The Era Of The Common Man

897 Words Aug 4th, 2016 4 Pages
The “era of the common man” did not fully live up to its characterization on the means of economic development and by some democratic reforms such as office appointments. However, the politics aspect of the “era of the common man” did live up to its expectation by giving the common man a larger voice in politics and also with some other democratic reforms such as popular vote for presidential elections.
The economic development in this time period was severely harmed by Jackson when he went after the Second Bank of the United States. He, and soft-money and hard-money groups disliked the bank’s policies and tried to stop the bank from renewing their charter. So 1832, when Congress passed the renewal of the charter for the Bank, Jackson and his followers happily vetoed it. But soon afterwards, after Jackson took federal money out of the Bank, forcing it to close in 1836, the economic conditions turned for the worse. The common man was left with an unstable banking system that was run by irresponsible state banks that would have no accountability. There were other economic problems with the common man at this time, such as Jackson’s specie circular. This was formed after Jackson inquired whether state currency was worth what the hard currency was. Since he believed in hard-money, he distrusted the banknotes and wanted people to pay the government only in gold or silver coins for public land payments. This executive order in 1836 put the common man in a financial crisis. Van…
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