History Of President Jackson Biddle: Second Bank Of The United States

He thought that it was giving too much power to one person and did not like that idea. So, Jackson took out all of the US government deposits from the national bank of the United States and deposited it into the state banks. That made the National bank shut down because there was no money running the bank because Jackson, the largest customer of the national bank withdrew all the money out. That action step that Jackson took basically caused a financial crisis because there was no money left in the national bank and caused a depression for the US.

Jackson escalated this so-called "Bank War" in 1833 when he removed federal government funds that were on deposit with the BUS and distributed them to loyal state banks. That’s not right of him to do that, in my opinion it doesn’t matter if he’s president or not. It posed as a threat to him and he feared for his own power. Jackson did not even like paper money anyways. He preferred to use coins instead, so putting him on money he wouldn’t even approve of us using is idiotic.

He received Andrew Jackson's (related to managing money) policies, which added/gave to what came to be known as the Panic of 1837. It turned out to be the worst money-based depression that the young nation had yet known. Do Andrew Jackson, whom Van Buren had served as secretary of state, vice president, and close person (who gives opinions about what could or should be done about things), hurt the federal Second Bank of the United States by moving federal money to smaller state banks. Jackson thought the Bank of the United States hurt ordinary people (who lawfully live in a country, state, etc.) by exercising too much control over credit and money-based opportunity, and he succeeded in shutting it down.

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

Since the national bank was now destroyed, Jackson did not have a place to put it, so he decided to divide the money among the states. This is where it went downhill since the states begin printing massive amounts of money and quickly got out of hand and resulted in one of the longest depression in U.S history. As a result, The United States begin borrowing money again and the debt soon begin.

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.

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).

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

He blocked the deposit in the bank of government funds. Biddle fought back by calling in loans, which sparked a credit crisis. The Bank War augmented the power of the Executive branch over the Legislative and Judicial

This was highly due to his own person experience with the banking system when in lost a fortune in the Panic of 1819 after investing heavily in state banks. This negative personal experience with banks, coupled with Jackson’s feud/hatred of the Second Bank’s President, Nicholas Biddle, Jackson came into his presidency with a vow to destroy not only Biddle, but the Second Bank of the United States as well; not because the bank was not fulfilling its purpose of regulating and stabilizing the economy, but merely because Jackson knew he could, and wanted to prove to Biddle and the other wealthy elites that he had the power to do so. The banking issue then, which was always about too much federal power and opportunities for corruption, became one less rooted in ideals of republicanism versus federal power and corruption, and more of a personal one between a poor, hardworking, self-made “worked hard to achieve success” man versus a rich and elite man from a high class family and

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

President Jefferson shut down the first bank of the United States and President Jackson shut down the second bank of the United States. President Jefferson believes that this president was taking away from the poor and feeding the rich. He believed that the bank was only beneficial to the rich and was hurting the poor citizens. The same citizens who help fight for our independence, so he took out all the money and put into pet banks across the country. Jackson also had the same idea he thought that the bank was only helping the businessmen and harmed the common

Despite championing for the “common man,” Jackson appointed his friends and family to high government positions with a spoils system. Many of them were inept at their jobs, forcing him to form a secret cabinet with more qualified individuals. Jackson was also faced with a crisis with the banks. The system was failing and needed to be changed. Angry with the way that the banks had treated him in his youth, Jackson vetoed the Bank Recharter Bill and instead split up the banks into his Pet Banks (Hixson). These banks often had very open lending policies and would put large amounts of notes into circulation. Problems like these, left unaddressed, led to the Panic of 1837 (Hixson). This issue was left unaddressed because Jackson was focused on the removal of Native Americans and land holdings for the growth of America. As a part of his Jacksonian Democracy, Jackson wanted men to prosper through land holdings in the west. If he could get the land cheap, he could sell it cheap and the population could make a profit. The only problem was

Andrew Jackson was always ever so known as the president of the “common man”. He believed that everything he worked and stood for was for the well being of the average people. While George Washington was one to veto a bill based on whether a ruling truly defied constitutionality, Jackson broke this famous precedent established by George Washington himself and took it into his hands to veto a charter based on the simple action of his likeability towards that charter which happened to be the national banks hope to recharter the bank. That single veto increased the power of democracy within the government of the time because it showed that the will of one man for democracy was enough to make his power equivalent to the two thirds of congress. In his “Veto Message Regarding the Bank of the United States” Jackson quoted, “The bill " to modify and continue " the act entitled "An act to incorporate the subscribers to the Bank of the United States " was presented to me on the 4th July instant. Having considered it with that solemn regard to the principles of the