Notes from 11/17

*the postal campaign was a group of abolitionists sending pamphlets and other materials into the south and to congress against slavery.
-they were radical people and wanted immediate emancipation.
*the censorship law included the states pulling pieces of mail out and not delivering it. Andrew Jackson does not care that much.
*the gag rule was put into effect from 1836-1844 where they did not discuss abolition at all.
*The Bank War
- bank of U.S. was exercising central control over monetary and credit systems.
-had bank of U.S. keeping state bank lending in check.
-the bank was doing a good job
- Jackson was opposed to all banks and was bitter about losing money. He openly questioned the banks constitutionality even though the issue had already gone to the supreme court. He sees it as a concentration of wealth.
*1832 Presidential Election
- henry clay and daniel webster convince the President of the bank( Biddle) to ask congress to pass the law renewing charter of bank even though it didn't expire until 1836. They think it will embarrass him.
- but Jackson vetoes it and wins the re-election.
-Jackson makes pet banks which really hurts the national bank.
*1836 Deposit Act wants to spread the wealth around more and have it not so centralized.
*Species Circular
-executive order of 1836
-speculators could buy large pieces of land from gov't but had to pay with hard gold or silver, not bank loans.
-not a lot of money for them to do that so they stop buying which shuts down a major source of income for the nat'l government.
*1836 Presidential Election Martin van Buren comes into office
-soon after the economy collapses
-Panic of 1837 followed by a depression
-price of cotton drops by one half.
-many blamed Jackson even though he was out of office.
*Rise of the Whig Party
-they win their first presidency in 1840.
- they blame panic and depression on Jackson.
*Jacksonian Democrats blame it on speculation and paper money from the banks.
-whigs call on congress to establish a new national bank.
*President Van Buren gets government out of banking
-creates the Independent treasury where the government keeps all its money, not in state banks.
*1840 William Henry Harrison is first Whig President.
-wealthy southerner, had a low key campaign that came to be known as "Log Cabin Campaign"
-gets 2-party system back