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Politicalpatronagespoilssystem

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Unformatted text preview: harter set to expire in 1836 1832 was an election year Henry Clay ran for president against Jackson Second Bank of the United States Second Bank of the United States • Clay will use bank as an election issue • Clay convinces Biddle to apply for renewal • • • • of the charter 4 years early Those friendly to the bank hold a majority in Congress Re­charter passes both Houses Jackson vetoes the Bill Clay hoped to use veto against Jackson in the election Second Bank of the United States Second Bank of the United States • • • Clay looses the election Although Bank has 4 more years of life Jackson is determined to get rid of the bank • Orders the Secretary of the Treasury to start removing deposits from BUS vault and placing money into state banks that were friendly to Jackson Second Bank of the United States Second Bank of the United States • • • Nicholas Biddle still in charge Not just going to sit back and do nothing Claimed the loss of money from the bank made it necessary to call in loans and raise interest rates • Biddle realized making borrowing more difficult would hurt business – slow down economy Second Bank of the United States Second Bank of the United States • Cause the economy to slow down to show how important the bank was • Winter 1833­1834 – Economy contracts • Biddle went too far – slowed down too much Second Bank of the United States Second Bank of the United States • State banks printed notes with reckless abandon • Easy credit – cheap money • Fed into land speculation, state internal improvement projects • Surge of cheap money will cause rampant inflation – Price of basic goods rise 50% Second Bank of the United States Second Bank of the United States • Sales of government land soar • Jackson starts to worry that most of the purchasing is being done by speculators not the common folk • Jackson has the Treasury Department issue “Specie Circular” • Public lands must be purchased with hard money (Gold or silver) Second Bank of the United States Second Bank of the United States • Easy credit, large state and public debt, • • • • Specie Circular Leads to a Depression New political party – Whig Party 1836 election 3 men ran representing the Whig party Martin Van Buren for Democrats...
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