rule still in Depression, Whigs chose William Henry Harrison, Hero of War of 1812 and Westward expansion, chose John Tyler from VA a planter as VP, -”Tippecanoe and Tyler too”, Chose log cabin as symbol, called Van Buren a wealthy snob • Harrison won and on way to inauguration in rain caught pneumonia, died 29 days into office, Tyler new Pres. . Tyler a former Dem. Vetoed Whig bills , cabinet resigned, expelled from Whig party • Sectional voting increasing between North/South/West no party ties 1844- James Polk defeated Henry Clay, Whigs lost power after 4yrs