Ch. 7, Sect. 4 (Abridged) Jackson

1
Ch. 7, Sect. 4 (Abridged)Jackson the National
Bank

2
NBC Learning Videos

• American System
• Early American Turnpikes
• Era of Good Feelings
• War Against the Bank

3
B.U.S. (Bank of the United States)

• Clay and Webster try to renew the BUS charter
• Jackson is suspicious of the BUS, sees it as a
  threat to democracy b/c of its influence and its
  loans to corrupt politicians
• Jackson rouses anger of the people against BUS
• Bank loses charter, eventually goes out of
  business.
• HISTORICAL CONSEQUENCES
• 1. Banking shifts from Philly to NYC and smaller
  banks
• 2. Clay and Webster create a new political party,
  the Whigs, to oppose Jackson and the Democrats.

4
Jackson and the National Bank

• Jackson opposed the National Bank
• Personal problems
• Saw the bank as a symbol of Northern wealth and
  power
• Election issue
• Common Man
• Pet Banks
• Formation of the Whig Party
• Jackson viewed as a king

5
Jackson anoints Martin Van Buren to become
President after him and to lead the Democratic
Party.

• PANIC OF 1837 Causes and Effects
• What is historys verdict of Van Buren?
• How much of the Panic of 1837 was his fault?

Unemployment Recession
Fed put in Wildcat Banks
Specie Circular
1836 run on Bank Notes
Banks stop accepting paper
Bank closings