How did Jacksons Policies and The Panic of 1837 held to launch and solidify the Whig Party?

Many of Andrew Jackson's policies were believed to be the initial cause of the Panic of 1837. In 1832, Jackson vetoed the Bank of the United States and gave all of the deposits to the state banks. With this, the amount of Specie circulation greatly declined and the state banks began printing paper money and giving out extended loans. During the Panic, farmers were the prominent victims, however many skilled workers had also lost their jobs. Cotton prices had greatly decreased and therefore British demand for American cotton also declined. Because of the Panic and Jackson's opposition to the Bank of the United States, the Whig and Democratic parties were vitally separated. With numerous Americans opposing Jackson, they began to support and side with the Whig Party. The Whigs were close with southern bankers and merchants and meanwhile many reformers began to join the party. The Whig Party continued to grow into the more popular national party as time went on, attracting both Northern and Southern market economies.