1 / 9

Chapter 11 Section 3

Chapter 11 Section 3. Jackson vs. Bank. War against the Bank. The Bank: An organ. of wealthy easterners Ordinary citizens had no control Held federal gov’ts money Run by private bankers rather than elected officials Nicholas Biddle: banks president

margo
Download Presentation

Chapter 11 Section 3

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chapter 11 Section 3 Jackson vs. Bank

  2. War against the Bank • The Bank: • An organ. of wealthy easterners • Ordinary citizens had no control • Held federal gov’ts money • Run by private bankers rather than elected officials • Nicholas Biddle: banks president • Born into wealth, educated, upper class

  3. Trickery by Clay, Webster? • Plan to defeat AJ in 1832 election • Biddle applies early for new charter (a gov’t permit to operate the bank) • Bank has popular support • A Jackson veto would lead to his defeat • Clay would be elected president

  4. Election of 1832 • Jackson re-elected • Decides to kill the bank • Withdrawals all federal deposits • Placed them in smaller banks

  5. 1836 Election • Martin van Buren: Democrat • New political party: Whig party • Whig party: created against Jacksonian Democrats, supported Congress over Exec. Branch • Whig Candidates: Harrison, Webster, White

  6. Panic of 1837 • Depression: period of time where business and employment fall to very low level • Land values drop • Investments declined • Banks failed • Businesses/Factories close • Farmers lose their land

  7. Van Buren Reacts • Laissez – faire: the gov’t should interfere as little as possible • Independent federal treasury created • Banks cannot use federal $ to support their bank notes • Democrats split on the issue

  8. Whigs Come to Power • William Henry Harrison and John Tyler • Defeated Tecumseh at Tippecanoe • Whigs adopt log cabin symbol • Log cabin campaign • Wins in 1840 • Harrison dies of pneumonia, Tyler = president

  9. Tyler as President • Once was a democrat • Supporter of states rights • Vetoed Whig bills (even recharter of bank) • Whigs are furious and their party disagrees on political ideas

More Related