Transcript Martin Van Buren

Chapter 10,
Section 3
Jackson and the Bank
California State Standards 8.8, 8.8.1
Looking Back,
Looking Ahead
In Section 2, you learned about the
removal of Native Americans to Western
lands.
In this section, you will learn about
Jackson’s fight with the National Bank and
the election of the Whigs to power.
The Main Ideas
President Jackson forced the National
Bank to close, and the Panic of 1837
caused economic problems that split the
Democratic Party.
After Harrison’s death, Tyler took the
presidency in a direction opposed to the
Whigs’ goals, and the Whigs lost power
after 1844.
People and Vocabulary
to Know
Nicholas Biddle
Martin Van Buren
William Henry Harrison
John Tyler
veto
depression
laissez-faire
Why Did Jackson Dislike
the Bank?
President Andrew Jackson had criticized the Bank of
the United States as being an organization of wealthy
Easterners over which ordinary citizens had no control.
The bank’s president, Nicholas Biddle, represented
everything Jackson disliked.
What Drama Was Part of the
1832 Election?
In the election of 1832, Henry Clay and Daniel Webster
planned to use the bank to defeat Jackson. They
believed the bank had popular support and an attempt
by Jackson to take away its charter would lead to his
defeat.
Martin Van Buren, a friend of Jackson’s, was with
Jackson when he received the bill to renew the bank’s
charter. Jackson vetoed, or rejected, the bill.
McCulloch v. Maryland = Supreme Court case that
found the Bank of the US to be legal under US
Constitution
What Was the Outcome of
the Election?
Supreme Court ruled the bank constitutional, Jackson
felt it was unconstitutional and publicly opposed the
ruling.
Clay and Webster’s plan to defeat Jackson backfired most people supported Jackson’s veto.
Jackson was elected president, and Martin Van Buren
was elected vice president.
After, Jackson ordered the withdrawal of all government
deposits at the bank and placed the funds in smaller
state banks.
What Happened in the 1836
Election?
The Democrats chose Martin Van Buren as their
candidate in the election of 1836, but he faced bitter
opposition from the Whigs, a new political party.
Jackson’s popularity and his support of Van Buren
helped Van Buren win the election.
What Was the Panic
of 1837?
Two months after the election, the United States
entered a depression, a period in which business and
employment fall to a very low level, that began with the
Panic of 1837.
Panic of 1837 - land values dropped, investments
declined, banks failed
President Van Buren believed in the principle of
laissez-faire— that government should interfere as
little as possible in the nation’s economy.
Who Started an Independent
Fed Treasury?
Van Buren persuaded Congress to establish an
independent federal treasury in 1840 to guard against
further bank crises.
This decision received criticism from the Democratic
Party.
Discussion
Question
What was Clay and Webster’s strategy to defeat
Jackson?
(Clay and Webster convinced the president of the Bank
of the United States to apply for a charter early,
knowing that Jackson would refuse it. They thought
people would dislike Jackson for refusing the charter.)
What Happened in the Election
of 1840?
William Henry Harrison was the Whig candidate in the
election of 1840, and his running mate was John Tyler.
Harrison was portrayed as a common man even though
he was wealthy, and he won the election.
How Did Tyler Become
President?
Harrison died about a month after his inauguration, and
John Tyler became president.
As president, Tyler backed states’ rights and vetoed
several Whig- sponsored bills, including one to
recharter the Bank of the United States.
This lack of party loyalty angered the Whigs, and most
of Tyler’s cabinet resigned.
What Happened to the
Whig Party?
The Whigs could not agree on their party’s goals, and
in four years Tyler lost the election to a Democrat and
the Whigs were out of power.
Discussion
Question
Why did Tyler anger his party?
(Tyler backed states’ rights and vetoed Whig-sponsored
bills.)
Section 3 Review page 461
1. List Jackson’s reasons for wanting to
“kill” the Bank of the United States
2. What tactics did the Whigs borrow from
Jackson’s campaign to win the election of
1840?
4. Why did President Van Buren do little to
solve the nation’s economic problems
during the depression?