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In the early 1830s, President Andrew Jackson fiercely opposed the Second Bank of the United States, which he viewed as a bastion of elite power controlled by wealthy Easterners. Under the presidency of Nicholas Biddle, the bank faced Jackson's ire when he vetoed its recharter. The political struggle culminated in the 1832 election, where Jackson defeated Henry Clay. His actions led to the removal of federal funds from the bank, creating financial turmoil. The 1836 electoral victory of Martin Van Buren was soon overshadowed by the Panic of 1837, laying the groundwork for the Whig Party's emergence.
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Chapter 11 Section 3 US History
Jackson vs. The Bank • Jackson hated the Second Bank of the United States (owned by rich Easterners) • Nicholas Biddle – Bank president • Henry Clay and Daniel Webster – as a political move, they told Biddle to apply early for a charter • Martin Van Buren – Jackson’s friend (and later Vice President) • Veto – rejected • Jackson thought the Bank was unconstitutional • The Election of 1832 • Jackson defeated Clay and won reelection • He appointed Martin Van Buren as his Vice President • He “killed” the bank by taking all federal funds out and placed them in state banks
DFS 11-3 Click the mouse button or press the Space Bar to display the answer.
Panic in the Streets • The Election of 1836 – Martin Van Buren (Democrat) wins • Faced opposition from a new anti-Jackson political party, the Whigs • The Panic of 1837 • Depression – a period in which business and employment levels fall • Laissez-faire – government should interfere as little as possible with the economy • Van Buren did begin a federal treasury • It moved the money from private banks to a central storehouse • Called the “Second Declaration of Independence” • Members of the Democratic party were split over the decision, so the Whigs had a chance in 1840
179095% of Americans live on farms Time 8 182093% live on farms 1850 85% live on farms This feature can be found on pages 416–417 of your textbook. Click the mouse button or press the Space Bar to display the information.
Wigs in Power? • William Henry Harrison – Whig candidate for the Election of 1840 • War of 1812 Hero; won the Battle of Tippecanoe • John Tyler – Whig Vice Presidential candidate • Campaign Slogan: “Tippecanoe and Tyler Too” • Whig Symbol = a log cabin (to win votes) • Log Cabin Campaign – the attempt to make the candidate seem as a “man of the people” • WHH won, but died of pneumonia on April 4 • Tyler became the first Vice President to take the office during the term of a deceased President • John Tyler – once a Democrat; ran as a Whig • Once in office, Tyler voted more as a Democrat than a Whig • But, the Whigs were voting based on sectional ties; not party ties • The Election of 1844 – Henry Clay ran as a Whig; James Polk ran as a Democrat • James Polk – 11th President of the United States
Reviewing Key Terms Define Match the terms on the right with their definitions on the left. __ 1. to reject a bill and preventit from becoming a law __ 2. name given to WilliamHenry Harrison’s runfor the presidency in 1840 __ 3. policy that government should interfere as little as possible in the nation’s economy __ 4. a period of low economic activity and widespread unemployment A. veto B. depression C. laissez-faire D. log cabin campaign A Section 3-20 D C B Click the mouse button or press the Space Bar to display the answers.
