Andrew Jackson Trail Of Tears Analysis

The Bank war started in 1832 when the congress, lead by Henry Clay, renewed the Second National Bank's charter even though it wasn't meant to expire till 1836. The Second Bank centralized financial might, jeopardizing economic stability, and it did not answer to anyone within the government. That partly concerned Jackson because he had no way to control it. Also because of his previous election experiences, he thought that a bank with that much power could not remain free from the electoral process. That was one of his reasons for wanting the bank gone, the other was that he saw the national bank system as corrupt and unjust because it only benefited the elites and was suspected to favor the wealthy. Jackson knew that if the bank was not shut down the gap between the rich and poor would keep growing, resulting in an unstable economy. By vetoing the bank’s charter, withdrawing the federal government's deposits from the Bank of the United States, and placing it in state banks called pet banks he was helping then general people and working for the good of the nation. Taking out money from the Second National Bank was a clever way to get what he wanted, but he was simply looking out for the common man. Because the bank only helped the wealthy, a small percentage of the population, he was taking care of the general people and not letting the priority fall to a minority who was

The Bank War was the name given to the campaign begun by President Andrew Jackson in 1833 to destroy the Second Bank of the United States. The Second Bank had been established in 1816, as a successor to the First Bank of the United States, whose charter had been permitted to expire in 1811. In the veto message, President Jackson eagerly rejects a bill that leased the Bank of the United States. He argues that the Bank gives privilege and unfair advantage to a wealthy few at the expense of the public, and he opposes foreign ownership of Bank stock. The President claims the same right to interpret the Constitution as Congress and the Supreme Court when he questions the constitutionality of the Bank. The bank’s charter was unfair, Jackson argued in his veto message, that the bank was given significantly to much market power, specifically in the markets that moved financial properties from place to place in the country and into and out of additional nations. That market power enlarged the bank’s revenues and consequently its stock price, “which operated as a gratuity of many millions of dollars to the stockholders,”. Jackson proposed that it would be reasonable to the majority of

Also, the Democratic Party allowed for a more representative government and indicated a shift in power to the West to farmers, shopkeepers, and small-business owners who supported Jackson (Hart et al 260). Jacksonian democracy―the idea that common people should control the government―was also a result of the creation of the Democratic Party. Andrew Jackson’s decision to abolish the bank of the United States benefitted and changed the U.S. Jackson believed that the national bank was to the benefit of the rich, at the expense of farmers, workers, and smaller state banks (Hart et al 263). The bank also did not provide an opportunity for capitalists in the West and other regions (Hart et al 263). In 1832, Henry Clay pushed a bill through Congress to recharter the bank four years earlier than its expiration in 1836. Jackson vetoed the bill, claiming that the bank was an unconstitutional monopoly that existed to make the rich richer (Hart et al 263). Jackson

Similarly, the Jacksonian age affected the economy both in accordance with the Jacksonian ideal of equal economic opportunity and against it; an executive branch act and a judicial branch decision were made with the intent of favoring the people, but substantial opposition highlighted the negative side effects that undermined the Jacksonian goal. President Jackson represented the executive branch with his bold move of vetoing a bill which proposed a rechartering of the Second Bank of the United States.

The Panic of 1819 was the nation’s first major economic depression. The Panic of 1819 followed the events of the War of 1812, a period of national liveliness and included the forming of the Second Bank of America. After the War of 1812, the United States economy thrived as chartered State banks that were loosely formed issued redeemable promissory notes that were far beyond specie. The amount of money multiplied rapidly. Eventually, bank notes started to be sold at a discount as foreigners and money brokers profitably claimed the notes for specie. In addition, the Bank of the United States' began to call on branches to redeem other bank obligations. The monetary expansion ended all of a sudden and a lot of bankruptcies came to pass. The aftermath of the War of 1812 included war debt to be fixed, downturns in exports, and lack of demand for both manufactured goods and agricultural goods. There was a plan that was put in place to help repair America’s current economic state such as establishing the Second Bank of the United States to provide credit to citizens and establishing other banks around the U.S. This plan ended up causing a lot of problems such as poor management of the banks and the policies within the United States’ economy.

Although Jackson was a hard money supporter, he was sensitive to his many soft money supporters, and made it clear that he would object to renewing the charter of the Bank of the United States, which was due to expire in 1836. When Jackson could not legally abolish the Bank of the United States before the expiration of its charter, he weakened it by removing the government’s deposits from the bank. Jackson fired two of his secretary of treasury when they refused to carry out the order because they believed that such an action would destabilize the financial system. Jackson got Roger Taney to carry out his order. Taney took the deposits out of the Bank of the

Before the Eastern World knew that the America’s were there, natives to the American lands were already here and thriving. As the land was discovered, more and more people from the European side of the Hemisphere traveled across the Atlantic Ocean to stake a claim for land in this newfound world. Throughout these Europeans settling in, and making new homes and lives for themselves these natives stayed to their own ways, and were slowly pushed westward. The problems between the Indians and now Americans were brought to the forefront as the population of the states grew, and there was a need for expansion. When the Louisiana Purchase was struck between the United States and France, the land previously inhabited by the natives were now under the control of the United States government. As the population continued to climb in numbers, individuals along with the United States government decided to take actions for the removal of these natives. Throughout the book, The Long, Bitter Trail, Andrew Jackson and the Indians by: Anthony F.C. Wallace, the events leading up to, during, and the effects of the Indian Removal Act of 1830. Individuals such as Andrew Jackson along with the government used different methods to remove these Indians from the southeastern lands of the United States. Starting in the beginning of the 1800’s,

The Indian Removal Act, inspired by Andrew Jackson; the 7th president of the US and the enhanced ambition for American settlers to find more land in the southwestern regions of North America. The Indian Removal Act enabled Jackson the power of negotiating removal treaties with Indian tribes east of the Mississippi. Among these tribes were: Cherokee, Creek, Choctaw, Chickasaws and Seminoles. Very few authenticated traits were signed. The Choctaws were the only tribe to agree without any issues. All other attempts resulted in War and blood shed for both white settlers and Indians. The conflict with the U.S. and Indians lasted up until 1837. In 1838 & 1839 Jackson forced the relocation of the remaining Cherokee Indians;

Jackson also affected the economic stability of the nation. Jackson’s primary economic effect on the Nation was through the vetoing of the National Bank. Jackson saw the National Bank as a way to prevent the economy from growing because the bank

He didn’t like the bank because he lost money due to the banks decisions in the early stages of his career. Congress showed complete disapproval of Jackson's abuse of power regarding his decisions with the bank. Jackson decided that he was going to order the federal government's deposits were removed from the national bank and put into state banks. This action helped the poor by hurting rich, this helped jackson to be named the “champion of the common man”. The national bank owner, Biddle, did not like Jackson’s actions and retaliated by making it harder for businesses to get the money they needed, this created an economic depression at the end of 1833 and into 1834. The bank charter then finally expired in

The Bank of the United States was technically the second bank of the U.S. since the first bank’s charter ended in 1811. The second bank held a monopoly over federal deposits, provided credit to growing enterprises, issued banknotes that served as a dependable medium of exchange, and used a restraining effect on the less well-managed state banks. Jackson didn’t trust the bank and thought it had too much power, so Jackson sought out to destroy it. There were two different groups when it came to opposition, “soft-money” and “hard-money”. Soft money supporters were progressive, they believed in economic growth and bank speculation. They supported the use of paper money and were mainly made up of bankers and allies to bankers. Hard money supporters were against expansion and bank speculation. They supported coinage only and rejected all banks that used paper money, which included the federal bank. Jackson was a hard money supporter although, he felt sympathy to the soft money supporters. Jackson could not legally end the bank before its charter expired. By removing the

During Reconstruction, Congress endorsed the Freedman’s Savings and Trust Company in order to help African Americans adjust freedom. Nineteenth century newspapers informed and encouraged African Americans to deposit their money into this bank. Newspapers deceived customers into thinking that the bank was a safe and secure institution because it did not publish that the bank was failing until it closed. This failure shocked most depositors and led them to distrust the banking industry. Perhaps if the government made the necessary changes to ensure the safety and security of the banking industry at this time, they could have prevented future economic instability and panic.

The Second Bank of United States was chartered in 1816 for 20 years. The Bank was created to handle the financial needs and requirements. 20% of the stock was purchased by the government and the rest 80% was purchased by investors especially the wealthy class. It was established to pay debts and loan money. The bill to recharter the Second bank failed because Andrew Jackson vetoed the bill declaring that it is unconstitutional. It also improved and stabilized the nations credit. Similarly, First Bank of United States proposed by Hamilton functioned in the same way. Hamilton’s ideas of Bank of the United States and Assumption plan bolstered the economy of the United States and

When Jackson ran for president he knew his enemy, banks, and the national debt. He called it the national curse. In Jackson’s point of view the debt was “a moral failing”. So that convince Jackson to pay off the debt.

Economic Impacts The Bank Veto: After the original Bank of the United States expired in 1811 when the charter ran out, Congress chartered the Second Bank in 1816. However, when Jackson became elected, Jackson attacked the bank, claiming it unconstitutional, with its concentrated financial power representing a threat to popular liberty. Jackson vetoed the recharter bill on July 10, brought about by Nicholas Biddle. Removal of Deposits: Jackson wanted to withdraw the federal government’s own deposits from the Bank and place them in selected state-chartered banks but was not allowed because only the secretary of the treasury was allowed.