Prosperity and Panic

1
Prosperity and Panic

• Jacksons Policies caused the economy to collapse
  after he left office and affected the next
  election

2
Key Vocabulary and Key People

• Key Terms
• Inflation
• Panic of 1837
• Depression
• Whig Party

• Key People
• Martin van Buren
• William Henry Harrison
• John Tyler

3
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 banks charter during
  the election year claiming the bank was
  unconstitutional
• Jacksons War on the bank would become a Key
  issue of the election of 1832

4
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

5
Panic at theBank

• 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

6
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

7
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

8
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

9
This has Been another World Famous Mr. Green
PowerPoint Presentation

• TEST TIME!!