Nicholas Biddle Essay

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.

Another reason why Andrew Jackson’s presidency was different was because of his attack on the Bank of the United States. In 1832, Andrew Jackson vetoed the bill to recharter the bank. Jackson believed the bank had an unfair advantage over the other banks. The national bank would get all the federal tax revenues instead of the state or private banks. Also the bank’s president, Nicholas Biddle would extend loans to the men in the congress at lower rates of interest than he would do to regular people. Because Jackson thought the bank was unjust he took away its federal charter and the bank became a state bank. Jackson appointed a secretary of treasury after his reelection in 1832. The secretary of treasury placed all government funds in certain state banks, otherwise known as the pet banks. The national bank became the Philadelphia bank for a while until it went out of business.

President Jackson acted undemocratically because of his actions against the national bank. On July 10th, 1832, Jackson sent a bank veto message to congress. The message was sent to remove the US National Bank because it was only helpful for a wealthier class for things like investments. Citizens from wealthier classes were outraged by Jackson’s actions. Former senator Daniel Webster replied to Jackson message saying, “It manifestly seeks to

In his veto message, Jackson wrote, "It is to be regretted that rich and powerful too often bend the acts of government to their selfish purposes." This was true, since the bank was used to provide for the interests of the rich and not the common men such as the small farmers and urban workers.

Andrew Jackson was the seventh president of the United States. His presidential term was from March 4, 1829 to March 4, 1837. Jackson was not about banks. Jackson hated the idea of the Second Bank charter renewal. One of Jackson’s famous quotes was; “The Bank… is trying to kill me, but I will kill it.” Jackson’s opinion of the Bank of the United States was that it was dangerous to the liberty of the people. Jackson’s opposition to banks became like an obsession. In 1832, Jackson vetoed the bill calling for an early renewal of the Second Bank’s charter even though the renewal was still possible when the charter expired in 1836. In order to prevent that from happening, Jackson set out to reduce the Bank’s economic power. Jackson acted against the advice of many congressional committees and several cabinet members. On October 1, 1833, Jackson announced that federal funds would no longer be deposited in the Bank of the United States. Jackson began placing the

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.

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.

Jackson resented banks because he was a man who came from a family of poor farmers who paid with goods and crops. He saw banks as only useful to the wealthy, so when Henry Clay proposed “The Bank Bill”, which was in favor of the recharter, Jackson vetoed it. Andrew Jackson only thought about himself, and people who were like him, poor farmers. In total, vetoed twelve bills during his presidency, which was more than all of the preceding presidents combined. Again, Jackson set his mind to do something, and it was done.

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 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

This paper will account for the saga of the American President Andrew Jackson and his battles with the United States banking industry, most notably the Second Bank of the United States, and how President Jackson’s actions were a justified necessary evil. This paper will illustrate the specific battle President Jackson had with the second National Bank of America and how, like many battles President Jackson had as a general, was chosen wisely.

Biddle was the President of the Second Bank of the United States; he attempted to keep the bank working when President Jackson endeavored to demolish it; He was an American agent who was additionally leader of the Bank of the United States. Jackson trusted the Bank of United States had excessive influence and was too rich. To test his speculation, Jackson starts taking out assets and placing them into pet banks. Pet banks are state banks chose by the U.S. Division of Treasury to get surplus Treasury reserves. This "slaughters" the bank, prompting variance in economy and frenzy. Jackson declined to store any more government reserves, which drained the bank dry. He would veto the second Bank contract and pulled back government cash from the US

Andrew Jackson rejected the renewal of the bank charter because Andrew Jackson believed that the bank was corrupt and was harmful to the common people as shown when he stated in his bank veto message that, “the present Bank of the United States… enjoys an exclusive privilege of banking… almost a monopoly of the foreign and domestic exchange.” Andrew Jackson is showcasing his disgust for the Second National Bank as he is implying that the bank is a corrupt system which only help the rich and the bank itself while hurting the common folk. Andrew Jackson further showcases this mentality by writing that, “ it is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes.” Andrew Jackson is saying to Congress that he views the Second National Bank of the U.S. as corrupt. Furthermore, Andrew Jackson believed he was protecting the common people from a corrupt enterprise by rejecting the charter of the Second National Bank of the U.S. as he believed that multiple state banks would be much more helpful to the common people. Andrew Jackson is also suggesting that his idea for the pet banks, however misguided it may have been, was for the good of the common