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