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Soc studies #28 martin van buren plus


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Martin Van Buren, William Harrison, John Tyler

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Soc studies #28 martin van buren plus

  1. 1. Martin Van Buren William Henry Harrison and John Tyler
  2. 2. 1. Depression – a period of low economic activity and widespread unemployment 2. Laissez-faire – a policy that government should interfere as little as possible in the nation’s economy
  3. 3. • With support from Andrew Jackson and the Democratic Party, Martin Van Buren defeated the Whig candidates in the election of 1836 • Van Buren had been Jackson’s vice president during his second term
  4. 4. • Soon after Van Buren’s election, the country entered an economic depression • This led to the Panic of 1837 • During this time: - land values dropped - investments declined - banks failed - businesses closed - people lost jobs - farmers lost land
  5. 5. • President Van Buren believed in the principle of laissez-faire • However, he did persuade Congress to establish and independent federal treasury in 1840. The government would store its money in this treasury rather than in private banks • The new system would prevent banks from using government funds to back their banknotes (paper money)
  6. 6. • Van Buren was criticized by the Whig Party as well as his own party • In 1840, the Whigs led the “log cabin campaign” • Their candidate, William Henry Harrison, needed to win the support of farmers and laborers • The Whig Party used a log cabin as their symbol to show Harrison as a candidate for the common man (even though he was a wealthy Virginian) • Harrison’s running mate was John Tyler. • Their campaign slogan was “Tippacanoe and Tyler Too”
  7. 7. • Harrison won the election • Unfortunately, he died on April 4, 1841 – one month after his inauguration
  8. 8. • John Tyler became the first vice president to gain the presidency because the elected president died in office • Though he belonged to the Whig Party, Tyler supported many ideals of the Democratic Party • He believed in states’ rights, and he vetoed a bill to re-charter the Bank of the United States • The Whigs expelled Tyler from the party
  9. 9. • In the next election in 1844, the Whig’s candidate Henry Clay lost to Democrat James Polk