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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
- 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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- Fall '10