The Bank War and its Effects
I) Jackson disliked the national bank
I) Jackson disliked the national bank
• A) The US owned 1/5 of the bank, and
kept all its money there
I) Jackson disliked the national bank
• A) The US owned 1/5 of the bank, and
kept all its money there
• B) Jackson felt that the bank only benefited
the wealthy
I) Jackson disliked the national bank
• A) The US owned 1/5 of the bank, and
kept all its money there
• B) Jackson felt that the bank only benefited
the wealthy
– 1) Nicholas Biddle, bank pres., would not
accept the bank notes of small western banks,
making it difficult for farmers to borrow
money for land
I) Jackson disliked the national bank
• A) The US owned 1/5 of the bank, and
kept all its money there
• B) Jackson felt that the bank only benefited
the wealthy
– 1) Nicholas Biddle, bank pres., would not
accept the bank notes of small western banks,
making it difficult for farmers to borrow
money for land
– 2) Jackson accused Biddle of trying to keep
wealth in the hands of the few (refused to
renew their charter in 1836)
C) Henry Clay had a plan to
have the charter renewed
C) Henry Clay had a plan to
have the charter renewed
1) Ask for renewal prior to the 1832 election,
forcing Jackson to make a decision
C) Henry Clay had a plan to
have the charter renewed
1) Ask for renewal prior to the 1832
election, forcing Jackson to make a
decision
a) Renews the charter => angers the west and
south
C) Henry Clay had a plan to
have the charter renewed
1) Ask for renewal prior to the 1832
election, forcing Jackson to make a
decision
a) Renews the charter => angers the west and
south
b) Veto charter => anger the northeast
C) Henry Clay had a plan to
have the charter renewed
1) Ask for renewal prior to the 1832
election, forcing Jackson to make a
decision
a) Renews the charter => angers the west and
south
b) Veto charter => anger the northeast
c) Either way he would lose votes in the
election
C) Henry Clay had a plan to
have the charter renewed
1) Ask for renewal prior to the 1832
election, forcing Jackson to make a
decision
a) Renews the charter => angers the west and
south
b) Veto charter => anger the northeast
c) Either way he would lose votes in the
election
d) The plan failed b/c the Northeast did not
care, Jackson won re-election in 1832
II) The Rise of the Whig Party
A) The Bank War leads to the Whigs
A) The Bank War leads to the Whigs
• 1) The old National Republican Party (J.Q.
Adams) joined with the bankers, unhappy
democrats, and states’ right supporters
A) The Bank War leads to the Whigs
• 1) The old National Republican Party (J.Q.
Adams) joined with the bankers, unhappy
democrats, and states’ right supporters
• 2) The Whigs did not have much power
and lost the 1836 election to Martin Van
Buren
B) In 1837, the country slipped into a
horrible economic depression
B) In 1837, the country slipped into a
horrible economic depression
• 1) The Panic of 1837 would be blamed
upon Van Buren
B) In 1837, the country slipped into a
horrible economic depression
• 1) The Panic of 1837 would be blamed
upon Van Buren
• 2) In fact, the depression should have been
blamed on Jackson
B) In 1837, the country slipped into a
horrible economic depression
• 1) The Panic of 1837 would be blamed
upon Van Buren
• 2) In fact, the depression should have been
blamed on Jackson
• 3) His bank policies caused the panic
C) The Whigs in 1840 Election
C) The Whigs in 1840 Election
• 1) Use depression to their advantage,
“Martin Van Ruin”
C) The Whigs in 1840 Election
• 1) Use depression to their advantage,
“Martin Van Ruin”
• 2) Whigs would nominate William Henry
Harrison of Ohio (gen.at Tippecanoe, and
comes from a poor family)
C) The Whigs in 1840 Election
• 1) Use depression to their advantage,
“Martin Van Ruin”
• 2) Whigs would nominate William Henry
Harrison of Ohio (gen.at Tippecanoe, and
comes from a poor family)
• 3) Campaign full of mud-slinging
C) The Whigs in 1840 Election
• 1) Use depression to their advantage,
“Martin Van Ruin”
• 2) Whigs would nominate William Henry
Harrison of Ohio (gen.at Tippecanoe, and
comes from a poor family)
• 3) Campaign full of mud-slinging
– a) Dems say Harrison “Should sit in his cabin
and drink cider”
C) The Whigs in 1840 Election
• 1) Use depression to their advantage,
“Martin Van Ruin”
• 2) Whigs would nominate William Henry
Harrison of Ohio (gen.at Tippecanoe, and
comes from a poor family)
• 3) Campaign full of mud-slinging
– a) Dems say Harrison “Should sit in his cabin
and drink cider”
– b) Whigs use this and label their campaign as
the “log cabin campaign”
C) The Whigs in 1840 Election
• c) Whigs use the slogan “Tippecanoe and
Tyler Too!”
– 1) John Tyler is the VP candidate
D) Whigs Win the 1840 Election
D) Whigs Win the 1840 Election
• 1) Harrison dies of pneumonia a month
later, and Tyler becomes president
D) Whigs Win the 1840 Election
• 1) Harrison dies of pneumonia a month
later, and Tyler becomes president
• 2) First time VP had become president
D) Whigs Win the 1840 Election
• 1) Harrison dies of pneumonia a month
later, and Tyler becomes president
• 2) First time VP had become president
• 3) However, Tyler was a democrat at heart,
and did not pass Whig plans
D) Whigs Win the 1840 Election
• 1) Harrison dies of pneumonia a month
later, and Tyler becomes president
• 2) First time VP had become president
• 3) However, Tyler was a democrat at heart,
and did not pass Whig plans
• 4) Whigs throw him out of the party, and
will run someone else in the 1844 election