Effects of the Effects of the War on the War on the

BankBank

Bill for renewal came to Jackson on July 4, 1832July 4, 1832◦Jackson was sick in bed

Jackson vetoed the bill that Jackson vetoed the bill that would give the bank a new would give the bank a new charter charter ◦“The bank, Mr. Van Buren, is trying to

kill me. But I will kill it!”

Jackson pulled govt. fundsJackson pulled govt. funds◦Deposited the money in state banksDeposited the money in state banks

Opponents called them “pet banks”“pet banks”

Era of Van BurenEra of Van BurenNation prospered Nation prospered

under Jacksonunder Jackson

Whig Party formed as Whig Party formed as opponentsopponents toto Jackson Jackson ◦ (“King Andrew I”)

Martin Van Buren, Martin Van Buren, Jackson’s V.P., easily Jackson’s V.P., easily won the Election of won the Election of 18361836

Within months people feared for the economy◦ Panic of 1837Panic of 1837

People exchanged exchanged paper money for gold paper money for gold or silver or silver

DepressionDepression and and ChangeChangeBanks could not Banks could not

keep up keep up & most went into default◦ It led to a led to a

depressiondepression

SomeSome like Clay & Webster believed believed the gov’t should the gov’t should helphelp◦ Van Buren believed

the economy would improve on its own

Van Buren blamed Van Buren blamed for the Panicfor the Panic

Election of 1840Election of 1840 WhigsWhigs again chosechose military hero

William Henry HarrisonWilliam Henry Harrison◦ Virginian John Tyler as V.P., John Tyler as V.P., a former

Democrat

Made the most of his nickname “Old Tippecanoe”◦ Whig campaign slogan – “Tippecanoe “Tippecanoe

& Tyler too!”& Tyler too!”

Whigs appealed to “common Whigs appealed to “common peoplepeople” Used the log cabin as symbol◦ Van Buren blamed for the depression

Harrison’s Harrison’s long speech in the speech in the bitter cold led to his death cold led to his death one month after inauguration◦ First time a president died in officeFirst time a president died in office

◦ Vice-President Tyler became Tyler became presidentpresident