In 1828 Jackson became the president of the united states. Nicholas Biddle, a Philadelphia man ran the bank the Bank of the United States at that time. Biddle took more of an interest in business than in politics. Jackson had a distrust of banks because in his business career, he had been financially damaged by the tightening of bank credit and he retained this distrust of financial institutions. Jackson did not take action against the bank at first. His biggest concern was how sound the system of using paper money in place of gold and silver coins. He also was concerned with the…
Jackson's opposition to the Bank was resolute. Having been granted special privileges, the Bank possessed a very powerful influence upon national affairs however it had no higher entity to answer to, neither the people nor the government. Such power would have enabled the Bank to also wield a great deal of political power. Jackson was immediately suspicious. In a letter from Colonel James A. Hamilton, son of former Treasury Secretary under George Washington, Alexander Hamilton, which was dated December 9, 1833, Hamilton informed Jackson that Biddle had submitted a bank report explaining that the Bank held a position of being required to carry out "other duties than those to the country[23]."…
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.…
Born into poverty on the South Carolina frontier in 1767, Andrew Jackson understood all the disadvantages of being poor. Therefore, as the seventh president of the United States, Jackson made sure that his abilities were put to good use. He made sure that the common people had the same opportunities and benefits as the riches. An example of this heroic action is his battle with the Bank of the United States (263). President Jackson saw that the National Bank benefited wealthy eastern depositors at the expense of the smaller state banks, farmers and the hard working common people. In addition, the bank’s president seemed to not be trustworthy. Therefore, Jackson vetoed the recharter bill that his opponent Henry Clay had renewed, and took the…
Before reviewing Jackson's actions during the Nullification Crisis it is important to understand where the disagreements between the two men originated. In 1829, just shortly before Jackson was inaugurated, John Eaton, a friend and soon to be secretary of war under Jackson, married the widow and non-reputable Peggy O'Neale Timberlake. Because Timberlake was now the wife of a man in office, the other women would have to accept her as an equal, which they were not happy about. Jackson, however, refused to believe that the…
Thesis statement: Bo Jackson is talented in about any area of sports. He s also one of strongest men ever known. Bo is very generous to kids that have problems or disabilities.…
Document B: In the document, Jackson argues that the bank of the United States had to close down because only the wealthy were benefitting from it. The reason for that is that in 1832, Congress passed a bill to recharter the Bank of the United States, and that resulted into a campaign issue. Foreign people held over a fourth of the stocks, and the rest…
As President of the Bank of the United States, Nicholas Biddle viciously sparred with President Jackson over the function and power of the bank.…
Nevertheless, he changed his views and supported the rich. Higher class citizens liked the second Bank because it made loans to businesses, formed a stable currency, and created a safe place for government funds. Conversely, lower class citizens disliked that the bank restricted loans. They also believed the bank caused an economic crisis. Andrew Jackson despised the second Bank and its President, Nicholas Biddle. Since Jackson came from an unwealthy family, it is understandable that he hated the fact that Biddle did favors for the rich and represented privilege. When Biddle renewed the Bank’s charter before it ran out, Jackson attempted to stop him by vetoing the bill. As a result, it increased the power of the presidency and the Bank no longer existed in 1836, when its charter ran out. However, without a bank, it was harder for the new president to pull the U.S. out of an economic crisis. The nullification crisis was brought about by a tax on products that would help northern states. However, the southerners thought the tax was not fair. John C. Calhoun supported them by saying the states could nullify the law based on the Virginia and Kentucky Resolutions. Northerners, along with Andrew Jackson and Daniel Webster, were against nullifications and argued that the central government needs to be stronger than the states in order to keep the union together.…
The Bank of the United States, operating under Nicholas Biddle since 1823, was a significant conflict to the jacksonian democratic views. Many of the BUS’s enemies opposed it because it was too powerful and questioned its constitutionality. In 1832, a bill to recharter the Bank of the United States, promoted by Henry Clay and Daniel Webster, was submitted to President Jackson for signature, which he flatly vetoed on the grounds that it was not constitutional. He believed that it was unconstitutional for a single financial institution to profit from a monopoly on foreign and domestic exchange. Furthermore, Jackson wanted to protect the common man from a powerful institution, which was only led by few wealthy businessmen. The Bank of the United States was seen as an "evil" which tried to usurp the freedom of the common man. The BUS is a prime example of the opposite view of what jacksonian democracy stands for because it limits the rights of the people and their individual liberties. This can be an example of an overall theme of revolutionary legacies because the Jacksonian Democracy is continuing some of the common principles during the Adams presidency by which the people will rule.…
The ending of the National Bank system was the other bad deed of Jackson. He believed that it was a monopoly towards the upper class people and as a result refused to re-charter it. Jackson used one of his vetoes, and the Bank's congressional supporters did not have enough votes to override him. The Bank ceased to exist when its charter expired in…
Andrew Jackson's eight years in presidency were characterized by a strong nationalism feeling, tyranny and a constant fight with the Judicial and Legislative branches .…
Andrew Jackson wanted to create a more secure and convenient system of local banks. Boston Daily Advertiser stated, “It has flourish the country with a safe convenient and copious circulating medium and prevented the mischief that would otherwise result from the insecurity of the local banks.” This shows us that Jackson wants to make United State safer. He also was determining to make U.S. more economically independent. Jackson stated, “The Bank of the United States…Enjoying…a monopoly of…favor and support, and, as a necessary consequence, almost a monopoly of the foreign and domestic exchange.” This means that he wants to stop the Bank from trading with foreign countries because of economical reasons. His whole purpose or goal of his presidency was to make the nation perfect. When he ran for presidency he was overdose with problems from left to right. Robert stated, “a period of boom and bust…of institutionalized violence, racial antagonisms, utopian communities, reform movement, and abolitionist crusade,” He want to stop and fix all of these problems that are happening in the U.S.…
Also under Jacksonian Democracy came the new view of economics and society. The major dealing of Jackson was the defeat of the Second Bank of the United States. Jackson believed that since in the constitution, there was no justification to create such a bank, it was illegal. He also felt that having one large federal bank deprived state banks from a chance at survival. When the Bank's charter was up for renewal in 1832, Jackson naturally vetoed the recharter bill. He used his presidential veto quite freely. He states that the bank provides for the exclusive privilege of banking and concentration in the hands of few men. Eventually Jackson bled the bank dry of its funds and issued pet banks, similar to those proposed by the Jacksonian Democrats.…
President Andrew Jackson detested the Bank of the US. In his eyes it was unconstitutional and favored the wealthy and higher class citizens. He sought out a way to “fix” this…