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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

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Chapter 11 Section 3

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  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

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