; Chapter 12.3 Prosperity and Panic.ppt
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Chapter 12.3 Prosperity and Panic.ppt


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									The Age of Jackson
       Chapter 12
     Pages 392 – 415
                    Nicholas Biddle
   President of 2nd Bank of the U.S.
   Jackson believed bank was corrupt
       Declared “war” on bank in Election of
   Bank held government funds &
    issued money
   Bank made loans to Congress
   Needed to get charter (written grant
    from the government) renewed
        Jackson’s War on the Bank
   Vetoed Congress’ vote to renew charter
   Called it an unconstitutional monopoly
   Challenged Supreme Court’s authority
   Henry Clay (NR) called Jackson tyrant
   Put government funds in state banks
       Opponents called these “pet banks”
   Biddle made it tougher to borrow money
   End Result – Economy suffered
          Economic Problems

   “Pet” banks issue too much paper money
   Inflation – increase in prices
   Jackson makes people pay gold or silver for
   VP, Martin Van Buren (8) elected because
    Jackson is so popular
   People think the economy is fine, really it is
                Panic of 1837
   People fear the economic problems
   Take paper money to banks and demand gold or
   Banks quickly run out
   Government tries to get its money out – it
   Banks default (go out of business)
          Economic Depression
   A severe economic slump followed
   About 90% of factories in East close
   Cities are hit worse than farms
   Effects everything in US, including politics
   Clay and Webster – Government should help
   Van Buren – lassiez-faire economics
            Rise of the Whig Party
   Formed out of opposition to Jackson
       Daniel Webster and Henry Clay are the early leaders
   Named after a British party that opposed royal
   Choose William Henry Harrison to run, basically
    because of his military record
   “Tippecanoe and Tyler too”
              Election of 1840
   Whigs emphasize the person more than the
   Harrison supposed to be the common man, Van
    Buren was aristocratic
   Harrison (9) wins, talks too long, dies
   John Tyler (10) becomes first to take over for
    president who died in office
      Review –      1st   Ten Presidents
1.   George Washington     6.    John Quincy Adams
2.   John Adams            7.    Andrew Jackson
3.   Thomas Jefferson      8.    Martin Van Buren
4.   James Madison         9.    William Henry Harrison
5.   James Monroe          10.   John Tyler
Next…we move West!
 “(It is) our manifest destiny to overspread the continent
  allotted by Providence for the free development of our yearly
                     multiplying millions.”
                                               -John O’Sullivan
John Quincy Adams
William Crawford
Henry Clay
Andrew Jackson
Rachel Jackson
John Ross
General Winfield Scott
Trail of Tears
Black Hawk
John C. Calhoun
Daniel Webster
Robert Hayne
Nicholas Biddle
Martin Van Buren
William Henry Harrison
John Tyler
John O’Sullivan

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