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Ch. 7, Sect. 4 (Abridged) Jackson & the National Bank. NBC Learning Videos. American System Early American Turnpikes Era of Good Feelings War Against the Bank. B.U.S. (Bank of the United States). Clay and Webster try to renew the BUS charter
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NBC Learning Videos • American System • Early American Turnpikes • Era of Good Feelings • War Against the Bank
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.
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
Jackson “anoints” Martin Van Buren to become President after him and to lead the Democratic Party. PANIC OF 1837: Causes and Effects What is history’s 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
