Jackson and the Bank
1. The Bank of the United States was a powerful organization that controlled most of the government's money that was chartered by the Congress and run by private bankers.
2. Clay and Webster used Jackson's hatred towards the Bank and its president, Nicholas Biddle, to possibly defeat him in the presidential election of 1832.
3. In his beliefs that the Bank was unconstitutional, Jackson vetoed the bill to renew the Bank's charter.
The Election of 1832
1. Because many people supported Jackson's decision to veto the bill, Clay's plan backfired and Jackson was reelected with Martin Van Buren as his vice president.
2. After moving all government funds to smaller state banks, the Bank was closed because of Jackson's refusal to sign a new charter.
The Panic of 1837
1. In the election of 1836, Martin Van Buren, the Democratic candidate, defeated the Whigs, a new political party combining the former National Republicans and other anti-Jackson forces, and was inaugurated in 1837.
2. Shortly after, hundreds of buisnesses closed and many people lost their jobs and were unable to afford food or rent, leading to a depression.
3. Van Buren's beliefs of laissez-faire and decision to create an independent federal treasury led to a split in the Deomcratic Party, giving the Whigs a chance to win the presidential election of 1840.
2. Clay and Webster used Jackson's hatred towards the Bank and its president, Nicholas Biddle, to possibly defeat him in the presidential election of 1832.
3. In his beliefs that the Bank was unconstitutional, Jackson vetoed the bill to renew the Bank's charter.
The Election of 1832
1. Because many people supported Jackson's decision to veto the bill, Clay's plan backfired and Jackson was reelected with Martin Van Buren as his vice president.
2. After moving all government funds to smaller state banks, the Bank was closed because of Jackson's refusal to sign a new charter.
The Panic of 1837
1. In the election of 1836, Martin Van Buren, the Democratic candidate, defeated the Whigs, a new political party combining the former National Republicans and other anti-Jackson forces, and was inaugurated in 1837.
2. Shortly after, hundreds of buisnesses closed and many people lost their jobs and were unable to afford food or rent, leading to a depression.
3. Van Buren's beliefs of laissez-faire and decision to create an independent federal treasury led to a split in the Deomcratic Party, giving the Whigs a chance to win the presidential election of 1840.
The Whigs Come to Power
1. The Whigs nominated William Henry Harrison and John Tyler for the election of 1840 and used the log cabin campaign to defeat Van Buren.
2. Due to pneumonia, Harrison died on April 4, 1841, leaving the presidency to his vice president, John Tyler.
3. Tyler's beliefs represented his times as a Democrat as well and the Whigs were infuriated with his lack of party loyalty.
4. The Whigs lost their power in the government after only 4 years when their candidate, Henry Clay lost to his opponent, James Polk in the election of 1844.
2. Due to pneumonia, Harrison died on April 4, 1841, leaving the presidency to his vice president, John Tyler.
3. Tyler's beliefs represented his times as a Democrat as well and the Whigs were infuriated with his lack of party loyalty.
4. The Whigs lost their power in the government after only 4 years when their candidate, Henry Clay lost to his opponent, James Polk in the election of 1844.