Unformatted text preview: 1816, rates increased further in 1824 and then jumped to 50% in 1828 in what was denounced as the
Tariff of Abominations Nullification/nullifiers"(277)"
Sparked by the Tariff of Abominations- the State of South Carolina is very upset and they are kind of advised by John C.
Calhoun to nullify or not follow a law the federal government makes that the state does not like and does not have to follow it3/4 of states agree to amending the constitution, if don't like it then the State can succeed 2"
Jackson feels the banks power is overreaching- there were concerns with the bank because of the Constitutionality of it, it favors
the rich and so on; Jackson is against the bank- he announces that the US will not need the 2nd bank and he uses his executive
power and removes the funds puts them into "Pet Banks" which are smaller banks- starts the "Bank Wars" Nicholas"Biddle"(281)"
Financier of the Bank of the US- he runs the bank that Jackson goes after- Jackson vetoes the bank and he ends up dismantling the
bank because Congress does not override the veto- Jackson and Secretary of Treasury Roger Tanney dismantle the bank- take $$
out and give it to Pet Bank Martin"Van"Buren"(282+3)"
8th President of the US 1836- inherits a lot of Jackson's problems- called Martin Van 'Ruin', from New York- 1st born under the
American Flag- economy crashed and he does nothing- Panic"of"1837"(283)"
American debt increased in the early 1830's In 1836 Bank of England lightened its credit policies, falling cotton prices set off a chain
reaction and banking crisis leads to economic downfalls- Panic is blamed on Jackson William"Lloyd"Garrison"(284)"
Publisher of the Liberator- abolitionists, wants all slaves to be set free- liberated now Liberator"(284)"
Someone who can set free, as from oppression, conﬁnement, or foreign control- dealing with slavery Gag"rule"(284)" Letters se...
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