The Andrew Jackson 's War On Against The U.s. Bank

848 Words Apr 14th, 2016 4 Pages
The Purpose of this essay is to discuss the Andrew Jackson Administration. I will first talk about Jackson’s war on against the U.S. Bank. Second, I will talk about the Presidential election of 1824, 1828, and 1832. Third, I will talk about the Indian Removal Act as well as the Trail of Tears. Fourth, the ways in which Jackson expanded the power of the president. Fifth and final, the Nullification Crisis of 1832. 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…
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