Economic Improvements In The 1700s And 1800s

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 Recharter Bill of 1832 was a bill designed to renew the corporate charter of the Second Bank of the United States. Although Congress passed the bill, Andrew Jackson vetoed it a week later. President Andrew Jackson opposed the Second Bank of the United States because he believed that it held too much power without accountability and that it was unconstitutional.The bank was heavily biased toward business interests and had no congressional oversight. This bias led the bank to not support western expansion, which Jackson favored. Jackson also felt that the bank was too powerful, both politically and economically.

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

C). This Act completely cut off commerce with foreign nations until the British and the French repealed their trading restrictions on neutral shippers. As a result the American export trade and its profits dried up. Many people deemed this Act unconstitutional; the constitution only grants congress the power to regulate commerce, it does not however state that they have the power to completely cut it off. This by itself contradicts everything Jefferson stood up for. Albert Gallatin, one of the best financial minds in the Republican Party, convinced Jefferson that the Bank of the U.S. was essential for financial stability. Although the creation of the Bank of the U.S. reduced the nation’s debt from 83 million in 1800 to 57 million by 1809 , the creation in its self shows a great deal of broad constructionism. Although the bank was a reasonable means of carrying out powers related to taxation and the borrowing of funds, nowhere in the constitution does it state that congress has the power to charter a bank. John Randolph, a Republican congressman from Virginia, claimed that “this government (Jeffersonian) created and gave power to congress to regulate commerce and equalize duties in the whole of the U.S, and not to lay a duty but with a steady eye to revenue”. What John Randolph was trying to say was that

Jackson’s reelection convinced him that his opposition to the bank won all of the national support. The Second Bank was established in 1816, as a success from the First Bank of the United States, whose charter was permitted to expire in 1811. The name “The Bank War” was given to the campaign, started by President Andrew Jackson in 1833, to destroy the Second Bank of the United States, this was the start to a very hateful Bank War.

Nicholas Biddle proved great opposition to President Jackson. He wanted to re-charter the National Bank; however, many people were against Biddle’s decision. This was particularly true of people in the west. They were still wary of a national bank, after the Panic of 1819, which involved mishaps in land speculation. Jackson shared the predominately western opinion that several small banks would be a better service to the nation than one, large bank would. A major problem with a national bank would lie in it’s willingness only to make loans to the wealthy. This would be of no use to the middleclass. Jackson would not allow Biddle to gain any more power than he already had.

In addition to creating a more democratic country, Jackson also tried to establish equal economic opportunity for the people of America. The best example of this is the vetoing of the charter of the Bank of the United States. The bank was a huge monopoly. It was ran by aristocrats, most of which were from England. Nicholas Biddle, who was the president of the bank, often used funds from the bank to lend money to the members of Congress, thus wining their support.

Andrew Jackson, whose presidential term lasted from 1829-1837, was the first president to ever be chosen by the people to lead. Because he was not born into a rich family, people felt that they could relate to him better. He too preferred supporting the common public over the wealthy aristocrats. During Jackson’s period in office he was able to shift the majority of power in the United States to farmers and small businesses in the western part of the country. Jackson vetoed many bills in order to benefit common people and also created the spoils system to balance out his cabinet. Like Jefferson, Jackson was extremely opposed to the Bank of the U.S., believing that it would only make the wealthy even

With the Jackson administration into office, the Second Bank of the United States became threatened. President Jackson had a private prejudice that wasn’t party policy (Schlesinger 74). He hated banks, all banks, but he especially hated the Second Bank of the United States. He viewed all bankers as “little more than parasites who preyed upon the poor and honest working people of America” (Roughshod 2). The reason for his hatred most likely stemmed from his near ruin as a businessman (land speculator, merchant, and slaver trader) when in the 1790s he accepted some bank notes that turned out to be worthless. From then on, he never trusted anything but hard money, or specie (Roughshod 2).

The Gilded Age was a very special time for our nation that took place from the 1870s to around 1900. During this time, economic growth was at a rapid increase, politics were corrupted yet had high turnouts, and urbanization flourished. Every aspect of the life of an American changed drastically throughout this time of the Gilded Age. The entire era was focused on the enormous changes that each aspect of America was going through. As this is brought to attention, if we are to look into the way that America is in our time of today, we can find that there are many similarities to that of the original Gilded Age. The United States of America have currently found themselves to be experiencing the second era of the Gilded Age throughout the areas of economic, politic and social transformation.

Andrew Jackson strongly opposed the Second National Bank of the United States. The Panic of 1819 was a key motivator for the destruction of the Second National Bank for Andrew Jackson and many Americans (Shepard Software “Andrew Jackson”); it left many Americans unemployed and hundreds of businesses bankrupt especially farming businesses. A lot of the blame of the Panic of 1819 was put onto the Second Bank of the United States (Remini, American Empire, 164), and Jackson strongly believed it was the bank’s fault. As a supporter of farmers, and the common man, Andrew Jackson targeted the Second Bank of the United States (Remini, American Democracy 161). Though there are many reasons for Andrew Jackson’s opposition, was there

The United States changed dramatically from 1865 to 1950. Many changes occurred in industrialization, foreign affairs, government, as well as in society and culture. The events that took place within this time period helped shape this country into what it is today.

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

However, British companies were quick to send large amounts of inexpensive goods to the United States. This caused American made product sales to go down because it was difficult to compete with britain's prices. As speaker of the House, Henry Clay was a War Hawk, who is most well-known for devising the integrated economic program known as The American System, which was constructed based upon Hamilton’s previous plans for the national bank. The American System could be broken into three basic tenets, which the government was expected to follow. First, it was to promote domestic industry through high tariffs on select imports. Secondly, it was to invest in public infrastructure, such as roads, ports, dams, and irrigation, to facilitate commerce and fuel private enterprise. Lasly, it was to recreate a national bank that was to be responsible for regulating monetary policy and