Andrew Jackson vs. the federal bank
APUSH
12/3/13
CH9 essay
One of the most important chapters of Andrew Jackson’s presidency was his “war” against the Federal bank. Jackson's stubborn skepticism of aristocrat institutions escalated into a highly personal battle between and the president of the bank, Nicholas Biddle. Economically speaking Jackson strongly opposed federal power and did almost everything in his power to destroy the successful bank which he deemed a Monster. The actions of Jackson included defeating the bank’s supporters politically and crushing the bank itself economically.
In the 1830s during Jackson’s presidency the federal bank had many enemies, several factions with varying motives opposed the bank. Jackson gained lots of political support from these groups which proved very influential in the election of 1832. Henry clay who was an avid supporter of the bank and was running against Jackson in the 1832 election hoped to win by making the renewal of the bank a core topic of the election. In the end Clay was crushed, the bulk of Biddle’s political support was vanishing and with a new term Jackson was determined finish the bank by weakening it so that it would not have enough support to renew its charter.
Jackson may have struck a serious blow to the federal bank by winning the election a vetoing its charter renewal but he was far from done. Jackson began using all of his power and influence to economically cripple the bank. He decided to remove the federal government’s deposits from the federal bank into “Pet Banks” or state banks. This redirection of funds was bold and Jackson had to fire two secretaries of the treasury in order to find one who was loyal enough to enact such a plan. In order to save the bank Bindle called in loads and raised interest rates, being the largest most widespread bank in the country the effect was devastating and pushed the country into a mild recession.
The bank was unable to renew its charter and “died” in 1836. Jackson had won a
12/3/13
CH9 essay
One of the most important chapters of Andrew Jackson’s presidency was his “war” against the Federal bank. Jackson's stubborn skepticism of aristocrat institutions escalated into a highly personal battle between and the president of the bank, Nicholas Biddle. Economically speaking Jackson strongly opposed federal power and did almost everything in his power to destroy the successful bank which he deemed a Monster. The actions of Jackson included defeating the bank’s supporters politically and crushing the bank itself economically.
In the 1830s during Jackson’s presidency the federal bank had many enemies, several factions with varying motives opposed the bank. Jackson gained lots of political support from these groups which proved very influential in the election of 1832. Henry clay who was an avid supporter of the bank and was running against Jackson in the 1832 election hoped to win by making the renewal of the bank a core topic of the election. In the end Clay was crushed, the bulk of Biddle’s political support was vanishing and with a new term Jackson was determined finish the bank by weakening it so that it would not have enough support to renew its charter.
Jackson may have struck a serious blow to the federal bank by winning the election a vetoing its charter renewal but he was far from done. Jackson began using all of his power and influence to economically cripple the bank. He decided to remove the federal government’s deposits from the federal bank into “Pet Banks” or state banks. This redirection of funds was bold and Jackson had to fire two secretaries of the treasury in order to find one who was loyal enough to enact such a plan. In order to save the bank Bindle called in loads and raised interest rates, being the largest most widespread bank in the country the effect was devastating and pushed the country into a mild recession.
The bank was unable to renew its charter and “died” in 1836. Jackson had won a