Jackson

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Jackson the National Bank

• Prosperity Panic

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Learning Goals

• What are you learning?
• Jacksons war on the national bank.
• Why do you need to know this information?
• The condition of the economy continues to affect
  politics today.

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• Is your work good?
• You can describe why Jackson wanted to kill the
  national bank.
• How do you know if your work is good enough?
• You can explain how what Jackson did to the bank
  affected the national economy.

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The National Bank

• When Jackson took office the National Bank was
  the most powerful bank in the country.
• It held government funds issued money.
• He could not stand it, and wanted to get rid of
  it.

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• It was run efficiently by a man named Nicholas
  Biddle.
• But he his friends used it to gain political
  power.

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• Jackson was against the bank for several reasons.
• 1) He did not like Biddle, who was rich,
  well-educated, came from a prominent family.
• 2) He distrusted banks after losing money in one.
• 3) He thought Biddle the bank had too much
  power.

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• The bank had to have a charter, or written
  permission from the national government to
  operate.
• In 1832 Biddle tried to get the Banks charter
  renewedalthough it did not expire until 1836.

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Biddle Clays Dare
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Jackson Takes the Dare
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Election of 1832
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• Jackson won very easily in 1832.
• Clay Biddle has badly miscalculated on who most
  of the voters would support.
• Biddle decided to strike back.

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• Biddle had hit hard.
• But Jackson was the type to hit back, and hit
  just a little harder.
• God help anyone or anything that got in his way.

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Martin van Buren

• Shortly thereafter, Martin van Buren won the
  election of 1836.

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• Unfortunately for van Buren, the economy
  collapsed shortly after he took office.
• It was Jackson Biddle who caused it, but van
  Buren got the blame.
• It was not fair.
• Jackson went home a national hero more than ever.
• Van Buren became a hated man and was politically
  dead.

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The End Finally Comes