Jackson and the Bank

Chapter 11: Section 3Pp. 348-352

War Against the Bank

• Bank of the United Stateso Controlled by wealthy Easternerso Controls much of the country’s money supplyo Strict lending policies

• Hurt western settlerso Run by private bankers

• Nicholas Biddle- Bank Presidento Everything that Jackson dislikes

• Wealthy, Educated• High social status

Nicholas Biddle

The Bank as an Election Issue

• Election of 1832o Opponents plan to use the Bank to defeat Jacksono Biddle applies for a new charter

• Charter: Government permit to operate the banko Opponents believed the bank was popular among peopleo Jackson vetoed the bank’s new charter

The Election of 1832• The plan to use the bank to defeat Jackson

backfireso People supported Jackson’s decision

• Jackson withdrew all of the government money from the banko Bank was closed by 1836

The Panic of 1837• Jackson did not run for a 3rd term in 1836

• Martin Van Buren is elected as the 8th president

• Economic Depression (1837)o Land values droppedo Investments declinedo Banks failedo Thousands of businesses closedo Farmers went into debt and lost lando Cotton prices fello People in the cities could not afford food or rent

Martin Van Buren

The Whigs Take Power

• William Henry Harrison- 9th president of the United Stateso Hero of the War of 1812o “Tippacanoe and Tyler Too”o John Tyler- Running mate

• 1841- Inauguration Dayo Bitter coldo Harrison delivered his speech without a hat or coat

• Died of Pneumonia- 32 days later• John Tyler becomes first vice president to gain presidency

because the elected president died in office

William Henry Harrison (Left) & John

Tyler (Right)

Tyler’s Presidency• John Tyler was elected as a Whig

o He had once been a Democrat

• Vetoed many bills sponsored by Whigso Whigs expelled Tyler from the partyo Most of Tyler’s cabinet resigned

• James Polk (Democrat) elected in 1844o 11th president of the U.S.

James Polk

Quiz• 1. What were the problems with the Bank of the

United States according to Andrew Jackson?• 2. What happens to the Bank of the United

States?• 3. Who becomes president after Andrew Jackson?• 4. What happens during the Economic Depression

of 1837?• 5. How does William Henry Harrison die? Who

becomes president after him?• 6. Why was John Tyler unpopular with his own

political party, the Whigs?• 7. Who becomes the 11th president of the United

States?