Poor Martin

The Second American Party System

 Consequences of the Bank War
• Panic of 1837
– Speculation and internal improvements
• Inflated land prices
• Flood of paper money
– Imports >Exports
– Specie Circular
• Only gold and silver as payment for public lands
• Van Buren left with economic crisis
– “Martin Van Ruin”
– Severe depression
 Depression’s impact
• NY Banks suspend credit, recall loans
• The wealthy in big debt
• Laboring poor
– 1/3 unemployed by fall 1837
– Many only part time
– Wages fell by 30-50%
– Prices doubled
 Poor Martin
• Collapse 5 weeks in; gets the blame
• VB is sympathetic, but does little
– Democratic Party says NOT Jackson’s policies but
poor bank management
– VB proposes treasury system reform to make
banks more accountable
 The Second Party System
• Developed by 1830’s
• Democrats vs. Whigs
• Both wealthy and influential
 Whigs
• Greater wealth
• Strongest in New England, some southern
planters
• Clay’s American System
• Politics a good area for morality
• Party of law and order
 Democrats (Jacksonians)
• Liberty and local rule
• Freedom from too much gov’t, among other
things
• Follow individual interests
• Politics separate from moral issues
 Election of 1840
• William Henry Harrison—Whigs
– John Tyler as VP

• Whigs run a flamboyant appeal for votes

– Parades, songs, cartoons, “freebies”
– Portrayal as a simple candidate, drinking his hard
cider
 Political Democratization

Voter Participation in National Elections

Voter Participation 

Year Proportion of eligible voters casting ballots 

1824  27 percent 
1828  58 percent 
1832  55 percent 
1836  58 percent 
1840  80 percent