Essentials of United States history . ohnson of Kentucky. The oldNational Republican party was now called the Whig nominated for President William Henry Harrison of Ohio,and for Vice-President Francis Granger of New York. VanBuren was elected by a large majority. The vote for Vice-President was divided between Johnson, Granger, and JohnTyler of Virginia, and was finally referred to the Senate,where Johnson was elected. SUMMARY The tariff caused dissension and South Carolina threatenedto withdraw from the Union if the law was not repealed. Peacewas restored by Clays Compromise Tariff.
Essentials of United States history . ohnson of Kentucky. The oldNational Republican party was now called the Whig nominated for President William Henry Harrison of Ohio,and for Vice-President Francis Granger of New York. VanBuren was elected by a large majority. The vote for Vice-President was divided between Johnson, Granger, and JohnTyler of Virginia, and was finally referred to the Senate,where Johnson was elected. SUMMARY The tariff caused dissension and South Carolina threatenedto withdraw from the Union if the law was not repealed. Peacewas restored by Clays Compromise Tariff. Jackson inaugurated the spoils system, vetoed the bill to re-charter the United States Bank, removed the government de-posits and loaned them to state banks. Congress divided thesurplus among the various states. Steam cars were first intro-duced into America. The Cherokee Indians were moved from their lands in Georgiato reservations beyond the Mississippi, contrary to the treatieswhich the United States had previously made with 234 ESSENTIALS OF UNITED STATES HISTORY CHAPTER XXIII VAN BURENS ADMINISTRATION (1837-1841) 288. The Presidents Policy. — Van Buren had been awarm supporter of Jackson, and on takmg the Presidentschair, March 4, 1837, he announced that he should follow out the policy inaugurated by Jackson,or, to use his own words, shouldfollow in the footsteps of his illus-trious predecessor. 289. The Financial Panic. —Shortly after the closing of the UnitedStates Bank, many state bankssj)rang up all over the countrJ^ Alarge number of these had very lit-tle or no money and no financialMartin van Buren. standing. They issued paper moneywhich never could be redeemed. These were called wild-cat banks. When they failed, the sound currency wasgreatly contracted and a panic ensued. Jackson then issuedThe Specie a Specie Circular directing that nothing butCircular, gold or silver should be received as payment forpublic land. As ^a result, more wild-cat banks failed.
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