Fallout of the Fallout of the Veto Creates Veto Creates

PanicPanic

Era of Van BurenEra of Van Buren Nation prospered under Nation prospered under

JacksonJackson

Whig Party formed Whig Party formed as as opponentsopponents toto Jackson Jackson ◦ (“King Andrew I”)

Jackson’s V.P. Jackson’s V.P. easily won won the Election of 1836Election of 1836◦ Martin Van BurenMartin Van Buren◦ Main opponent is former military

general William Henry Harrison

Within months people feared for the economy◦ Panic of 1837Panic of 1837

People rushed to banks to exchange paper money for exchange paper money for gold or silver gold or silver

DepressionDepression and and ChangeChangeBanks could not Banks could not

keep up keep up & most went into default◦ It led to a led to a

depressiondepression

Some like Clay & Clay & Webster Webster believed believed the government the government should helpshould help◦ Van Buren believed

the economy would improve on its own

Van Buren blamed Van Buren blamed for the Panic for the Panic of 1837

Election of 1840Election of 1840 WhigsWhigs again chosechose military hero

William Henry HarrisonWilliam Henry Harrison◦ (VA) John Tyler as V.P., John Tyler as V.P., a former

Democrat

Made most of nickname “Old Tippecanoe”◦ Whig campaign slogan – “Tippecanoe & “Tippecanoe &

Tyler, too!”Tyler, too!”

Whigs appealed to “common Whigs appealed to “common peoplepeople” Used the log cabin◦ Similar to Andrew Jackson

◦ Blamed Van Buren for the depression

◦ HarrisonHarrison has a decisive PresidentPresidential victory

Harrison’s Harrison’s long speech in the speech in the bitter cold led to his death cold led to his death one month after inauguration◦ First time a president died in officeFirst time a president died in office

◦ Vice-President Tyler became presidentTyler became president