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Liberty Equality Power A History of The American People Volume 1 To 1877 6th Edition Murrin Test Bank
Liberty Equality Power A History of The American People Volume 1 To 1877 6th Edition Murrin Test Bank
MULTIPLE CHOICE
2. Senator ____ proposed an amendment to Missouri's application for statehood that forbade slavery in
the state.
a. Martin Van Buren
b. David Wilmot
c. Henry Clay
d. Stephen Douglas
e. James Tallmadge
ANS: E DIF: 2 REF: p. 251
OBJ: F
6. The winner of the popular vote in the election of 1824, though not the victor in the election, was
a. Henry Clay.
b. Andrew Jackson.
c. John Quincy Adams.
d. William Crawford.
e. James Monroe
ANS: B DIF: 1 REF: p. 254
OBJ: F
7. The "corrupt bargain" of 1824 refers to the deal made between which two statesmen?
a. Andrew Jackson and Martin Van Buren
b. John Quincy Adams and Andrew Jackson
c. John Quincy Adams and Henry Clay
d. Henry Clay and Martin Van Buren
e. James Monroe and John Quincy Adams
ANS: C DIF: 2 REF: p. 254
OBJ: F
11. The Indian Removal Act of 1830 stated that Native Americans
a. needed to be removed to west of the Mississippi River.
b. needed to be removed, but with no clear destination.
c. needed to be removed to reservations in Canada.
d. needed to be removed to California.
e. were entitled to remain on their ancestral lands.
ANS: A DIF: 1 REF: p. 259
OBJ: F
12. In ____, the Supreme Court argued that Georgia state law had no authority over the Indian nations
within the state's boundaries.
a. Cherokee Nation v. Georgia
b. Gibbons v. Ogden
c. Worcester v. Georgia
d. Jackson v. Georgia
e. Marbury v. Madison
ANS: C DIF: 2 REF: p. 259
OBJ: F
13. The Tariff of 1828 was known throughout the South as the tariff of
a. horror.
b. hope.
c. abominations.
d. dependence.
e. absurdity.
ANS: C DIF: 1 REF: p. 260
OBJ: F
16. The "Gag Rule" refers to the congressional attempt to avoid discussing which issue?
a. Indian removal
b. nullification
c. tariffs
d. slavery
e. Sunday mail deliveries
ANS: D DIF: 1 REF: p. 263
OBJ: F
18. The president of the Second Bank of the United States was
a. Nicholas Biddle.
b. Amos Kendall.
c. Frank Blair, Jr.
d. Daniel Webster.
e. Henry Clay.
ANS: A DIF: 1 REF: p. 264
OBJ: F
19. The political party that emerged in the 1830s to oppose Andrew Jackson was the ____ Party.
a. Republican
b. Federalist
c. Whig
d. Know-Nothing
e. Socialist
ANS: C DIF: 1 REF: p. 264
OBJ: F
20. The issue that led to the final and complete break between Andrew Jackson and John C. Calhoun was
a. the tariff of 1830.
b. "nullification."
c. the Peggy Eaton affair.
d. Indian removal.
e. the Bank of the U.S.
ANS: C DIF: 2 REF: p. 262
OBJ: F
21. The treaty that acquired Florida for the United States was the
a. Rush-Bagot Treaty.
b. British-American Convention.
c. Adams-Onis Treaty.
d. Treaty of Paris
e. Treaty of Florida.
ANS: C DIF: 2 REF: p. 255
OBJ: F
32. The relationship between Andrew Jackson and John C. Calhoun was ruined by all except which of the
following?
a. Calhoun's support of the concepts of nullification and secession
b. a letter revealing that Calhoun had criticized Jackson's invasion of Florida in 1818
c. Calhoun's participation in the dirty political campaign of 1818
d. Floride Calhoun's rude treatment of the Eatons
e. Calhoun's vote against Van Buren's diplomatic appointment.
ANS: C DIF: 3 REF: p. 260-267
OBJ: F
36. The Dartmouth College versus Woodward case protected, by extension, which of the following?
a. canal companies
b. state's rights
c. large farmers
d. artisans
e. slaveholders
ANS: A DIF: 2 REF: p. 251
OBJ: F
37. Martin Van Buren's plan to develop an independent financial system to avoid the federal government's
dependence on banks was known as
a. the Third Bank of the United States.
b. the independent treasury.
c. the Federal Reserve system.
d. the "minitreasury."
e. reform banks.
ANS: B DIF: 2 REF: p. 266
OBJ: F
38. The election of 1840 pitted which two candidates against each other?
a. Andrew Jackson and Henry Clay
b. Martin Van Buren and Henry Clay
c. Martin Van Buren and William Henry Harrison
d. Henry Clay and John Tyler
e. Andrew Jackson and John Quincy Adams
ANS: C DIF: 2 REF: p. 266
OBJ: F
39. Who of the following was not a Whig candidate for president in 1836?
a. Henry Clay
b. Daniel Webster
c. Hugh Lawson White
d. William Henry Harrison
e. none of these choices
ANS: A DIF: 1 REF: p. 265
OBJ: F
40. In 1824 Andrew Jackson believed that the American republic
a. had failed.
b. needed to be governed by the educated elite.
c. had proven to be a stunning success.
d. should follow the British parliamentary model.
e. was in danger.
ANS: E DIF: 3 REF: p. 255
OBJ: A
42. Andrew Jackson's inaugural address proposed all of the following except
a. civil service reform.
b. retiring the national debt.
c. removal of Indians from eastern states to western reservations.
d. respect for states' rights.
e. caution with regard to the tariff.
ANS: C DIF: 2 REF: p. 257
OBJ: F
43. Andrew Jackson blamed which of the following for the death of his wife Rachel?
a. his political enemies
b. himself
c. John Calhoun
d. the press
e. none of these choices
ANS: A DIF: 3 REF: p. 257
OBJ: F
46. Voter turnout in the election of 1840 was ____ percent of the eligible voters.
a. 78
b. 69
c. 81
d. 75
e. 50
ANS: A DIF: 1 REF: p. 267
OBJ: F
47. Newspaper estimates put the number of citizens who came to Washington to witness Andrew
Jackson's inauguration at
a. 1,000 to 2,000.
b. 5,000 to 10,000.
c. 15,000 to 20,000.
d. 25,000 to 30,000.
e. 35,000 to 40,000
ANS: C DIF: 2 REF: p. 257
OBJ: F
48. Which of the following states did not extend its control over Indian lands and deny federal
jurisdiction?
a. Florida
b. Georgia
c. Alabama
d. Mississippi
e. none of these choices
ANS: A DIF: 2 REF: p. 259
OBJ: F
49. Which of the following did not occur during Andrew Jackson's first term as president?
a. the controversy over the spoils system
b. the nullification crisis
c. the struggle over Indian removal
d. the veto of the Bank bill
e. the creation of the Whig Party
ANS: E DIF: 3 REF: p. 258-263
OBJ: F
50. The free state admitted to the Union as part of the Missouri Compromise was
a. Illinois.
b. Iowa.
c. Maine.
d. Ohio.
e. Missouri.
ANS: C DIF: 2 REF: p. 252
OBJ: F
TRUE/FALSE
1. Jacksonian democracy can best be understood as the inheritance of the old Hamiltonian emphasis on
federal power.
2. The victor of the 1828 presidential election was John Quincy Adams.
3. The "Trail of Tears" refers to the removal of the Cherokee Indians to the Indian Territory (Oklahoma).
5. The man most responsible for resolving the "nullification" crisis of 1830 was John C. Calhoun.
6. An important component of Andrew Jackson's vision for America was to use federal money to build
large transportation systems throughout the United States.
7. The Missouri Compromise allowed Missouri to enter the union, but forbade slavery in any state carved
out of the Louisiana Territory north of Missouri.
9. Many northerners opposed the admission of Missouri to the Union because they feared it would
increase the power of the slave states in Congress.
10. The Panic of 1819 was the first nationwide failure of the market economy.
11. In the election of 1824, Martin Van Buren was the only candidate for the vice presidency.
12. Andrew Jackson believed that his wife's death was caused by the campaign tactics of his political
opponents.
13. In perhaps the best example of the corruption of the spoils system, Andrew Jackson's appointed
collector of the Port of New York, Samuel Swarthout, stole over $1 million and fled to Europe.
14. The first presidential election in which national, not sectional, alignments determined the outcome was
the election of 1840.
15. Democrats feared that an activist federal government might threaten the slaveholding South.
19. Andrew Jackson supported the protest against the tariff passed in 1828.
20. Thomas Jefferson was deeply concerned about the implications of the Missouri Compromise.
21. European demand for American agriculture increased after the Napoleonic wars.
22. South Carolina opposed the Tariffs of 1828 and 1832 but never attempted to nullify them.
23. By 1820, many Republicans were calling for a Jeffersonian revival that would limit governmental
power and guarantee southern rights within the Union.
24. Andrew Jackson believed that the republic was safe only when governed by the will of the majority.
25. The Democratic Party was born when Andrew Jackson was elected in 1828.
26. The Democratic Party linked popular democracy with the defense of southern slavery.
27. John C. Calhoun did not wish to stay on as vice president as the election of 1828 approached.
29. The presidential campaign of 1828 was run cleanly and was free of dirty tricks or slanderous
accusations.
30. Vice President John C. Calhoun and Secretary of State Martin Van Buren had the same position on the
right of states to secede.
31. Andrew Jackson supported the Civilized Tribes against state governments that wanted to seize control
of their lands.
32. Jackson was never able to sign the tariff of 1828 into law.
33. Jackson's veto message surprised the Bank of the United States' supporters.
34. The Bank and Jackson's veto message were the principal issues in the election of 1832.
35. Slaveholding Missouri was the first new state to be carved out of the Louisiana Purchase.
37. It was not clear until the last minute that the election of 1828 would be between John Quincy Adams
and Andrew Jackson.
40. Many Americans were grateful to the Bank of the United States for its assertive and positive response
to the Panic of 1819 that mitigated the damage of the economic downturn.
COMPLETION
1. Andrew Jackson is considered responsible for instituting the so-called ____________________, which
allowed the winners of elections to promote loyal supporters to high office.
2. The author of the pro-nullification tract Exposition and Protest was ____________________.
3. The man who received the most popular votes in the election of 1824 was ____________________.
4. The attempt to silence anti-slavery petitions in Congress was known as the ____________________
rule.
ANS: gag
5. Critics of Martin Van Buren poked fun at him by calling him "Martin Van ____________________."
ANS: ruin
7. The marriage of ____________________ to Jackson's secretary of war caused a national scandal that
disrupted the administration.
ANS:
Peggy (O'Neal Timberlake) Eaton
Peggy Eaton
Peggy O'Neal Timberlake Eaton
8. There was a clear contest in the Jackson administration between Martin Van Buren and
____________________.
9. ____________________ applied in 1819 to become the first new state to be carved out of the
Louisiana Purchase.
ANS: Missouri
ANS: Arkansas
11. Unemployment in Philadelphia during the Panic of 1819 hit ____________________ percent
ANS: 75
12. ____________________ was the driving force behind the creation of the Democratic Party.
ANS: 56
16. Resistance to federal authority to formulate Indian policy within individual states centered in
____________________.
ANS: Georgia
17. The creation of the second party system was complete in the election of ____________________.
ANS: 1840
ANS: 4,000
19. The new Democratic Party successfully captured voters from ____________________ former party.
ANS: Jefferson's
20. The Chief Justice of the Supreme Court during the Worcester v. Georgia decision was
____________________.
ANS: Nullification
23. ____________________ led the campaign in the Senate to censure Andrew Jackson.
24. When Henry Clay used his influence as Speaker of the House to win the presidential election for John
Quincy Adams in 1824, Andrew Jackson's supporters labeled their alliance a(n)
____________________.
25. The Treaty that acquired Florida for the United States was the ____________________ Treaty.
ANS: Adams-Onis
28. The ____________________ Bill completed the Jacksonian separation of bank and state.
29. The man who ran for President on the Log Cabin campaign was ____________________.
IDENTIFICATIONS
1. Trail of Tears
ANS:
the forced march of the Cherokee Indians off their homeland to the Indian Territory (Oklahoma).
Some four thousand Cherokees (one-fourth of those who embarked) died on the march.
REF: p. 259
2. nullification
ANS:
political theory proposed by John C. Calhoun that argued a state convention had the right to "nullify"
(declare null and void) a federal law within its borders.
REF: p. 260
ANS:
eighth president of the United States. Most memorable, however, for his expert organization of the
Democratic Party in the years of Jackson's presidency.
REF: p. 253
4. force bill
ANS:
bill passed by Congress allowing President Jackson to use military force, if necessary, to force South
Carolina not to nullify various tariffs.
REF: p. 260
ANS:
sixth president of the United States. Won the election of 1824 even though he did not win the popular
vote. Generally unsuccessful term. Defeated by Andrew Jackson in 1828.
REF: p. 254
6. Peggy O'Neal Timberlake Eaton
ANS:
pretty, flirtatious daughter of a Washington tavern owner. Gossips described her as "frivolous,
wayward, [and] passionate." When she married Jackson's friend and cabinet officer John Henry Eaton,
cabinet wives snubbed Peggy, and Jackson split his administration by defending her.
REF: p. 260-262
7. corrupt bargain
ANS:
alleged to have been struck between John Quincy Adams and Henry Clay in the election of 1824. In
exchange for Clay's support once the election had gone to the House of Representatives, Adams
supposedly promised to appoint Clay secretary of state. After Adams won and did make Clay secretary
of state, his opponents, led by Andrew Jackson (who had won the popular vote), denounced the
"corrupt bargain" that had stolen the election for Adams.
REF: p. 254
8. petticoat wars
ANS:
Andrew Jackson cabinet shake-up that started over the marriage between John Henry Eaton and Peggy
O'Neil Timberlake and resulted in the shunning of Peggy by other cabinet wives, including Floride
Bonneau Calhoun, wife of Vice President John C. Calhoun.
REF: p. 262-263
9. gag rule
ANS:
procedure employed between 1836 and 1844 in Congress to avoid discussing the slavery issue.
Involved tabling antislavery petitions sent by the general public without even reading them. Passed by
southerners with the help of most northern Democrats.
REF: p. 263
SHORT ANSWER
1. Examine the war between President Andrew Jackson and the Second Bank of the United States.
ANS:
From Jackson's time as a backwoods speculator and soldier, he always had a profound distrust of
banks and banking institutions. He had significant reservations about the mammoth Second Bank of
the United States. This bank, a quasi-federal institution (in the sense that it was federally chartered,
though still a private bank), wielded enormous power over the nation's economy⎯a power that was
wielded under the tutelage of Nicholas Biddle, the bank's president. The Second Bank was not only a
repository for government money, but also acted as a check on the overly speculative interests of the
various state banks and private banks. Jackson made clear that he would attempt to deny the
rechartering of the Second Bank before the expiration of its 1836 charter. Proponents of the
bank⎯including Biddle and the Whig candidate for president, Henry Clay⎯proposed making
rechartering the paramount issue of the 1832 election. They did, and Jackson won by a landslide.
Whether or not the American people gave Jackson a mandate with this action, he certainly saw this as
the case and began withdrawing federal monies from the bank, depositing them in the so-called pet
banks. This action, in conjunction with Biddle's attempt to call in state loans, led directly to the Panic
of 1837. But the "monster" bank was in the end destroyed and, in popular tradition, if not fully in fact,
a major democratic victory occurred.
REF: p. 263-264
2. Explore the Indian Removal of the 1830s⎯what were the reasons for the removal? What were the
repercussions?
ANS:
Following the War of 1812 and the general defeat of the Woodland Indians that occurred at that time,
many white Americans believed that general removal of eastern Indians across the Mississippi would
occur. Judging from his actions before becoming president, it is clear that Andrew Jackson was a firm
believer in this idea as well. With his election to office in 1818, Jackson made it clear that the removal
of the Creek and Cherokee Nations, among other civilized tribes, was one of his primary goals. This
plan of removal was made law in the Indian Removal Act of 1830, which, in essence, called for the
removal of Indians to reservations in Indian Territory (present-day Oklahoma). In the state of Georgia,
the process of removal began before the federal government could act. There, the discovery of gold led
Georgians to expel Indians from the land. Although the Supreme Court argued that Georgia had no
jurisdiction over the matter, President Jackson refused to interfere. This set the removal process into
action. Ultimately, it was Martin Van Buren who oversaw the final removal of Indians from the
Southeast. Of particular note was the "Trail of Tears," the forced march of 18,000 Cherokees from
Georgia. One-fourth of those who marched (men, women, and children) died en route.
REF: p. 259
3. What was the American System? Describe opponents and proponents of this system of national
development.
ANS:
The American System was primarily a plan of national economic development that owed much to the
Hamiltonian plan of the 1790s. Essentially, the system argued for an activist federal government, one
that aggressively promoted economic and commercial development. The major proposals of this
system, of which Henry Clay was the leading spokesperson, were high tariffs to protect developing
industry and to generate revenue, money allocated for internal improvements (roads, turnpikes, and
canals), and the continued support of a strong national banking system that would be receptive to
business interests. Quite possibly, the most important action taken by President John Quincy Adams
during his one term in office was the strong executive support he gave to this system. At this time,
however, much of the nation was opposed to this type of development. The opposition, centered
around Jackson, occurred for several reasons. First, on a theoretical level, many Americans, only one
generation removed from the Revolution, were steeped in republican theory, which had grave
reservations about unrestrained commercial development, national debts, and the type of greedy, ant
republican society that might emerge with a bigger government. On a more practical level, most of the
nation was still overwhelmingly agrarian and had little interest in promoting the development of
industrial- financial institutions of which they were already suspicious.
REF: p. 249-251
ANS:
The 1824 election was unique in American history for a variety of reasons. First, four major candidates
ran for the presidency: Andrew Jackson, John Quincy Adams, Henry Clay, and William Crawford.
Each had significant sectional support⎯only Crawford had a more national background. The results of
the popular vote were clear. Andrew Jackson had won the election handily. But because there were
four candidates, the electoral vote was divided several different ways, and Jackson was over thirty
electoral votes short of an electoral majority. Having won over 40 percent of the popular vote, many
thought Jackson deserved to win the election. As prescribed in the Constitution, the House of
Representatives was to decide the outcome of the election. Once in the House, all previous calculations
were thrown out. Crawford, who had suffered a stroke, and Clay, who had come in third, both were
eliminated. Clay, however, had enough support in the House to throw the election to Adams, which he
did. Even though he only had won 33 percent of the popular vote, Adams was appointed president by
the House of Representatives. Jackson and his supporters were outraged. Their belief that a dirty deal
had been worked out between Adams and Clay was all but confirmed when Adams, in one of his first
official acts, appointed Clay secretary of state. These actions motivated Jacksonians⎯they resolved
never to let an election slip away again.
REF: p. 253-254
5. Examine the emergence of the second American Party system.
ANS:
The years 1828 through 1840 were, at the level of national politics, more or less controlled by Andrew
Jackson and his supporters, although a lively opposition existed. Throughout these years, however,
elections revealed significant changes in voter constituencies and regional support. In 1828, when
Jackson was elected, his support clearly came from the South and West. His opponents were strongest
in the mid- Atlantic states and in the Northeast. Over the course of the Jackson years (including the
presidency of Van Buren), new alignments emerged and offered new possibilities for political
coalitions. During the 1830s, Jackson's support in the Northeast grew, but, because of his various
southern policies (most notably his stance during the nullification crisis), he lost support in the South.
The 1836 election between Martin Van Buren and three opposition candidates revealed the extent of
the realignment, since support for the two opposing parties was general throughout. It was the election
of 1840, however, that revealed the emergence of two national, opposing political parties. William
Henry Harrison and Van Buren contested the election in every state and received equal support in both
the slave and the free states. A national, two-party system emerged.
REF: p. 265-268
6. What were the "Petticoat Wars" of Jackson's presidency? What were the results of these disputes?
ANS:
The atmosphere of slander and character assassination that permeated the election of 1828 continued
into the presidency of Andrew Jackson. Jackson's close friend, John Henry Eaton, was linked in rumor
with a young married woman named Peggy O'Neal Timberlake. When Peggy's husband committed
suicide, Washington gossips blamed John Eaton. Suspicions appeared confirmed by the unseemly
haste with which Peggy and John married. Jackson gave his blessing to the union and named John
Eaton secretary of war. Thus Peggy Eaton became a cabinet wife. Washington socialites, led by Vice
President John C. Calhoun's wife Floride, refused to associate with a fallen woman like Peggy and
attempted to ostracize the Eatons. Many cabinet members and even Jackson's nephew Andrew Jackson
Donelson and his family snubbed the secretary of war and his wife. Jackson bitterly remembered the
false accusations and distortions leveled at his beloved Rachel in 1828 and vowed to protect Peggy
Eaton from similar mudslinging. The petticoat war helped split Jackson's administration into warring
factions. Secretary of State Martin Van Buren, a widower, used the Eaton controversy to discredit
Calhoun and to solidify a close relationship with the president. Eventually most of Jackson's cabinet
resigned; Jackson's "White House Family" was sent back to Tennessee; Van Buren replaced Calhoun
as vice president in 1932; and Peggy Eaton became the hostess at official presidential social functions.
REF: p. 260
7. Describe the origin of the spoils system. Were the criticisms of Jackson's appointment policies
justified?
ANS:
When Jackson was elected president, he rewarded his friends and supporters by giving them
government jobs. Some of his appointees, such as Secretary of War Martin Van Buren, were
competent and experienced, but others were merely political opportunists. Jackson was determined to
reform the civil service and to remove those office holders he considered competitionists. He also used
his appointment powers to punish those who sided with John Quincy Adams in the election of 1828
and who were, in Jackson's opinion, partially responsible for the death of Rachel Jackson.
Unfortunately some of the president's replacements were themselves incompetent grafters. Jackson
considered his patronage policy a reform measure that would eliminate lazy bureaucrats who expected
lifetime jobs. Nine out of ten officeholders remained in their positions, thus complaints about
executive excesses were exaggerated. The president clearly surrounded himself with loyal Democratic
supporters. When critics complained that Jackson had turned the civil service into a branch of the
Democratic Party, one of the president's appointees replied "to the victor belong the spoils."
REF: p. 258
ESSAY
1. Examine the Missouri Compromise. What were the issues at stake, and how were they resolved?
ANS:
Essay should address several key points:
A. Missouri's application for statehood
1. Existence of slavery in Missouri Territory
a. Northern fear of a new southern-voting state
b. Tallmadge amendment to Missouri's application
2. Application of Maine as a free state
a. Constructed from Massachusetts
b. Maine and Missouri would keep relative balance in Senate
B. Thomas Proviso
1. North would admit Missouri as a slave state
2. South would agree to outlaw slavery in the territories north of 36 30'
3. Both parts of the package would be voted on together
C. Congressional vote
1. Two parts of Thomas Proviso divided
a. Vote in Congress close
b. Slavery outlawed north of 36 30' with large majority
c. Fourteen northern congressmen support Missouri's admission
2. Not truly a debate on slavery
a. Vote reveals tension over South's power in federal government
b. Harbinger of future conflicts
REF: p. 252
2. Analyze the "nullification" controversy of 1830. Who were the primary figures involved, and how did
this controversy represent significantly different viewpoints on the power of the federal government?
ANS:
Essay should address several key points:
A. Tariff of 1828
1. Tariff of abominations
a. Southern anger over high tariff
b. Threat to avoid enforcement
B. Calhoun and nullification
1. Idea of nullification
a. Based on Jefferson and Madison's Virginia and Kentucky Resolutions
b. John C. Calhoun's Exposition and Protest
2. Nullification crisis
a. South Carolina nullifies tariff
b. Clear assertion of states' rights theory
C. Jackson and Force Bill
1. Jackson prepared to use military to protect federal power
a. Exertion of federal authority
b. No other southern state aids South Carolina
2. Henry Clay and compromise
a. South Carolina rescinds ordinance of nullification
b. Tariff revised downward
REF: p. 260
3. What was "Jacksonian democracy"? Explore the ideals of this movement in their political, social, and
economic realms.
ANS:
Essay should address several key points:
A. Political aspects of Jacksonian democracy
1. Changes in politics
a. Rise of caucus system
b. Increase in the franchise
c. Spoils system
2. Second American Party system
a. Competitive politics on national scale
b. Two national competitive parties
B. Social aspects of Jacksonian democracy
1. Rise of middle class
a. New economic possibilities
b. New value and belief systems
2. Return to ideals of Jeffersonian democracy
a. Emphasis on republicanism
b. Opposed to powerful state-commercial relationship
C. Economic aspects of Jacksonian democracy
1. Bank war
a. Assault on privilege
b. Impetus to middle-class development
2. Opposed to government aid for special privilege
a. Maysville Road veto
b. Downward-revised tariffs
REF: p. 263-265
4. Examine the ideals, policies, and consequences of the Bank War.
ANS:
Essay should address several key points:
A. Philosophy
1. Agrarian republicanism
a. Paper economy versus real work
b. Opposition to American system
2. Market economists
a. Activist government policies
b. Federally supported improvements
B. The Second Bank of the United States
1. Origin
a. Chartered by Congress in 1816
b. Repository of federal revenues
c. Control of interest rates and currency
2. Debate over recharter of the bank
a. Clay's, Webster's, and Biddle's views
b. Jackson's criticism
C. The Bank War
1. Jackson's attack
a. Veto of the Bank Bill
b. Withdrawal of deposits
c. Establishment of pet banks
2. Response of supporters
a. Creation of Whig party
b. Biddle demands loan repayment
c. Deposit Act of 1836
3. Consequences
a. Specie Circular of 1836
b. Collapse of inflationary boom
c. Panic and depression in 1837
d. "Martin Van Ruin"
REF: p. 263-264
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