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
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)
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