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6.5 Finance & States’ Rights
 

6.5 Finance & States’ Rights

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Notes on Chapter 6, Section 5

Notes on Chapter 6, Section 5

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    6.5 Finance & States’ Rights 6.5 Finance & States’ Rights Presentation Transcript

    • Finance & States’ Rights Andrew Jackson fought the Bank of the United States and stood firm against a state’s threat to secede.
    • The Bank War
      • 2 nd Bank of the United States established in 1816
        • 1822 Nicholas Biddle appointed president of the bank
      • The bank was owned by private citizens
        • Federal government deposited all its gold and silver in the bank
      • Jacksonians believed the bank to be a menace to the economy
        • Wanted all money to be gold or silver coins.
    • The Bank War
      • Jacksonians believed Biddle had to much power and was corrupting Congress
        • Jackson vows put the bank out of business
        • Jackson vetoes the bill to renew the bank’s charter
      • Henry Clay & the Whig Party make the Bank the main issue in the Election of 1832.
      • Jackson removes all Federal deposits from the Bank of the United States
        • Jackson wins reelection in 1832
      • Bank goes out of business in 1836
    • Struggle Over States’ Rights
      • Congress passes an extremely high tariff.
      • Northerners favored the tariff.
        • Encouraged manufacturing & protection against foreign competition.
      • Southerners opposed it.
        • Calling it the “Tariff of Abominations”
    • The Nullification Crisis
      • Arguments for Nullification
      • John C Calhoun believed states could nullify any federal law that the state objects
      • States keep certain powers over the federal government.
        • South Carolina votes to nullify “Tariffs of Abomination”
      • South Carolina threatens to secede from the Union if force is used to enforce the tariff
      • Arguments against Nullification
      • Federal power supreme over state power.
      • Federal government derives its power from the American People
      • States can’t pick and choose what federal laws to enforce
      • Jackson threatens to use the military to enforce federal law.
        • “ I will hang the first rebel from the first tree that I find!” Andrew Jackson
    • The End of the Jackson Era
      • Martin Van Buren wins Election of 1836
        • Promised to continue Jackson’s policies
      • Panic of 1837: fall in cotton prices and slow economy caused many banks to bankrupt
        • Economy ruins Van Buren’s Presidency
      • William Henry Harrison (Whig) wins Election of 1840
        • Whigs run a “log cabin” campaign
        • Portrayed Harrison as a “man of the people”