Explain what brought about the economic depression of the late 1830s and the emergence of the Whig party.

The Panic of 1837, one of the largest economic depressions in American history, was caused when Andrew Jackson did not renew the charter of the Bank of the United States. Instead, he put money into state banks which curried his favor.  These state banks made bad loans and right before the Panic there was a bubble in land speculation.  When the bubble burst, the economy crashed and people blamed Martin Van Buren, Jackson's handpicked successor,...

The Panic of 1837, one of the largest economic depressions in American history, was caused when Andrew Jackson did not renew the charter of the Bank of the United States. Instead, he put money into state banks which curried his favor.  These state banks made bad loans and right before the Panic there was a bubble in land speculation.  When the bubble burst, the economy crashed and people blamed Martin Van Buren, Jackson's handpicked successor, even though it was due to Jackson's fiscal policies.  

The Whig Party started because of Jackson's use of the veto.  Jackson issued more vetoes than any president before him.  They resented that Jackson did not want to use federal dollars on internal improvements.  The Whig Party formed in order to create what would be called the National System, so the nation would become more self-sufficient with tariffs and a national infrastructure.  They also resented Jackson's campaign strategists, who tried to appeal to the common man through parades and barbecues.  Additionally, they resented Jackson's use of what would be called the spoils system, a practice in which Jackson would reward those who helped him win.  The Whig Party would adopt the spoils system for its own use and adopted many of the campaign strategies that they hated about Jackson.