Jackson, the Tariff, and the Bank Chapter 11-3. President Andrew Jackson

Jackson, the Tariff, and the Bank

Chapter 11-3

President Andrew Jackson

Growing Problems between the North and South Tariff- a fee paid by merchants who

imported goods Tariff of 1828 (or the Tariff of

Abominations)- placed a very high tax on manufactured goods from Europe

Tariff of 1828 was HATED by Southerners- but loved by Northerners

Tariff of 1832

In 1832, Congress decided to reduce the tariff to please the South

However, Southerners still believed the tax was too high

Southern states threatened to secede in the name of states’ rights if the tariffs were not removed

Nullification Crisis

Nullify- to cancel or reject In 1832, SC passed the Nullification Act-

state has the right to nullify a federal law it considers unconstitutional

South Carolina leaders (including VP John Calhoun) threatened secession, or withdrawal from the Union, if the federal government tried to collect the tariff

Vice President John Calhoun of SC

Compromise Tariff Passed

1833- Henry Clay proposes a compromise tariff

The compromise ended the Nullification Crisis

The Great Compromiser- Henry Clay

Jackson’s War on the Bank

Nicholas Biddle was the president of the Second Bank of the US

Jackson dislike the bank because he felt it favored the rich

Jackson vowed to destroy the bank- but supporters of the bank vowed to destroy Jackson’s political career

The Second Bank of the US

Bank President- Nicholas Biddle

Jackson’s Veto 1832- Biddle applies four years early to

renew the bank’s charter Jackson vetoes the charter- the bank will

die in 1836 when the original charter was set to expire

Election of 1832- supporters of the bank believed Americans would be angry about Jackson’s veto and refuse to vote for him

Plan didn’t work- Jackson was reelected anyway, and the bank was gone by 1836

Election of 1836 and Panic of 1837

Jackson did not run for a 3rd term- so his VP, Martin Van Buren was elected pres

When Van Buren was elected, the country was entering a depression- or a severe economic slump- because Jackson had killed the Second Bank of the US

Called the Panic of 1837- Van Buren was blamed

President Martin Van Buren

Election of 1840 Because of the Panic of 1837, it was

impossible for Van Buren to get reelected Whig Party- chose William Henry Harrison

to run for president and John Tyler for VP “Tippecanoe and Tyler Too” Harrison won- caught pneumonia and

became the 1st pres. to die in office- was president for 1 month

Tyler becomes the 10th president

President William Henry Harrison

President John Tyler