Prosperity and Panic Jackson’s Policies caused the economy to collapse after he left office and affected the next election

Key Vocabulary and Key People Key Terms  Inflation  Panic of 1837  Depression  Whig Party Key People  Martin van Buren  William Henry Harrison  John Tyler

Money in the Bank  As the Second National Bank gained power Jackson began to dislike the institution because it hurt the average man  Jackson Would not renew the bank’s charter during the election year claiming the bank was unconstitutional  Jackson’s War on the bank would become a Key issue of the election of 1832

Outer Bank  In the Election of 1832 Henry Clay claimed Jackson was a Tyrant but the democrats portrayed him as a defender of the people  Jackson won a second term and declared a war on the bank and deposited money into state banks  The Second National Bank made it harder to borrow money but with the support of the people the Second Bank went out of business

Panic at the…Bank  As more people borrowed money to buy land from state banks they began to print up money causing inflation  Jackson would leave office with the national prosperity leaving his Vice President Martin van Buren to be elected  As the economy worsened, people began to fear what would happen causing the Panic of 1837

A very sad economy  As people tried to exchange money for gold the banks would default leaving the government without money  The depression led to factories closing, jobless people, little food and death  The cities were hit the hardest by the depression, but farmers felt a minor pinch too

A new Party in Town  As Daniel Webster and Henry Clay wanted the government to fix the economy, van Buren wanted to let the economy fix itself  Martin Van Buren would face the Whig Party who opposed the policies of Andrew Jackson and his supporters  The Whig Party chose William Henry Harrison and John Tyler as their candidates  Harrison was a War Hero and help gain the support of the common person for the Whigs

Whiggin’ Out  The Whigs portrayed Harrison as a true westerner against the Wealthy van Buren and Harrison won the election of 1840  One Month after being Inaugurated Harrison would catch Pneumonia and became the first president to die in office  John Tyler would become president and brought the importance of the west into the white house

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