How Did Andrew Jackson Affect The Economy

Andrew Jackson had a big impact on American politics. Some people think that he influenced politics in a benefiting way, while other people dislike his ideas. It was because of him that there was a so called “Jacksonian Era.” This era lasted from 1824 to 1860. During this time, Jackson was President of the United States. It was an era that “addressed the inequalities in American society.” The Jacksonian Era was a crucial period of time in American history when the role of the President and Federal Government changed. Things like the Bank War, Missouri Compromise, Gold Rush, Seneca Falls Convention, Indian Removal Policy, a change in voting requirements and the split of the Democratic Republicans changed the United States forever.

When Andrew Jackson took office in 1829, he was forced to respond to the growing conflict over tariffs. Vice President John C. Calhoun joined his fellow southerners in protest when Congress passed the Tariff of Abominations. In response to the tariff, Calhoun drafted the South Carolina Exposition and Protest. It urged states to nullify the Tariff of Abominations and used it to argue that since the states created the national government they decided when the national laws apply. Calhoun’s theory was controversial, and it drew some fierce challengers. Many of them were from the northern states that had benefited from increased tariffs. These opponents believed that the American people, not the individual states, made up the Union. Conflict between the supporters and the opponents of nullification deepened. The issue of nullification was intensely debated in the Senate, between Robert Y. Hayne and Daniel Webster. Hayne, senator from South Carolina, defended states’ rights. He argued that nullification gave states a way to lawfully

Everyone was hoping Andrew Jackson would lower tariffs once he became president. When Andrew Jackson did not address tariffs South Carolina decided to take charge. A convention place in South Carolina in 1832. It ruled that the tariffs of 1828 and and 1832 were unconstitutional and not enforceable in South Carolina after February 1, 1833. Just before this date Andrew Jackson created a force bill that allowed him to use military forces against South Carolina. He then created a new negotiated tariff for South Carolina, which was passed by congress.

The Compromise of 1832 signified the peaceful olive branch, and this compromise sought to appease the enraged state of South Carolina by reducing the rates of tariffs. The Force Bill signified the powerful sword, and this bill certified Jackson with the special ability to use military force for the purpose of extracting the overdue tariffs from South Carolina. This compromise allowed the Union to strike a fine balance between gracious and forceful given the explosive political climate, since “Without the passage of the Force Bill, they believed that the passage of a compromise tariff would appear to authenticate the nullifiers’ extreme federal or states-rights position; and they could not accept the intellectual defeat that would have entailed” (Ericson, pg. 253). The “olive brand and the sword” compromise was engineered by Kentucky senator Henry Clay, who used his legendary negotiating skills to placate the people of South Carolina and save the immediate future of the

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 believed that the US bank placed too much control into the hands of a wealthy few. He believed the Bank of the United States was a tool of the rich to get richer and he believed it gave private bankers the power over the nation's economy. Due to this fact, Jackson vetoed the bank’s recharter in 1832, and he declared the monopolistic bank unconstitutional. In attempt to benefit the lower, working classes, he placed the federal money in “pet” state banks. This attempt destabilized the national currency, decreased currency in markets, and displayed favoritism in Jacksonian policies.(page 286) Also, the Specie Circular in 1836 a complete disaster.

The Bank was not beneficial, however, for Western speculators who had an excessive amount of money on loan and, in the late 1820s, were feeling the crux of leveling-off land prices. Since the Bank did not benefit Jackson's constituency, Jackson vetoed the bill that would permit a recharter of the Bank, proclaiming that the institution was in the hands of a few negligent elites. However, intellectuals like Daniel Webster saw the lucidity of this corruption of industry and agrarian conflict. Webster's retort shames Jackson for converting a political issue into an emotional dilemma. Still, Jackson claimed that the rights of individuals were at his protection, not the welfares of Western speculators.

Congress then passed another tariff act that ironically lowered the dues, which then prompted South Carolina to nullify the tariffs. “South Carolina passed the Ordinance of Nullification in 1832, which stated that the federal tariffs of 1828 and 1832 were unconstitutional and therefore null and void within the sovereign boundaries of South Carolina.” (Whalpes 555). This prompted Jackson to pass the force act of 1833 which gave Jackson the power to use the military as tax collectors. Congress the diffused the situation by passing the compromise tariff.

Andrew Jackson's economic policies, including his views on banking during the mid-19th century had a rather large impact on the United States during the time. Jackson was a president who thought himself to be a protector of the "common man" and that certain rights and privileges should be enjoyed by every citizen. However, in attempting to doing so, Jackson's economic policies such as his veto against the National Bank, his use of "pet banks" to deposit government money instead of the National Bank, and the passing of the Specie Circular, created a government that was limited in every regard, resulting in great economic instability, contributing to the Panic of 1837. The Second Bank of the United States faced

Andrew Jackson was the seventh president of the United States, elected in eighteen twenty-eight. Prior to his presidency Andrew Jackson was well known and favored for his success against the British in the war of eighteen-twelve. Upon election, Andrew Jackson became known as the people’s president gaining the majority of electoral votes over his opponent John quincy Adams.Throughout his presidency many events occurred that would shape America as a nation. During his time as President Andrew Jackson was both favored and hated by many individuals. His actions pleased certain groups of people, but would also cause for a loss of support amongst Americans. Jackson’s legacy would leave behind a strong willed group of supporters, known as the Democrat party, and the creation of opposed individuals known as the Whig party as well. His presidency would be viewed as time of improvements to some, but to others who strongly opposed his presidency, it would be seen as a time for unjust tariffs and conflict. Jackson’s presidency would be characterized by key events such as the Indian removal act, the nullification crisis, and the dispute known as the war against the bank, that would alter the nation forever.

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 Jackson didn’t like the bank and believed that it was not constitutional and that it threatened the republic. Jacksonian Democrats welcomed the commerce as long as it served the self-determination and irregular equality of white men, but an opposed paper currency saying that it promoted an unrepublican mind of luxury and greed. Jackson's goal was to reduce the government's involvement in the economy and also to end the particular privilege that was extended to those particular few, who he demanded his opponents were helping. Jackson's adversaries favored a very strong, central government and promoted economic progress through protective tariffs and a national bank. They talk over that this would create a national of success and harmony and that it would develop a beneficial national economy. The warfare over the Second Bank of the United States was a determining term in the economic struggle. When his oppositionists applied for a renewal of a charter of the bank, President Jackson emitted a veto announcement. This show of authority helped Jackson win re-election. Talking about the south, a protective tariff was developed, which hurt the south and favored the north. This tariff, which came to be recognized as the Tariff of Abominations, hurt the south by reducing the amount of exports and boosting the price on manufactured goods. Even though Jackson condemned the tariff, it gives an advantaged the northern cities and commercial food manufacturers, at the expense of the southern plantation owners. The tariff demonstrated that the south could do absolutely nothing to block the passage of the disloyal laws. Fundamentally, the Democrats thought that the government should stay away of the economy and that the intention of a national bank was

Jackson’s response to the S.C. doctrine was explained with the creation of his Nullification Proclamation, on December 10,1832. He declared his vigorous intent to reinforce the law and was willing to seek an agreement that would eventually lower the unsatisfactory tariffs. In 1833 congress passed a comprise bill which would set a new tariff. When this new deal was accepted by all other