why did clay introduce the bus recharter four years early course hero

Why did Henry Clay support the Bank recharter?

What Biddle did not know was that Clay’s support for the Bank recharter was secretly based on the belief that Jackson would veto it. This would kill the Bank, the exact outcome Biddle was trying to avoid, but Clay hoped it would arouse public sentiment against Jackson and cost him the election.

What was the best strategy for the bus in 1832?

Clay told Biddle that pushing for an early renewal during the Campaign of 1832 might play into MVB’s hands, so the best strategy was to wait until after the election. But the general rise of the propaganda campaign in support of the BUS continued, and Congress appeared to be in support of the renewal.

Why did Jackson let the bus charter expire?

The charter of the BUS was set to expire in 1836, and Jackson was intent on allowing the charter to run out. But the investors and customers of the BUS wanted reassurance that the institution would last beyond 1836, which led to support for an early renewal of the charter.

What was Clay's only hope for the BUS?

To Clay and Biddle, the only hope was to press for the renewal of the BUS before the Election of 1832 . Clay thought he could manage the renewal through Congress, and even though Jackson would veto the bill, the BUS would become an even greater campaign issue, and perhaps Jackson’s veto might cost him re-election.

Why did Clay counsel patience in regards to the charter’s early renewal?

In 1830, Clay counseled patience in regards to the charter’s early renewal, in large part because at that point Jackson hadn’t decided on running for a 2nd term. Clay told Biddle that pushing for an early renewal during the Campaign of 1832 might play into MVB’s hands, so the best strategy was to wait until after the election.

Why did Clay Biddle teach Jackson?

Biddle had done his best to stay out of the political area and to keep his focus on the financial systems of the nation. If Biddle saw Jackson has uneducated in banks, Clay saw Biddle as naive in terms of politics, and Clay set out teach Biddle the ways of DC. The charter of the BUS was set to expire in 1836, and Jackson was intent on allowing ...

What was the battle over the bus?

But Jackson was determined to strike first and deliver the crushing blow to the BUS.

What did Jackson argue about the Bus?

Jackson argued that the BUS was unconstitutional. To Jackson, Marbury v. Madison (1803) and. McCulloch v. Maryland (1819) only meant that the lower courts had to follow the Supreme Court decisions, not Congress. Jackson stated that each branch of the government could have its own interpretation of the Constitution.

When did the Bus charter expire?

The charter of the BUS was set to expire in 1836, and Jackson was intent on allowing the charter to run out. But the investors and customers of the BUS wanted reassurance that the institution would last beyond 1836, which led to support for an early renewal of the charter. In 1830, Clay counseled patience in regards to the charter’s early renewal, ...

Who told Biddle that there was strong support for the Bus renewal?

Webster told Biddle that there was strong support for the BUS renewal, and that it would be wise to start the process right away. So, on the separate advice from Clay and Webster, Biddle took the fateful step of starting the renewal of the charter of the 2nd National Bank of the United States in early-1832. Webster congratulated Biddle on his ...

What was Alexander Hamilton's plan?

Alexander Hamilton, one of the architects of the Constitution and the first Secretary of the Treasury, was commissioned to draft a plan to improve the nation’s credit and ensure economic growth. He outlined a proposal which, among other controversial ideas, called for the establishment of a central bank.

How many votes did the Senate pass the Recharter Bill?

Despite his opposition, the Senate successfully passed the recharter bill with a vote of 28 to 20 and then the House passed it by 107 to 85. Even in the face of Jackson’s crusade against the Bank, a broad base of support remained among northern and mid-Atlantic congressmen.

What was Van Buren's political future?

However, what was most important to Van Buren was his political future, and it was inexorably tied to Jackson’s success and popularity, Bank or no Bank. If the Bank were to become the central issue of the 1832 presidential campaign, there would be no doubt as to which side Van Buren would support.

What was the first economic crash in the United States?

Only a few years after its opening, the United States experienced its first peacetime economic crash: the Panic of 1819. The Bank responded to the crisis in ways that seemed only to make the depression worse, reigniting public resentment against it.

What was Biddle's political gamble?

Jackson was furious, seeing Biddle’s political gamble as proof that the Bank’s influence was being misused to influence American politics.