states’ rights and the national bank
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States’ Rights and the National Bank. Section 7*4 pp. 230-235. Preview Questions. What is the principle of nullification? How did President Jackson destroy the national bank? What was the Panic of 1837?. I. A Tariff Raises States’ Rights Issue. “Tariff of Abominations” 1828 - PowerPoint PPT PresentationTRANSCRIPT
States’ Rights and the National Bank
Section 7*4 pp. 230-235
Preview Questions
• What is the principle of nullification?
• How did President Jackson destroy the national bank?
• What was the Panic of 1837?
I. A Tariff Raises States’ Rights Issue
• “Tariff of Abominations” 1828
– Causes decreased trade w/ G.B.
– Southerners hurt financially
– Opposed by VP Calhoun
I. A Tariff Raises States’ Rights Issue• South Carolina opposes tariff
– Becomes states’ rights issue – Calhoun’s “S.C. Exposition”
• Sens. Hayne and Webster debate tariff – Webster: No “middle” course – Hayne: Will ruin the South – Calhoun resigns as VP in protest
I. A Tariff Raises States’ Rights Issue
• S.C. nullifies Tariffs of 1828 and 1832 – Threaten to secede from the union – Compromise arranged by Clay- Tariff
of 1833
II. Jackson Attacks the National Bank
• 1832: Jackson vetoes renewal of BUS – BUS has unfair advantage – Symbol of wealth & aristocracy – Too much federal power
• Jackson uses “pet banks” to kill BUS
• Jackson and the “bank war”
• Whig Party – Formed out of anger at Jackson – Favored:
• American System • Protective Tariffs• Federal control of banking
II. Jackson Attacks the National Bank
III. Van Buren & Jackson’s Legacy
• Van Buren wins in 1836 – Inherits Jackson’s inflation
• Panic of 1837 – Banks refuse to accept paper $
$$– Many banks collapse– People lose savings
III. Van Buren & Jackson’s Legacy
• Whig WH Harrison wins in 1840
• Tyler becomes president after WHH dies – Referred to as
“His Accidency” – Not devoted to
Whigs