Andrew Jackson Tariffs made reduction in tariff rates naming them

Andrew jackson tariffs made reduction in tariff rates

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- Andrew Jackson – Tariffs- made reduction in tariff rates, naming them unconstitutional - Tariffs of Abomination- designed to protect great industry in the north part of the US - Vice President John C. Calhoun - The South Carolina Exposition and Protest- protest against the tariff of the northern US, by john calhoun - Virginia and Kentucky Resolution- decided that the alien and sedition acts were unconstitutional - States Rights Theory- the states have rights the federal government cannot impede on - South Carolina - Nullification Ordinances- declared a few tariffs were now no longer in action and people would not have to pay them - Andrew Jackson - Force Bill- collection on duties in imports and exports - Henry Clay – Great Compromiser- comprimised with the slavery situation in new mexico, and in the nullification crisis Second Bank of the U.S.: - Nicholas Biddle- american financiar and president of the 2nd bank of the US
- Control over economy- only seeking to prevent any further economic crisis - Politics - Wall Street- home of the new york stock exchange where business deals go on all the time - Hard Money people like Jackson- jackson doesnt like this idea and protests it, he likes hard, in hand money not bank money - Election of 1832 - Henry Clay- ran for president but then lost to jackson - Jackson’s Dilemma- if jackson signed this proposal his western supporters would now hate him, and if he didnt, he would lose the presidential election - Pet Banks - Panic of 1837- financial crisis, profits, prices, and wages went down, while unemployment went up - Land Speculation- high risk, high return investment the US was and is willing to take - Distribution Bill- establish distribution centers and a plan for business - Specie Circular- payment for land was now in gold and silver Whig Party: - National Republicans joined with former Jackson supporters - Anti-Masons- did not agree with free masons, third party of the us - supported - Henry Clay’s American System- promoting business and economic success by high tariffs - Advocated for a larger federal government - Industrial and Commercial development - Centralized economy Election of 1836: - Democrats – Martin Van Buren- promised to continue jackson’s line of duty - Whig Party Split by geographical region - North East – Upper New England – William Henry Harrison was the leader of this sect of the whig party - Lower New England – Daniel Webster was the leader of this sect of the whig party Election of 1840: - Henry Clay felt he should be nominee for Whigs – strong stands = strong enemies - Whigs - William Henry Harrison and John Tyler - “Tippecanoe and Tyler Too” - Tyler added for Southern Vote - Democrats Martin Van Buren - Harrison dies from Inauguration speech pneumonia - Henry Clay attempts to run executive – Tyler would stand for it - John Tyler President - Agreed with Clay to increase tariffs and end subtreasury system - Agreed with Clay to woo Western votes from Democrats with the Preemption Act of 1841 - Disagreed over National Bank
- Cabinet resigned – all but Webster

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