AP US: Martin Van Buren and William Henry Harrison as President (1837-1841)
Election of 1836
- Martin Van Buren is chosen as the successor to Jackson
- he's from New York, and "aristocrat"
Panic of 1837
- began as Jackson was leaving office
- the worst financial crisis to hit up to this point
- all the financial crises will be the worst up to their points
- Causes
- Specie Circular
- state banks were unable to meet demand for specie, and were forced to close
- Wildcat Banks
- made loans to land speculators, who couldn't repay the loans
- they were left with large, unprotected loans
- Government Bonds for Transportation
- investors who had bought bonds to support failed turnpikes and roads lost everything
- Specie Circular
- Van Buren takes the brunt of the Panic
- he could do very little to ease the panic and stop depression
- the one thing he does do is to get Congress to pass the Independent Treasury Act, which allows the government to create sub-treasuries, which are vaults in various cities to hold the government's specie
- he's a one-term President, suffering from Jackson's decisions
Election of 1840 and Harrison as President
- Van Buren gets swept out of office - he's blamed for the Panic of 1837
- the Whigs (formerly National Republicans) win the campaign
- "Tippecanoe and Tyler Too" - William Henry Harrison had won the battle of Tippecanoe
- he's wealthy, born in a mansion, etc.
- however, he is portrayed as a common man, born in a log cabin, military fighter, etc.
- portray Van Buren as an aristocrat
- use Jackson's campaign to win Harrison the Presidency
- also, the economy is terrible, which doesn't help Van Buren
- Harrison gives the longest inaugural speech up to his time in cold, nasty weather
- he gets sick and dies after 30 days in office, without making any significant decisions