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7 Cards in this Set
- Front
- Back
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The Jacksonian era (1829-1841) included many reforms: free public schools, more women's rights, better working conditions in factories, and the rise of the Abolition movement. In the election, Jackson was portrayed as a common man and his opponent, J.Q. Adams, was attacked for his aristocratic principles. Electors in the electorial college were also chosen by popular vote. Common man, nationalism, National Nominating Conventions.
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Jacksonian Democracy
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passed an ordinance forbidding collection of tariff duties in the state
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Tariff of 1832
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Henry Clay devised this tariff which gradually reduced the rates levied under the Tariffs of 1828 and 1832. It caused South Carolina to withdraw the ordinance nullifying the Tariffs of 1828 and 1832. Both protectionists and anti-protectionists accepted the compromise.
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Tariff of 1833
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The Bank of the United States was chartered by Congress in 1791; it held government funds and was also commercial. It wasn't rechartered in 1811, but a second bank was established in 1816 (1/5 government owned). Jackson opposed it, saying it drove other banks out of business and favored the rich, but Clay favored it. Nicholas Biddle became the bank's president. He made the bank's loan policy stricter and testified that, although the bank had enormous power, it didn't destroy small banks. The bank went out of business in 1836 amid controversy over whether the National Bank was constitutional and should be rechartered
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The 2nd Bank of the U.S.
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Whigs were conservatives and popular with pro-Bank people and plantation owners. They mainly came from the National Republican Party, which was once largely Federalists. They took their name from the British political party that had opposed King George during the American Revolution. Among the Whigs were Henry Clay, Daniel Webster, and, for a while, Calhoun. Their policies included support of industry, protective tariffs, and Clay's American System. They were generally upper class in origin.
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Formation of the Whig Party, 1832
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When Jackson was president, many state banks received government money that had been withdrawn from the Bank of the U.S. These banks issued paper money and financed wild speculation, especially in federal lands. Jackson issued the Specie Circular to force the payment for federal lands with gold or silver. Many state banks collapsed as a result. A panic ensued (1837). Bank of the U.S. failed, cotton prices fell, businesses went bankrupt, and there was widespread unemployment and distress.
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Panic of 1837
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The Specie Circular, issued by President Jackson July 11, 1836, was meant to stop land speculation caused by states printing paper money without proper specie (gold or silver) backing it. The Circular required that the purchase of public lands be paid for in specie. It stopped the land speculation and the sale of public lands went down sharply. The panic of 1837 followed.
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Specie Circular, no Bank of the U.S.
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