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ii.Jacksonians blamed the recession on Biddle and refusediii.When the banker finally carried his contraction of credit too far and had to reverse himself to appease the business community, his hopes of winning a recharter of the Bank died in the processiv.Jackson had won a considerable political victory. But when the Bank of the United States expired in 1836, the country was left with a fragmented and chronically unstable banking system that would plague the economy for many years.20.The Taney Court. i.The case involved a dispute between two Massachusetts companies over the right to build a bridge across the Charles River between Boston and Cambridge.ii.One company had a long-standing charter from the state to operate a toll bridge, a charter that the firm claimed guaranteed it a monopoly of the bridge traffic. iii.Another company had applied to the legislature for authorization to construct a second, competing bridge that would—since it would be toll-free—greatly reduce the value of the first company's charter.iv.The first company contended that in granting the second charter, the legislature was engaging in a breach of contract; and it noted that the Marshall Court, in the Dartmouth
College case and other decisions, had ruled that states had no right to abrogate contractsv.But now Taney supported the right of Massachusetts to award the second charter. The objectof government, Taney maintained, was to promote the general happiness, an object that tookprecedence over the rights of property. A state, therefore, had the right to amend or abrogate a contract if such action was necessary to advance the well-being of the community.21.The Changing Face of American Politics.22.Democrats And Whigs
i.The federal government, the Democrats believed, should be limited in power, except to the degree that it worked to eliminate social and economic arrangements that entrenched privilege and stifled opportunity.ii.The rights of states should be protected except to the extent that state governments interfered with social and economic mobilityiii.celebrated “honest workers,” “simple farmers,” and “forthright businessmen” and contrastedthem to the corrupt, monopolistic, aristocratic forces of established wealth.iv.were more likely than Whigs to support territorial expansion, which would, they believed, widen opportunities for aspiring Americansv.radical members of the party—the so-called Locofocos, mainly workingmen, small businessmen, and professionals in the Northeast—sentiment was strong for a vigorous, perhaps even violent, assault on monopoly and privilege.vi.