Bank War and the Whigs


Jackson did not support the National Bank

  • wanted a more agrarian society
  • believed the Bank promoted industrialization
  • vetoed the renewal of the Bank

bank war

Jackson weakened the Bank of the US by having states withdraw their money

  • economy weakened
  • inflation ended up hurting Jackson’s “common people”

New Political Party formed over the Bank controversy…The Whigs

  • nationalists who wanted strong federal government to manage economy
  • led by Henry Clay and Daniel Webster
  • broad interpretation of the Constitution

o   tariff, internal improvements, Bank

 

Whigs vs Jacksonian Democrats for next 20 years