Henry Clay
Van Buren administration, 1837–1841

Van Buren's presidency was affected badly by the Panic of 1837, a major recession that badly damaged the Democratic Party. Clay and other Whigs argued that Jackson's policies, including the use of pet banks, had encouraged speculation and caused the panic. He promoted the American System as a means for economic recovery, but President Van Buren's response focused on the practice of "strict economy and frugality." As the 1840 presidential election approached, many expected that the Whigs would win control of the presidency due to the ongoing economic crisis. Clay initially viewed Webster as his strongest rival, but Clay, Harrison, and General Winfield Scott emerged as the principal candidates at the 1839 Whig National Convention.

Though he was widely regarded as the most qualified Whig leader to serve as president, many Whigs questioned Clay's electability after two presidential election defeats. He also faced opposition in the North due to his ownership of slaves and lingering association with the Freemasons, and in the South from Whigs who distrusted his moderate stance on slavery. Clay won a plurality on the first ballot of the Whig National Convention, but, with the help of Thurlow Weed and other backers, Harrison consolidated support on subsequent ballots and won the Whig presidential nomination on the fifth ballot of the convention. Seeking to placate Clay's supporters and to balance the ticket geographically, the convention chose former Virginia Governor and Senator John Tyler, a personal friend of Clay, whose previous career in the Democratic Party had practically come to an end, as the vice-presidential nominee. Clay was disappointed by the outcome but helped Harrison's ultimately successful campaign by delivering numerous speeches. With Whigs also winning control of Congress in the 1840 elections, Clay saw the upcoming 27th Congress as an opportunity for the Whig Party to establish itself as the dominant political party by leading the country out of recession.
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