Transcript The Bank War* and Its Effects

Chapter 13 Section 4
The Bank of the United States
Jackson believed that the policies of the
bank of the United States helped the rich at
the expense of the poor.
 The bank’s wealthy president, Nicholas
Biddle, was seen as a villain by President
Jackson. Biddle was one of the most
powerful men in the country. Biddle owned
a large amount of the bank’s stock,
appointed it’s officials, set interest rates,
and decided who got loans.

State Banks

State banks loaned money more freely
than the bank of the United States. Money
issued by the Bank of the United States
was the most dependable. Biddle tried to
force small banks to be more cautious by
refusing to accept their paper money at
branches of the Bank. Poor southerners
and westerners who needed to borrow
money to buy land hated Biddle’s policy
toward smaller banks. Jackson felt that
they were trying to keep wealth in the
hands of few.
Jackson’s Veto
In 1832, Jackson vetoed the bill to
renew the Bank’s charter and ordered
the government to put all federal money
in state banks.
 Biddle did not have any fear. He was
powerful and had powerful friends like
Henry Clay. Clay, who ran against
Jackson in the election of 1832, made
the bank a major issue in his campaign.

Election of 1832

Voters cared less about the Bank than
Clay and Biddle had thought. Jackson
easily won re-election, crushing Clay.
Martin Van Buren became Jackson’s
new Vice President.
The Whig Party
The “Bank War” resulted in the rise of
the new Political Party. Bankers and
unhappy Democrats joined the National
Republican Party (the party of John
Quincy Adams and Henry Clay) to form
a new political party- the Whig Party.
 The Whigs took their name from the
Whig party from England, which stood
for limiting the King’s power.

Election of 1836
In the election of 1836, the Whigs were not
strong enough to defeat the Democratic
candidate, Martin Van Buren.
 Martin Van Buren (8th POTUS)
 Vice-President-Richard M. Johnson


Soon afterward, in the Panic of 1837, the
nation plunged into an economic
depression.
Martin Van Buren 8th POTUS
Election of 1840
In the election of 1840, voters blamed
Van Buren for the depression. Many
turned to the Whig candidate, William
Henry Harrison. Harrison appealed to
the ordinary people everywhere.
 William Henry Harrison (Whig) 9th
POTUS
 Vice-President-John Tyler

William Henry Harrison 9th POTUS
“Old Tippecanoe”
Whig Campaign Slogan 1840
“Tippecanoe and Tyler Too!”
 The famous Whig Party Cry of the
election 1840. William Henry Harrison,
of Ohio, was a famous military hero.
Harrison was the general that led
American forces that defeated the
Shawnee Indians at Tippecanoe in
1811.This earned him the name “old
Tippecanoe”-John Tyler was his Vice
President running mate.

The First President to die in office
Harrison was President from March 4 to
April 4,1841. It is the shortest term of
any President.
 Harrison died of pneumonia which
historians believe he caught reading his
inaugural address.

Vice President to take over
Vice-President John Tyler became
President. Tyler opposed his party on most
issues. Angry Whig leaders kicked Tyler out
of the Whig Party. They refused to
nominate him to re-election in 1844.Tyler
served 3 years and 11 months as
President.
 John Tyler 10th POTUS
 Because he wasn’t elected some people
who opposed Tyler nicknamed him “His
Accidency”.

John Tyler 10th POTUS
“HIS ACCIDENCY”