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Age of Jackson and Expanding Democracy-Part II-10/25/06

Age of Jackson and Expanding Democracy-Part II-10/25/06 -...

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Age of Jackson and Expanding Democracy- Part II I. Battle for the Second Bank Key Terms A. Distrust of the Bank Whigs B. The Bank as an Election Issue Panic of 1837 C. Jackson kills the Bank Second Party System II. Second Party System Martin Van Buren A. A New Party B. Election of 1836 C. Election of 1840 D. Democratic Ideology E. Whig Ideology Jackson expanded his executive power greatly by using the national bank Bank regulated holds tax revenues which the government uses to make loans, regulated currency, helped regulate state banks Jackson eliminated the national debt I. A. Remember the Panic of 1819-postwar boom lead to panic of 1819, came as a result of over extension of credit Why Fear of power-many people were afraid of giving too much power to a small group of elites, many people felt that the bank was an institution that made money off of the labor of the people Too much paper money issued-state banks could issue currency but because they did inflation happened and your income is not going to go so far, Jackson did not like paper currency and wanted hard currency Campaign issue in 1832 B. The Bank is a monster-people thought the bank was evil and it had to much authority and too much of an impact of the economy, the bank was run by privileged elite men Biddle and the charter-Biddle was confident that the bank was good and strong enough to control the currency, the bank decides to get a rechartering and
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