Bank Of The New Edition Of Macbeth

1905 Words Dec 2nd, 2015 8 Pages
In the political cartoon called by the name of New edition of Macbeth. Bank-oh’s Ghost a very ghastly scene was unfolding. The primary context for the painting itself was the Panic of 1837 that occurred just as Andrew Jackson was leaving office in 1836, leaving the venerable Martin Van Buren to fend for himself in a mess not of his own doing. The Panic of 1837 was a consequence of many factors sprawling from Jackson’s election in 1828 to 1836. The first of these factors was the bank war between the Jackson administration and the 2nd national bank of the United States created by the market revolution in 1816.
The bank symbolized the hopes and fears inspired by the market revolution. The expansion of banking helped to finance the nation’s economic development. But many Americans, including Jackson, distrusted bankers as “non-producers” who contributed nothing to the nation’s wealth but profited from the labor of others. The tendency of banks to over-issue paper money, whose deterioration in value reduced the real income of wage earners, reinforced this conviction. Jackson himself had long believed the “hard money” -gold and silver-was the only honest currency. Nonetheless, when he assumed office there was little reason to believe that the Bank War would become the major event of his presidency.1 Page 388 of Give Me Liberty

The Bank War and its Results
Therefore, the consequence of Jackson declaring war on the 2nd bank of the United States was in 1832 the head of the bank…
Open Document