The Democratic Party had been shaped by President Martin Van Buren but was transformed by events in the nation and by Andrew Jackson’s popularity with the voters. Whereas once congressional caucuses had played a key role in choosing the political candidate, the national convention had assumed that function, and not only national but also state politicians now played an important role in political campaigns.
Under Jackson, the Democratic Party had become, in a sense, a party that had achieved success because of the president’s willingness to divide Americans during the political campaign. Jackson drew a distinction between the wealthy and the poor, the laborers and the business owners, and even divided Southerners and Westerners from those in the East.
Jackson’s legacy was a challenging one for Van Buren who, though a seasoned politician, had none of Jackson’s political campaign charisma. Van Buren was further burdened by the legacy of Jackson’s economic policies. Only weeks after Van Buren took office, New York banks began to cut back on loans in an effort to bring a halt to widespread speculation.
Soon, banks across the country followed suit and a panic resulted in the worst depression the nation had known. Banks and businesses closed down, and unemployment rose to record levels. Van Buren insisted on following Jackson’s policies of accepting only hard currency (gold and silver) rather than paper money, refusing to charter a national bank, and taking few steps that could stem the crisis.
Of course, from a political campaigning point of view, this was likely not the most prudent move that he could have made. The Whig Party, which was a staunch band of opponents, seized on the opportunity that the financial crisis offered and quickly made made a campaign issue out of it.
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