NICHOLAS BIDDLE• Biddle applied for the Bank’s re-charter four years earl• Biddle believed if Jackson were to veto the charter, the common people would be outraged and it would cost Jackson his re- election.• Biddle hoped the resulting economic troubles would force Jackson to return government deposits to the Bank.• 1829, biddle approached Jackson with a proposition.• Biddle set policies that controlled the nations money supply.• In 1832, Biddle asked Congress to renew the bank’s charter, but because 1832 was an election year, he thought Jackson would agree to renewal rather than risk angering its supporters
ANDREW JACKSON• Jackson had come to distrust banks after losing money in financial deals early in his career.• Jackson thought that the bank had to much power• Jackson felt the banks lending policies favored wealthy clients and hurt the average person• When Congress voted to renew the bank’s charter, Jackson vetoed the renewal.• In Jacksons second term, he was set out to destroy the bank before its charter ended in 1836.
NATIONAL BANK• Andrew Jackson vetoed the second bank so there wouldn’t be another bank • Jackson thought the national bank was against the contusion
JACKSONS THOUGHTS• Too many rich people were with the bank so the famers/lower class couldn’t get a lot if any • The loans would bring great embarrassment if we gave out loans to money we didn’t have.
THE PROBLEMS THAT OCCURREDAFTER THE NATIONAL BANK WAS NO MORE People were counterfeiting money. There were depressions. People were panicking. Deposits into some of the new small, state—chartered banks were lost and the state banks that held them failed.
THE WHIG PARTY• The whig party was a political party active in the early 19 th century in the United States.• Four presidents of the United States were member of the whig party.• Considered integral to the second party system and operating from the early 1830’s to the mid 1850’s, the party was formed in opposition to the policies of President Andrew.
THE WHIG PARTY• The Whig Party was establish largely in critical response to the philosophies of President Andrew and it was named after the British party that opposed the royal power.• The Whigs opposed the concentration of power in the chieff executive.