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

The
economic depression of the 1830s occurred because of a series of poor decisions made by Andrew
Jackson and state banks. Andrew Jackson disliked the national bank and, in 1832, vetoed the
extension of its charter. However, the national banks charter ran until 1836, meaning the bank
would continue to exist for the next four years. To reduce the effectiveness of the national
bank, President Jackson deposited federal funds in state banks (also called "pet
banks"). These banks had more lenient lending policies, and many Americans went to get
loans from these banks in order to buy western land.