Final answer:
Henry Clay thought the Bank Recharter bill would help his 1832 presidential campaign, believing Congress would back it and Jackson wouldn't dare veto it. Jackson's veto nonetheless played well with the public, leading to his reelection. The event helped Clay lay the foundations of the Whig Party aimed against Jackson's policies.
Step-by-step explanation:
Henry Clay supported the Bank Recharter bill during the Election of 1832 as part of a strategy to challenge President Andrew Jackson's policies and undermine his chances for re-election. Clay and his political ally, Daniel Webster, advised the bank's president, Nicholas Biddle, to apply for recharter early, predicting that Jackson would not risk the political fallout of vetoing a popular measure. They believed that if Jackson did veto the bill, Congress could potentially override the veto, damaging Jackson's popularity and giving Clay a stronger chance in the presidential race.
However, Jackson vetoed the re-charter bill, standing firm on his opposition to the bank, which he viewed as an instrument of the elite against the common people. This move was politically astute as it aligned with the sentiments of many Americans and played a significant role in Jackson winning a resounding reelection. Despite this defeat, Clay did not abandon his efforts and later helped lay the groundwork for the Whig Party, which centered around opposing Jackson's perceived autocratic style, which they labeled as “King Andrew the First.”