-
Whigs Formed
A common party called the Whigs formed to oppose Jackson's rule. A group of Jackson's political opponents formed the Whigs group to go against Jackson's "Monarchical Rule." This group was ruled by Henry Clay. People who supported Jackson claimed that the Whigs were devoted to the Interest of wealth and aristocracy.The Whigs went against Jackson's view of the National Bank and his actions of ignoring the Supreme Courts decision about the Indian rights. Whigs were divided during the 1836 election -
Bank Recharter
After the war of 1812 the banks charter had to be renewed by the president. Although there were 4 years left before the charter ended, the congress wanted to renew it to ensure the Bank would continue for the next 20 years. Jackson didn't want the national bank, but both Senate and the House of Representatives agree with the bank being renewed. -
Jackson's Veto Message
In Jackson's veto message he strongly goes against the recharter of the National Bank. He explains how the bank gives more power to the wealthy by taking away from the common people. He also believes that the bank shouldn't allow foreign countries to own stock because it is taking away from the Americans. He believes some acts to be unconstitutional and unnecessary; therefore, he doesn't think the bank should reopen. -
Pet Banks
Jackson ordered an end to deposits of government money in the bank and in withdraws. The Government deposited his its funds in select banks "Pet Banks." For the next generation the U.S would get by on unregulated state banking systems. The banking system wouldn't return back into a Federal Bank until the Federal Reserve System in 1913 was established. -
Martin Van Buren (1836 election)
In the 1836 election Martin Van Buren, vice president of Jackson, won the election. Van Buren's acts aroused no enthusiasm because he lack certain leadership qualities. He was not as exciting as President Jackson which resulted in him not becoming as successful as some of the presidents before him. -
Specie Circular Act
President Jackson passed the Specie Circular Act which issued that the government would only accept gold or silver payments for Federal land. Jackson passed this act because of the High inflation that was occurring. The high inflation was causing money to lose value. The Specie Circular Act was part of the reason the Panic of 1837 occurred. -
Panic of 1837
Inflation was high because the state banks continuously gave out loans. Foreign countries were also offering large amounts of money to the banks. High inflation caused currency to depreciated.The Specie Circular act caused many foreign countries & Americans to call in their loans. However, the bank had loaned out to much money, so it didn't have enough money to give to people when they wanted a withdraw. Many banks closed their doors. This led to many Americans becoming unemployed and starving. -
Election of 1840
The election of 1840 led the country in experiencing hard times and low wages. The Whigs candidate, William Henry Harrison, won the election. He was from Ohio. He was seen as a hero of conflict with the Native Americans and the War of 1812. He was promoted as a representative of the democratic west. His vice president was John Tyler (a Virginian) who believed in states rights and low tariffs. Which made him popular in the south.