This became known as the Jackson Purchase. Jackson, Overton, and another colleague had speculated in some of the land and used their portion to found the town of Memphis.[149]
In 1822, Jackson accepted a plan by Overton to nominate him as a candidate for the 1824 presidential election, and he was nominated by the Tennessee legislature in July.[150] At the time, the Federalist Party had collapsed, and there were four major contenders for the Democratic-Republican Party nomination: William Crawford, John Quincy Adams, Henry Clay and John C. Calhoun. Jackson was intended to be a stalking horse candidate to prevent Tennessee's electoral votes from going to Crawford, who was seen as a Washington insider. Unexpectedly, Jackson garnered popular support outside of Tennessee and became a serious candidate.[145] He benefited from the expansion of suffrage among white males that followed the conclusion of the War of 1812.[151][152] He was a popular war hero whose reputation suggested he had the decisiveness and independence to bring change to how the government was run.[153] He also was promoted as a Washington outsider who stood for all the people, blaming banks for the country's depression.