How Did Jackson's Actions Affect The Economy

Jackson wanted the west side of Mississippi and he was going to do it even by force if he had to

After fighting the Indians and secessionists, he suddenly faced his most daunting enemy: the Bank of the United States. The bank war was the central political controversy of his administration. The bank war began in the summer of 1832 when Congress, led by Henry Clay, renewed the bank’s charter. Clay pushed the bill through for political reasons and presented it to Jackson. President Jackson stated, “The bank is trying to kill me, but I will kill it” (Jackson). Jackson vetoed the bank bill and returned it to the Senate. He thought he was right and the bank was wrong. Jackson closed the bank when it still had four years left on its existing charter. In the summer of 1833 while Congress was in recess, Jackson ordered his treasury secretary to redirect federal deposits from the Bank of the United States to various state banks. What Jackson wanted to do was not legal at all because he had to fire a couple of secretaries of the treasury until one secretary did what he wanted done. When Congress returned and found out what Jackson had done they censured him because of his actions. By 1836, the Bank of the United States was dead. One more time, Jackson is perceived as a king because of the way he did certain things. The way he closed the bank, when the bank still had four years left to be open, proves the type of supreme leader he thought he

Jackson had deemed the Second Bank of the United States unconstitutional, that being one of the reasons for the shutdown of the bank. Apparently, The Second Bank of the United States was supposedly paying for politicians campaigns. This act act made the Bank of the United States very corrupt and unconstitutional, and Jackson thought that he needed to put and end to it for the greater good of the country. Andrew Jackson also had thought that the Second Bank had too much of a economic power in the country. “On one side was Andrew Jackson, Old Hickory, and his supporters who claimed the Bank was a threat to the republic due to its economic power.

What was Andrew Jackson’s problem with the 2nd U.S. Bank? At first he was concerned with the Bank’s constitutionality but it eventually evolved into a quest to kill the Bank. When the Bank first started out it was given $35,000,000 and by the time Andrew Jackson became President the Bank was run by Nicholas Biddle. Daniel Webster and Henry Clay had to file for the Bank to be chartered again. When Andrew Jackson heard this he said to his Vice President “The Bank is trying to kill me sir, but I shall kill it!” (Andrew Jackson) His reasons behind his hate for the bank were a combination of his past financial problems, his Tennessee roots and his view on states’ rights. For letting his past experiences get the better of him he

In Jackson’s quest for control solely by the people, he targeted the national bank. He believed that, “ great evils to our country… might flow from such a concentration of power in the hands of a few men irresponsible to the people (Doc F).” Basically, he felt that the bank should not have such control that it can swing government legislature to benefit it’s shareholders. Jackson waged a war on the bank and as a result pushed the country into a recession that would affect the economy for decades to

The Bank of the United States had the most power out of all the banks in America and it was the primary depository for the funds of the Washington government. Although, it controlled and minted much of the nation’s gold and silver, it did not distribute paper money. Unlike many smaller banks, the national bank was stable in value and vital to expanding the nations economy. However, the Bank of the United States was a private institution, not accountable to the people rather just to its wealthy moneyed investors. Nicholas Biddle, the banks president, held an immense and unconstitutional amount of power over the nations financial affairs. Some, including Jackson believed that the bank’s existence was against the equality advocated through American democracy. The Bank War began in 1832, when Daniel Webster and Henry Clay presented Congress with a bill to renew the Bank’s charter, even though it was not set to expire until 1836. Clay’s motive for pushing the bill four years earlier was to cause an election issue, however many had the same views on the bank as Jackson. The bill was passed and immediately vetoed by Jackson. His veto message resonated with constitutional consequences and increased the power of presidency, yet Jackson vetoed this bill because he believed the federal government did not have the power to control the nations

In section 3, Jackson and the Bank, chapter 10 we learned about the Bank of the United States, Andrew Jackson against the Bank of the United States, the Election of 1832, the causes of economic problems. The first thing about the section is the Bank of the United States and the Bank of the United States is a that held government money and controlled the country’s money. The second thing is why Andrew Jackson is against and what he did to the Bank of the United States. Andrew Jackson was against the bank because everything that Nicholas Biddle represented, Jackson disliked. To kill the bank before the bank kills Andrew, Andrew must take out all the money from the bank and then deposit into state banks. Third is that two months after Van Buren

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

economy. Jackson’s publicity of his hatred for banks stemmed from the monopolistic power the bank possessed. Jackson believed in only hard money, and said, “I have always been opposed to the United States Bank, nay all banks” (Tindall 346). The issue of

Along with going against the supreme court, Jackson attempted to destroy the National Bank by placing federal funds into state banks. This made banks cater to rich white men, which is not what the sum of American citizens were. Not only were the needs of working white men excluded but attempted to say the bank wasn't in part of the constitution. Which contradicts the supreme court's ruling of the fact that indeed the Federal Bank is constitutional.

The American National Bank was a large source of income towards the upper class, but many lower class men felt the banking system was taking away money from them. In Andrew Jackson's Bank Veto Message to Congress, he tells them how he believes the banking system is unfair towards the lower class. What he doesn’t include in the letter is how the majority of the lower class are his supporters who he praises with every bit of power he owns. Although the banking system may not of been perfect, it remained to be a large source of income for the upper class and an important part of their daily lives. By sending this letter, Jackson was already beginning to show his bias towards his supporters. Daniel Webster could already see Jackson's biases and despised him for it, he says in Daniel Webster’s Reply to Jackson’s Bank Veto Message, “It manifestly seeks to inflame the poor against the rich, it wantonly attacks whole classes of the people, for purposes of turning against them the prejudices and resentments of other classes.” Webster believes that Jackson is favoring the lower class by choosing their best interest over the upper classes. Andrew Jackson is prejudice towards the upper class and showed it in all his decisions throughout his presidency. Being democratic does not mean listening to some of the people. It means listening to all, and by destroying the National Banking system Jackson showed that

The bank of the United States was built for a good thing. People started to use lots of the the bank’s money in gamble. So President Jackson had a hard choice to do take away the bank or keep it going. If he keeps it going it would ruin fifty thousand families and that would be his fault. If he stops it would ruin ten thousand families. So he picked so president Jackson chose to take it away but that was a mistake.

To begin with, the National Bank was the rich and powerful's great friend, but Jackson's enemy. The bank didn't really cater to the poor. Being the common man Andrew Jackson is this made him furious. The National Bank

When running Jackson founded the party called American Democracy. His party stood for an unintrusive government, and his personal mission was to give more power to the common man. He took power away from congress to do so. The national bank system was put in place by Alexander Hamilton during Washington’s presidency. When Jackson took office he chose to create pet banks. These were small privately owned banks that were not regulated by the government, which took power away from the government and put it into the hands of the common man. This gave them jobs and made it their responsibility to keep up with the money that was being put into them.The intentions that Jackson had for the middle and working class were good ones that he struggled to

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