The 1841 election centered around the same controversy towards the Union Bank bonds as the 1839 gubernatorial election. Established in 1838 as a response to the economic turmoil stemming from President Jackson's policies and the Panic of 1837, the Union Bank became a focal point of contention. The state faced a divisive debate between anti-bond Democrats, led by Tilghman M. Tucker, advocating for the repudiation of the Union Bank bonds, and their opponents, the "Bond-Payer Democrats" aligned with the Whigs, pushing for payment. In a closely contested election, Tilghman M. Tucker emerged victorious as the Democratic candidate, defeating Whig candidate Judge David O. Shattuck.[2]