This occurred due to the new management of the national bank, which began to call in loans and foreclose of mortgages and send people to debtor's prison. ... Causes for the panic included the failure of state banks due to the lack of funds, a new piece of legislation was passed that called for the payment of hard currency for land, factories were closed due to foreign competition, and the price of cotton fell dramatically. ... This opposition began calling themselves the Whigs, since they were opposed to what they called tyrannical rule of Jackson. ... Clay called this plan the Amer...

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