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US Hist Ch 12Sec 4

Prosperity and Panic

QuestionAnswer
inflation an increase in prices and a decrease in the value of money; it costs more money than before inflation to buy the same thing
Martin Van Buren Jackson's vice president; he was elected president after Jackson left
Panic of 1837 a widespread fear about the state of the economy; people took their paper money to the banks and demanded gold or silver; this happened after Jackson left office and Van Buren was President
depression a severe economic slump; caused much hardship; people had little money; factories closed; lots of people did not have jobs; people went hungry and were homeless; was worse in the cities than in the country
Whig Party Henry Clay, Daniel Webster, and other Jackson opponents formed this political party; it was against the concentration of power in the president; called President Andrew "King Andrew"
William Henry Harrison In 1840 the Whig party chose him to run for president. He had been a hero in the War of 1812 and had led the army that defeated the Shawnees in 1811 at the Battle of Tippecanoe; Whig election slogan was "Tippecanoe and Tyler too"; he won the 1840 election
John Tyler Harrison's vice president; he became president after Harrison died shortly after becoming president
Policy Toward Native Americans (1) white settlers wanted Native Amer. lands (2) Pres. Jackson proposed Indian Removal Act of 1830, (3) thousands of Nat. Amer. removed to Indian Territory
Conflict Over State's Rights (1) Sectional differences developed, (2) Jackson supported strong central gov't, (3) South Carolina threatened to secede over tariff issue, but a compromise was reached.
Nicholas Biddle president of the powerful Second Bank of the U.S.
Jackson's War on the Bank Pres. Jackson hated the bank and Nicholas Biddle. Set out to destroy the bank. As a result, the bank eventually went out of business but the war on the bank damaged the US economy
Created by: Triana Silliman
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