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¶ … Andrew Jackson's war Second Bank United States. Be include key people, events,
Andrew Jackson's conflict with the Second Bank of the United States represented a crucial time period in American history. In order to best elucidate the cause of the conflict, its repercussions, and the key players involved in it, it is necessary to return to the root of the reason that Jackson opposed such a financial institution. The bank essentially represented a misnomer, as it was in fact privately owned by wealthy businessmen -- many of whose lineages and ties led back to Europe. In fact, the U.S. government only owned approximately a fifth of the shares in this bank. (Faragher et al.,...
282). Therefore, Jackson was extremely hesitant about the degree of power and relative autonomy that he would deliver to private investors were the charter for the bank sanctioned by him.
Another important reason that influenced Jackson's decision not to renew the charter was the nature of the banking industry itself, particularly the practices that the Second Bank of the United States would utilize. The bank would largely be based upon paper currency, which is highly inflationary and a means to create panics, increase prices, and devalue whatever form of currency in circulation. This is because paper currency is not backed by something with intrinsic value, such as gold, silver, or other forms of coinage. Jackson was not alone in his suspicion of the manipulability of paper currency, which is why he was against the Second Bank of the U.S.
Nevertheless, the stage was set for a conflict between Jackson and the Bank due to the efforts of Nicholas Biddle, who was reinforced by political contemporaries (and opponents) of Jackson. The then-current 20-year charter of the Bank of the United States was set to…
Biddle's efforts were highly political in nature. 1932 was an election year, and one of his supporters for the charter of the bank, Clay, would be running against Jackson. However, Jackson is unique among U.S. presidents for the sheer amount of times he used the presidential power to veto measures. Somewhat predictably, he vetoed the charter for the Bank of the United States, and rode the momentum from this political maneuver during the election of that year. Billing himself as a state's rights advocate and hero of the common man, Jackson presented himself of the polar opposite of Clay who championed private investors, big business, and the privileged few. It is highly revealing that Jackson gave Clay a drubbing via the electoral votes in which he won by a landslide, 219 to 49.
After winning the election and stymying the efforts to renew the Bank of the United States, Jackson went a step further by presenting a high amount of federal government funding into states banks. The message was clear: Jackson would remain a proponent of states' rights and continue to support the common man, regardless of education, privilege, or wealth.
Jackson's political maneuvering would have a lasting effect on business relations within the U.S. By choosing to allow individual states the right to dictate economic trends and by absolving the federal government from the responsibility of doing so, Jackson actually begat the period of laissez faire economics (and politics) that would eventually lead to future conflict between presidents and big business conglomerations, trust-busting, and the Progressive Party. In the meantime, however, the federal integrity of the U.S. was safe from the machinations of international bankers.
Andrew Jackson's Presidency: A View to Defining the Good and Bad Andrew Jackson is lauded by many as one of the greatest generals and presidents in United States history, and is vilified as one of the most damaging of all time. The fact is that he had some incredible successes in his career that were accompanied by dramatic failures, at least in the minds of some. Jackson himself had so much
Andrew Jackson The humble and modest imagery which accompanies Andrew Jackson at his inauguration is an image consistent with his reputation as a defender of individual rights and as a man of the people- one no different from everyday lay persons. Many of Andrew Jackson's decisions in office, however, challenge this image and reputation. There is a degree of tension between his conduct and the ideals and values attributed to him-some
Similarly, Jackson likewise took actions against people and land as he did with money and commerce. Indian Removal, Land Sale, and the Opening of the West In a strange irony, much of the opening of the Western United States to white settlers came as a result of some rather questionable tactics on the part of Andrew Jackson. Regardless of the motives, Jackson, it should be noted, supported and coordinated the forced
As a result of the draft, the unemployment rates which had been at record low levels, was able to right itself. Once again, the U.S.'s industry-based economy was able to flourish with new needs to produce and manufacture goods and products to be used globally. The secular tendencies in economic policy responsible for this revival would be continued for several years to come. Predictably, the end of fascism which concluded
His accomplishments included simplifying government jobs, and helping create the Democratic Party. He is most remembered as a great general and for defying Congress. Martin Van Buren served from 1837 to 1841. He was married to Hannah, and he died in 1862. His vice-president was Richard Johnson, and his nickname was the "Little Magician." His accomplishments included regulating banks and federal funds, and creating an independent treasury. He is
Catholic church and public policy have remarked that the members of American clergy in general, without even excepting those who do not admit religious liberty, are all in favour of civil freedom; but they do not support any particular political system. They keep aloof from parties, and from public affairs. In the United States religion exercises but little influence upon laws, and upon the details of public opinion; but it