the bank war and its effects to understand why jackson didn’t like the national bank, and how his...
TRANSCRIPT
The Bank War and its Effects
To Understand why Jackson didn’t like the National Bank, and how his actions caused a depression
I) Jackson disliked the national bank
I) Jackson disliked the national bank
• A) The US owned 1/5 of the bank, and kept all its money there
I) Jackson disliked the national bank
• A) The US owned 1/5 of the bank, and kept all its money there
• B) Jackson felt that the bank only benefited the wealthy
I) Jackson disliked the national bank
• A) The US owned 1/5 of the bank, and kept all its money there
• B) Jackson felt that the bank only benefited the wealthy– 1) Nicholas Biddle, bank pres., would not
accept the bank notes of small western banks, making it difficult for farmers to borrow money for land
I) Jackson disliked the national bank
• A) The US owned 1/5 of the bank, and kept all its money there
• B) Jackson felt that the bank only benefited the wealthy– 1) Nicholas Biddle, bank pres., would not
accept the bank notes of small western banks, making it difficult for farmers to borrow money for land
– 2) Jackson accused Biddle of trying to keep wealth in the hands of the few (refused to renew their charter in 1836)
C) Henry Clay had a plan to have the charter renewed
C) Henry Clay had a plan to have the charter renewed
1) Ask for renewal prior to the 1832 election, forcing Jackson to make a decision
C) Henry Clay had a plan to have the charter renewed
1) Ask for renewal prior to the 1832 election, forcing Jackson to make a decision
a) Renews the charter => angers the west and south
C) Henry Clay had a plan to have the charter renewed
1) Ask for renewal prior to the 1832 election, forcing Jackson to make a decision
a) Renews the charter => angers the west and south
b) Veto charter => anger the northeast
C) Henry Clay had a plan to have the charter renewed
1) Ask for renewal prior to the 1832 election, forcing Jackson to make a decision
a) Renews the charter => angers the west and south
b) Veto charter => anger the northeast
c) Either way he would lose votes in the election
C) Henry Clay had a plan to have the charter renewed
1) Ask for renewal prior to the 1832 election, forcing Jackson to make a decision
a) Renews the charter => angers the west and south
b) Veto charter => anger the northeastc) Either way he would lose votes in the
electiond) The plan failed b/c the Northeast did not
care, Jackson won re-election in 1832
II) The Rise of the Whig Party
A) The Bank War leads to the Whigs
A) The Bank War leads to the Whigs
• 1) The old National Republican Party (J.Q. Adams) joined with the bankers, unhappy democrats, and states’ right supporters
A) The Bank War leads to the Whigs
• 1) The old National Republican Party (J.Q. Adams) joined with the bankers, unhappy democrats, and states’ right supporters
• 2) The Whigs did not have much power and lost the 1836 election to Martin Van Buren
B) In 1837, the country slipped into a horrible economic depression
B) In 1837, the country slipped into a horrible economic depression
• 1) The Panic of 1837 would be blamed upon Van Buren
B) In 1837, the country slipped into a horrible economic depression
• 1) The Panic of 1837 would be blamed upon Van Buren
• 2) In fact, the depression should have been blamed on Jackson
B) In 1837, the country slipped into a horrible economic depression
• 1) The Panic of 1837 would be blamed upon Van Buren
• 2) In fact, the depression should have been blamed on Jackson
• 3) His bank policies caused the panic
C) The Whigs in 1840 Election
C) The Whigs in 1840 Election
• 1) Use depression to their advantage, “Martin Van Ruin”
C) The Whigs in 1840 Election
• 1) Use depression to their advantage, “Martin Van Ruin”
• 2) Whigs would nominate William Henry Harrison of Ohio (gen.at Tippecanoe, and comes from a poor family)
C) The Whigs in 1840 Election
• 1) Use depression to their advantage, “Martin Van Ruin”
• 2) Whigs would nominate William Henry Harrison of Ohio (gen.at Tippecanoe, and comes from a poor family)
• 3) Campaign full of mud-slinging
C) The Whigs in 1840 Election
• 1) Use depression to their advantage, “Martin Van Ruin”
• 2) Whigs would nominate William Henry Harrison of Ohio (gen.at Tippecanoe, and comes from a poor family)
• 3) Campaign full of mud-slinging– a) Dems say Harrison “Should sit in his cabin
and drink cider”
C) The Whigs in 1840 Election
• 1) Use depression to their advantage, “Martin Van Ruin”
• 2) Whigs would nominate William Henry Harrison of Ohio (gen.at Tippecanoe, and comes from a poor family)
• 3) Campaign full of mud-slinging– a) Dems say Harrison “Should sit in his cabin
and drink cider”– b) Whigs use this and label their campaign as
the “log cabin campaign”
C) The Whigs in 1840 Election
• c) Whigs use the slogan “Tippecanoe and Tyler Too!”– 1) John Tyler is the VP candidate
D) Whigs Win the 1840 Election
D) Whigs Win the 1840 Election
• 1) Harrison dies of pneumonia a month later, and Tyler becomes president
D) Whigs Win the 1840 Election
• 1) Harrison dies of pneumonia a month later, and Tyler becomes president
• 2) First time VP had become president
D) Whigs Win the 1840 Election
• 1) Harrison dies of pneumonia a month later, and Tyler becomes president
• 2) First time VP had become president
• 3) However, Tyler was a democrat at heart, and did not pass Whig plans
D) Whigs Win the 1840 Election
• 1) Harrison dies of pneumonia a month later, and Tyler becomes president
• 2) First time VP had become president
• 3) However, Tyler was a democrat at heart, and did not pass Whig plans
• 4) Whigs throw him out of the party, and will run someone else in the 1844 election