President Jackson's Policy Toward The Second Bank Of The United States

Jackson thought that if charters were favored towards one area of society instead of another, then some people would view it as favoritism towards an elite society. Jackson believed that that was a direct violation of equal liberty of republicanism so he didn’t re-charter the Bank of the United States. The market revolution involved the creation of canals, roadways and railways, foreign investment, new technology, and industrialization. The fact that Jackson didn’t re-charter the Bank of the United States led to the Panics of 1837 and 1839, both of which occurred after he left office. Watson argued that Jackson was extremely self-confident.

During his second term, in the spring of 1833 after being distracted by the Nullification Crisis did he again focused on destroying the Bank. He withdraws the government’s money from the bank and was places in the state banks on September 25, 1833 by the ordered of the Treasury in the beginning of October. Biddle, in effort, countered that the Bank will ceases the offering loans nationwide which cause the nation to a near-panic since the state banks were unable to meet the demands of their loans. Despite that, Jackson becomes even more determine to stop the Bank. He pushes toward the use of “hard” currency in 1834.

Andrew Jackson believed the banks to be corrupt which is the reason that he declared war on them. The First Bank’s charter ended in 1811, so with the War of 1812 and no bank, the country suffered financially and many people were in debt. That’s why in 1816, another bank was chartered and it became known as the Second Bank of the United States. Eventually, the bank grew and had supreme economic power with over 35 million dollars in capital. Most of the money was put into it by investors whereas some was put into it by the government that owned one-fifth of the bank.

Andrew Jackson hated the national bank. The national bank had too much power, he had people spy on the bank and Jackson found out that when they gamble and lose they charge the bank. But when they win the all split it in evenly between them. So he said by the

To take away the bank's credibility that Nicholas Biddle worked so hard establish, Jackson withdrew all of the government’s deposits causing repercussions throughout the nation's economy. The issue over the national bank alone was enough to fuel another political party itself. Many were displeased by Jackson’s veto, however, Henry Clay sided with Andrew Jackson over the issue. “I believed a bank of the United States not necessary, and that a safe reliance might be placed on the local banks, in the administration of the fiscal affairs of the Government.” - Henry Clay.

Andrew Jackson was very against the growth of the new upcoming banking system in the

Andrew Jackson not only merely disliked the banks, but was against them so much that he and his supporters resorted to calling them “Monster Banks”. Jackson tried, and succeeded, to close the Bank of the US during a conflict we know today as the Bank War. This bank war sparked the stock market crash and even a depression. Without the bank, the paper money that people were given had

This bank was based on the Bank of England and had the ability to expand the money supply of the country since it was bigger than other commercial banks, by doing so it would increase economic activity. By having a national bank people were able to deposit taxes. This also meant that the United States had a secure currency which positively impacted the entire nation. The bank could also have the ability to issue bank notes and loan short-term funds to the government. Many people had mixed feelings about the bank.

In Jackson's Bank Veto Message, he states that his principal reason for his veto was that he wanted to prevent the existence of monopolies. This is a fine reasoning that also goes along with is political views. The objection to this is that he was warned on how it would be detrimental to the United States economy but still went through with it. It cannot be overlooked that he had to fire two different secretaries until he finally appointed a close friend to agree with him. This is an obvious abuse of power, seeing as he fired two people simply for telling him that his idea would not work.

Accessed October 12, 2015. http://www.digitalhistory.uh.edu/disp_textbook.cfm? smtID=3&psid=3923. “President Jackson 's Veto Message Regarding the Bank of the United States; July 10, 1832.” Yale Law School Lillian Goldman Law Library The Avalon Project.

As a result, Jackson vetoed the recharter of the Banks of the United States in 1832 to protect the common people from the “Monster Bank” (PBS: Jackson). The rich bankers would not be able to bend the rules for their own profit because the federal entity no longer existed. Jackson destroyed the Bank of the United States to protect the common people from the control of rich northern bankers. Despite Jackson’s best interests for the common people, his actions did have dire economic consequences. However, his actions proved that Jackson was truly the common man’s president and supported the majority

In “Jackson Battles the Bank”, Jackson shows that he promotes equal rights because of his destruction of the national bank. The national bank only supported the wealthy, and Jackson believed that we should have banks that also support the farmers and workers. In destroying the national bank, he created state banks that supported the people's’ needs. In “The Nullification Crisis”, Jackson shows that he gave peace and stability to the nation to form a strong democracy.

This essay discusses how Andrew Jackson emphasized the importance of everyday people having the same advantages as wealthy people. The Bank Veto of July 10, 1832 demonstrates a bold example of what Jackson did to show he

Jackson 's push to abolish national banks other wise known as "the bank wars" was one of his more well known pushes for small government. In 1832, Jackson had vetoed a bill calling for an early renewal of the Second Bank’s charter, but renewal was still possible when the charter expired

In the document “Jackson Battles the Bank”, it shows Jackson fighting off a monster, or the national bank, with a veto stick. Jackson was fighting to destroy the national bank. He wanted to do this because it favored the rich and not the common people. He was fighting for people to have equal rights. Instead of having no bank at all, he came up with the idea to create state banks which wouldn’t be as powerful as the National Bank.