Jackson’s Presidency

1828 “Tariff of Abominations” South hurt by tariffs –less British goods being bought by US –less cotton sold to Britain –also forced to buy expensive northern goods South felt “North getting rich at Southern expense.” Calhoun, normally a nationalist, spoke up for his home hurting state

Calhoun’s Nullification Theory Questioned the legality of applying some federal laws in sovereign states: States made constitution  still have some sovereignty  therefore each still has right to determine whether act of Congress is constitutional  otherwise Fed. Gov can trample on minority Felt if states do not have the above rights, they can secede from the union.

Hayne and Webster Debate Debated over the tariff See handout

South Carolina Rebels 1832 – Congress passed another tariff SC said “unauthorized by Constitution” and threatened to secede from the Union if customs officials tried to collect duties Jackson declared SC act treasonous and threatened to hang Calhoun. Jackson Passed FORCE BILL –Allowed fed gov. to use the army and navy against SC if state authorities resisted. Henry Clay’s compromise – gradually lower tariff over 10 years. Temporarily solved problem.

Andrew Jackson & the National Bank Jackson’s hatred for the National Bank: – had lost $ due to speculation early in his life so skeptical of banks –Felt conservative credit policies caused Panic of 1819 –Symbolized Eastern wealth and power –Felt it Cared for wealthy and not for common man –Threatened American Democracy b/c its influence on the economy –Could bribe officials or buy elections to control the gov.

Promoted to public that the bank served to “make the rich richer and the potent more powerful.” Some basis for hatred: –Fed. Taxes deposited in BUS rather than state or local banks  gave BUS advantage over other banks –BUS stockholders earned interest on Fed. Tax deposits, not taxpayers –Bank President gave cheaper loans to Congressman than average citizen Andrew Jackson & the National Bank

1832 – Jackson pressures Sec. of Treasury to withdraw gov. deposits from the bank and put them in state banks “pet banks” Sec. of Treasury refused, Jackson fired him To save bank, Biddle called in repayment of loans  this hurt everyone, and he lost support 1936 – Charter expired, was not renewed, became normal local bank, within 5 years went out of business. Andrew Jackson kills the BUS

Praising Andrew Jackson for his destroying the Second Bank of the United States with his "Removal Notice" (removal of federal deposits). Nicolas Biddle portrayed as The Devil, along with several speculators and hirelings, flee as the bank collapses while Jackson's supporters cheer.Nicolas BiddleThe Devil

King Andrew Many, even fellow democrats, felt he acted more like a king than President. Dubbed “King Andrew the first.” Creation of WHIG PARTY after group in Britain who tried to limit royal power.