 As the 1824 election approached, Henry Clay, John C. Calhoun (who later dropped out of the race), and William H. Crawford appeared to be Adams's primary competition to succeed Monroe.Crawford favored state sovereignty and a strict constructionist view of the Constitution, while Clay, Calhoun, and Adams embraced federally-funded internal improvements, high tariffs, and the Second Bank of the United States, which was also known as the national bank.Because the Federalist Party had all but collapsed after the War of 1812, all the major presidential candidates were members of the Democratic-Republican Party.