Effects Of Bank Battle

Question 1

Martin Van Buren

Answer 1

Jackson’s Vice President (Democrat) during bank battle

Becomes president in 1837

Question 2

Speculators

Answer 2

They purchased western land through loans provided by state banks
Someone who buys something hoping they can make a profit selling it

Question 3

Panic of 1837

Answer 3

Jackson ordered that all land purchases must be made with gold or silver
Banks began to call in loans (wants them back)
Speculators couldn’t pay back loans
Depositors rushed to withdraw funds
Banks closed (life savings are gone)
Results in economic depression

Question 4

Depression

Answer 4

Period where business is declining, and people lose jobs

Whigs gain popularity from Democrats

Question 5

What were the Whigs?

Answer 5

The Whigs where a new party formed after the battle with the National Bank
It was named after a British political party that opposes tyranny
They were states’ rights supporters
Opposed executives with “too much power”