104 the democrats favored limited central govt and

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Unformatted text preview: nd. This reduced sales of public land and killed the surplus and the loans to the states. - This policy was a total disaster. This economy stuff is confusing, but the idea is that e/t there were fewer land sales and less land, people continued to speculate. The increased demand pressured banks, which didn’t have 103 enough specie, and credit contracted – fewer notes issued, fewer loans made. - Jackson just made things worse by continuing his hard $ policies, and his opponents had a field day. Congress then voted to repeal the circular, but Jackson pocketvetoed this and the policy stood until in mid 1838 a joint resolution of Congress killed it. - Jackson was the first President to really use his veto powers, which was another reason why he was attacked as being “King Andrew.” *The Second Party System* - In the 1830s, opponents of the Democrats, many of who were left over from the old National Republican Party, joined together in the Whig Party. The Whigs resented Jackson’s power over Congress, and competed on a nat’l level w/the Democrats from 1834 through the 1840s. - The Whig/Democrat thing became known as the Second Party System, and was more organized and intense than the first DR/Federalist one. - As the years passed the differences between the Whigs and Democrats became clearer… The Whigs favored an economy helped by an active central gov’t, corporations, a nat’l bank, and paper currency. They also supported reform – they were generally more enterprising and optimistic than the Democrats were. Whigs supporters were generally evangelical Protestants, Methodists, or Baptists – and were usually American-born or free black. 104 The Democrats favored limited central gov’t and were afraid of concentrated power. Democrat supporters were generally foreign-born Catholics, or non-evangelical Protestants. - When the Presidential Election of 1836 came about, however, the Whigs had not yet become a nat’l party, so they entered three sectional candidates [Webster, White, Harrison] against the Democrats’ Martin Van Buren, who won easily. - But, a few wee...
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