Jackson and the Bank War Jackson The Bank of the U.S.
Slide 3
Nicholas Biddle President of the Second Bank of the United
States and made it prosperous
Slide 4
Opposition to the Second B.U.S. Soft Money Advocates Wanted
more currency in circulation meaning they wanted more bank notes
(not backed by gold or silver) to be issued Stated the B.U.S.
restrained state banks from issuing notes freely Hard Money
Advocates Believed gold and silver were the only basis for money
Condemned all banks who issued bank notes Were suspicious of
expansion Believed in rapid economic growth
Slide 5
Battle for the Bank JACKSON BIDDLE VS. ROUND 1 Stated he would
not favor the renewing of the Banks charter when it expired in 1836
Was influenced by Henry Clay & Daniel Webster to apply to
Congress in 1832 for the Banks renewal It would force the Bank to
become a major issue in the 1832 election Congress rechartered the
Bank As expected, Jackson vetoed the bill; Congress was unable to
overturn the veto
Slide 6
ROUND 2: The Knockout Punch Jackson could not abolish the bank
He attempted other means to destroy the monster I cant wait until
1836 for that Monster Bank to expire!! Remove all the governments
deposits Sec. of Treasury Louis McLane Ummm President Jackson, I am
pretty sure that will destabilize the financial system so I cant do
that.
Slide 7
ROUND 2: The Knockout Punch Jackson could not abolish the bank
He attempted other means to destroy the monster YOURE FIRED!!!!!
Sec. of Treasury Louis McLane
Slide 8
ROUND 2: The Knockout Punch Jackson could not abolish the bank
He attempted other means to destroy the monster Congrats on the new
positionby the way I want you to remove all the governments
deposits from the Bank of the U.S. New Sec. of Treasury William
Duane Ummm President Jackson, I really cant do that. It would be
bad.
Slide 9
ROUND 2: The Knockout Punch Jackson could not abolish the bank
He attempted other means to destroy the monster YOURE FIRED!!!!!
New Sec. of Treasury William Duane
Slide 10
ROUND 2: The Knockout Punch Jackson could not abolish the bank
He attempted other means to destroy the monster Attorney General
Taney, my good friend and ally congrats on the new position in my
cabinetnow about removing those government deposits??? New Sec. of
Treasury Roger Taney You got it A.J.!!!!!
Slide 11
One Last Effort by Biddle Ok JacksonIm not going away so easy.
With the governments deposits being removed to pet banks, Biddle
called in loans This caused financial distress People went to
Jackson for help but he stood firm and told them to Go to Biddle
Biddle relented and due to his unpopular tactics lost support for
rechartering the Bank
Slide 12
Do you agree with this political cartoon?
Slide 13
Goodbye Marshall; Hello Taney When John Marshall died in 1835,
Jackson appointed his friend Roger B. Taney as the new Chief
Justice of the Supreme Court This caused a shift from the previous
ultra-nationalistic rulings during the Marshall Court Dartmouth
College v. Woodward (1819) Impact / Ruling: placed restrictions on
the ability of state govts to control corporations Charles River
Bridge v. Warren Bridge (1837) Impact / Ruling: supported
Massachusetts right to issue the second charter SHIFT
Slide 14
The object of government was to promote the general happiness,
an object that took precedence over the rights of contract and
property.
Slide 15
The Changing Face of American Politics
Slide 16
Emphasis on Opportunity Defend the Union Rallied behind Jackson
Economic Union Fearful of rapid Territorial growth Embraced
industry as the future of the country Loyalties divided among the
Great Triumvirate Supported Jacksons choice, Martin Van Buren, in
the 1836 election Anti-Masons
Slide 17
And the winner is
Slide 18
Martin Van Buren Thanks for your support A.J.!!!!!!!!!!! Van B
Boys
Slide 19
What did Van Buren inherit?? The federal government was selling
Western lands in great amounts Speculators bought land in such bulk
that the federal government paid off their debt and even had a
surplus A. Hamilton NOOOOOOO!!!!!!!! Give it to the states The
Distribution Act There was a nationwide economic boom
Slide 20
I loathe Paper currency!!!!!!!!! Before leaving office, A.J.
issued a presidential order, the specie circular Only gold or
silver coins for payment for public lands A.J. thought it would
curb land speculation Led to the Panic of 1837
Slide 21
Slide 22
Panic of 1837 Worst depression in the U.S. up to that point
Banks failed Unemployment rose
Slide 23
Van Burens Response Uh what do you want me to do??? Van Buren
did nothing because he strongly opposed government intervention The
Panic of 1837 spelled disaster for Van Buren Van Buren was able to
get the Independent Treasury passed U.S. Federal Govt Banks Martin
Van Buren
Slide 24
Election of 1840 Martin Van Buren for the Democrats William
Henry Harrison for the Whigs Log Cabin Campaign Whigs were more
united Democrats had no answer to these campaign strategies
Slide 25
Election of 1840 Martin Van Buren for the Democrats William
Henry Harrison for the Whigs 60 Electoral Votes 234 Electoral
Votes
Slide 26
William Henry Harrisons Inauguration Speech Shouldnt he be
wearing a coat??? ITS FREEZING OUT!!!!!!!!!!!!
Slide 27
One month later
Slide 28
William Henry Harrison
Slide 29
Tyler Takes Over John Tyler Was a former Democrat Destroyed Van
Burens independent treasury Said no to Clays proposal to recharter
the B.U.S. Vetoed several internal improvement bills Whigs broke
ties with Tyler His cabinet resigned (except Sec. of State Daniel
Webster) The Caroline Affair Webster-Ashburton Treaty Treaty of
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