Jackson, the Tariff, and the Bank Chapter 11-3. President Andrew Jackson.

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Presentation transcript:

Jackson, the Tariff, and the Bank Chapter 11-3

President Andrew Jackson

Growing Problems between the North and South Tariff- a fee paid by merchants who imported goods Tariff of 1828 (or the Tariff of Abominations)- placed a very high tax on manufactured goods from Europe Tariff of 1828 was HATED by Southerners- but loved by Northerners

Tariff of 1832 In 1832, Congress decided to reduce the tariff to please the South However, Southerners still believed the tax was too high Southern states threatened to secede in the name of states’ rights if the tariffs were not removed

Nullification Crisis Nullify- to cancel or reject In 1832, SC passed the Nullification Act- state has the right to nullify a federal law it considers unconstitutional South Carolina leaders (including VP John Calhoun) threatened secession, or withdrawal from the Union, if the federal government tried to collect the tariff

Vice President John Calhoun of SC

Compromise Tariff Passed Henry Clay proposes a compromise tariff The compromise ended the Nullification Crisis

The Great Compromiser- Henry Clay

Jackson’s War on the Bank Nicholas Biddle was the president of the Second Bank of the US Jackson dislike the bank because he felt it favored the rich Jackson vowed to destroy the bank- but supporters of the bank vowed to destroy Jackson’s political career

The Second Bank of the US

Bank President- Nicholas Biddle

Jackson’s Veto Biddle applies four years early to renew the bank’s charter Jackson vetoes the charter- the bank will die in 1836 when the original charter was set to expire Election of supporters of the bank believed Americans would be angry about Jackson’s veto and refuse to vote for him Plan didn’t work- Jackson was reelected anyway, and the bank was gone by 1836

Election of 1836 and Panic of 1837 Jackson did not run for a 3 rd term- so his VP, Martin Van Buren was elected pres When Van Buren was elected, the country was entering a depression- or a severe economic slump- because Jackson had killed the Second Bank of the US Called the Panic of Van Buren was blamed

President Martin Van Buren

Election of 1840 Because of the Panic of 1837, it was impossible for Van Buren to get reelected Whig Party- chose William Henry Harrison to run for president and John Tyler for VP “Tippecanoe and Tyler Too” Harrison won- caught pneumonia and became the 1 st pres. to die in office- was president for 1 month Tyler becomes the 10 th president

President William Henry Harrison

President John Tyler

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