To restore his national stature, Calhoun cooperated with Van Buren. Democrats were hostile to national banks, and the country's bankers had joined the Whig Party. The Democratic replacement, meant to help combat the Panic of 1837, was the Independent Treasury system, which Calhoun supported and which went into effect. Calhoun, like Jackson and Van Buren, attacked finance capitalism and opposed what he saw as encroachment by government and big business. For this reason, he opposed the candidacy of Whig William Henry Harrison in the 1840 presidential election, believing that Harrison would institute high tariffs and therefore place an undue burden on the Southern economy. Calhoun resigned from the Senate on March 3, 1843, four years before the expiration of his term, and returned to Fort Hill to prepare an attempt to win the Democratic nomination for the 1844 presidential election. He gained little support, even from the South, and quit.
To restore his national stature Calhoun cooperated with Van Buren Democrats were hostile to national banks and the country's bankers had joined the Whig Party The Democratic replacement meant to help combat the Panic of 1837 was the Independent Treasury system which Calhoun supported and which went into effect Calhoun like Jackson and Van Buren attacked finance capitalism and opposed what he saw as encroachment by government and big business For this reason he opposed the candidacy of Whig William Henry Harrison in the 1840 presidential election believing that Harrison would institute high tariffs and therefore place an undue burden on the Southern economy Calhoun resigned from the Senate on March 3 1843 four years before the expiration of his term and returned to Fort Hill to prepare an attempt to win the Democratic nomination for the 1844 presidential election He gained little support even from the South and quit