Democracy in America, 18151840 Weebly在美国的民主18151840 Weebly.pptVIP

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Democracy in America, 18151840 Weebly在美国的民主18151840 Weebly.ppt

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* The speculative bubble inevitably burst. The federal government sold 20 million acres of land in 1836, ten times the 1830 amount, and almost all of it paid for in paper money, which had questionable value. In July 1836, Jackson issued the Specie Circular, mandating land payments to the federal government to be made in hard currency. Simultaneously, British banks demanded that their creditors pay them in hard currency, and a recession in Britain dropped demand for American cotton. Together these events caused an economic crisis, the Panic of 1837, which was followed by a depression that lasted until 1843. Businesses failed, workers lost their jobs, farmers and others lost their lands. States that had taken up economic development projects defaulted on their debts. The new president in 1836 and Jackson’s lieutenant, Martin Van Buren, represented the hard money, anti-bank wing of the Democratic Party. In 1837, Van Buren announced that he hoped to remove federal funds from pet banks and keep them in the Treasury Department, directly under federal control. Only in 1840 did Congress approve this policy, known as the Independent Treasury, which completely separated the national government from banking. It was repealed in 1841 but restored in 1846. * Van Buren was not as popular as Jackson, and by 1840, the Whigs had mastered the political techniques Democrats had used to mobilize voters. The Whigs nominated that year for president William Henry Harrison, a military hero from the War of 1812. He had no platform, but was portrayed as a common man who grew up in a “log cabin” and drank cider. His running mate was John Tyler, a states’ rights Democrat from Virginia who had joined the Whigs after the nullification crisis. The Whigs sold their candidate much better than the Democrats did Van Buren, and with a record voter turnout of 80 percent of eligible voters, Harrison won a sweeping victory. But Harrison soon contracted pneumonia and died, making John Tyler an accidental