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Ch. 11 section 3

Important people, events, and places

Bank of the United States 1) Jackson attacked - felt it was for wealthy Easterners 2) held Fed. 's money 3) controlled the country's money supply 4) strict lending policies - western settlers disliked 5) run by private bankers 6) bank pres. Nicholas Biddle
Henry Clay & Daniel Webster 1) friends of Biddle 2) persuaded Biddle to apply early for a new charter 3) Clay & Webster thought the bank had popular support 4) Jackson vetoed the renewal
Election of 1832 1) bank issue played a role in the election 2) most people supported Jackson's veto 3) Jackson withdrew all of the government's money 4) the bank closed because the charter wasn't renewed
Election of 1836 1) Democratic candidate Martin Van Buren 2) faced opposition from the Whig party - new political party 3) Van Buren won
Panic of 1837 1) land values dropped 2) investments declined 3) banks failed 4) businesses closed 5) cotton prices fell 6) people lost their land & could not afford rent or food 7) laissez-faire - gov't should not interfere with the economy or very little interference
Panic of 1837 cont. 8) Van Buren convinced Congress to establish an independent federal treasury 9) gov't would store its money there 10) Democrats & Whigs criticized the act 11) it split the Democratic party and gave the Whigs a chance at the 1840 election
Log Cabin Campaign 1) Whigs - Wm. Henry Harrison 1812 war hero & John Tyler - VA planter 2) slogan "Tippecanoe and Tyler, Too" 3) showed Harrison in front of log cabin even though wealthy 5) ridiculed Van Buren as "King Martin"- wealthy snob 6) Harrison won by wide margin
Log Cabin Campaign cont. 7) Died of pneumonia 32 days after inauguration 8) Tyler was first vice president to become president because the president died
Tyler's Presidency 1) elected as a Whig 2) once a Democrat 3) vetoed Whig bills 4)lacked party loyalty 5) most of cabinet resigned 6) Whigs expelled him from party 7) Whigs voted by sectional ties - North, South West 8) Whig Henry Clay lost 1844 election to James Polk
Created by: mshellabarger