11-3: JACKSON AND THE BANK

BANK OF THE U.S.

Jackson attacked the bank as being an organization of wealthy Easterners which ordinary citizens had no control

Jackson still felt the bank was unconstitutional despite the Supreme Court’s ruling in McCulloch v. Maryland

ILLUSTRATION DEPICTING JACKSON FIGHTING AGAINST THE BANK OF THE U.S.

1832 ELECTION Jackson was re-elected

and he decided to close the national bank. He ordered the withdrawal of all government deposits from the Bank & placed them in smaller state banks.

He refused to sign a new charter for the Bank & it closed

ELECTION OF 1836 Martin Van Buren

(Democrat) – he was Jackson’s friend and Vice President (8th President)

Van Buren faced bitter opposition from the

Whigs (a new political party), but Van Buren won

PANIC OF 1837 a time when land values

dropped sharply, banks failed, investments declined suddenly, & people lost confidence in the economic system

Van Buren’s reaction to the Panic of 1837 led many of his supporters to vote for a different candidate in the next election.

FEDERAL TREASURY Congress

established it for the federal government to store its money

this caused a split in the Democratic party which gave the Whigs a chance to win next election

9TH PRESIDENT & 10TH PRESIDENT

William Henry Harrison (Whig) – died a couple weeks later

10th President - John Tyler (Harrison’s Vice President)

ELECTION OF 1844

Whigs voted according to sectional ties (North, South, West) not party ties resulted in Henry Clay (Whig) losing to the Democratic candidate James Polk (11th President)