Final answer:
The Whig Party was formed to counter President Andrew Jackson's policies, especially his veto of the bank re-charter and his broader expansion of executive power. The party aimed to defend liberties and promote economic nationalism, drawing its name in opposition to tyrannical rule.
Step-by-step explanation:
Formation of the Whig Party:
The Whig Party was established primarily to oppose the policies and actions of President Andrew Jackson. Criticism against Jackson solidified after his veto of the bank re-charter, which was perceived as an overreach of executive power, and his actions associated with the Second Bank of the United States. The Whigs, led by figures such as Henry Clay, accused Jackson of exercising tyrannical power akin to a monarch, which prompted them to draw their name from the British political party that opposed King George III. They labeled Jackson as “King Andrew the First” and sought to defend liberty against what they considered to be the usurpation of power by Jackson.
The Democrats emerged as a party to support Jackson, emphasizing states' rights and political participation between national elections. The Whig Party, on the other hand, aimed to promote economic and judicial nationalism, seeking to counterbalance Jackson's influence and preserve institutional checks on presidential power.
Ultimately, the Whig Party coalesced around opposition to Jackson's policies, such as the Indian Removal Act, and actions, including the issuance of the Specie Circular. The Whigs hoped to maintain the economic stability they associated with the national bank and opposed the expansion of executive power.