Jackson and Biddle could not come from more diverging upbringing. Andrew Jackson was born in 1767, raised in rough country, a long military career, considered the defender of the people’s rights, with a reputation of being forceful and discourteous, like these attributes were not enough, he was a southern, belong to the democratic party and he had serious doubts about banks. His opponent in this war, Nicolas Biddle was the mere representation of American’s aristocracy at the time. He was a lawyer, born in Philadelphia to a well-known family, at a very young age enrolled in the University of Pennsylvania and graduated later from Princeton; he was 15 and the valedictorian of his class, when he decided to study law. Biddle was considered a successful scholar and a sharp-witted banker who had served in the state senate and his most eminent deeds as member of the state senate were the introduction of a bill that established the public schooling system in Pennsylvania and the renewal of the charter for the Second Bank of the United States.
The Second Bank of the United States was under private control. It held most of the federal deposits. Deposits, the Bank could use without paying interest. It could also issue bank notes and it exempted from paying state taxes. The Congress could not license any other equivalent bank. For all these rights the Bank was to pay a bonus of one and a half million dollars. Nicholas Biddle, did much to repair the Bank’s corrupted reputation; the bank irregular management was blame for the bust cycle that culminated in the Panic of 1819.. Jackson felt that the Bank was not only unconstitutional, as it was believed by the Jeffersonian, but it could influence national affairs, and it had no higher entity...
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...t $10 million was and the elimination of the federal debt. Biddle continue to obstacle the credit at a time when it was needed due to businesses expansion, causing national panic. Biddle’s actions proved President Jackson had taken the proper decisions. Massive inflation, was the root for the “Specie Circular” in July of 1836; a decree that only gold and silver could be accepted in purchasing public lands. Soon after issuing this legislation, the minting of a new dollar was announced and the democrats credit Andrew Jackson to had restored “real money” to the nation.
In Jackson’s view Bidden’s and his represented aristocracy had lost the bankwar and the later was forced into accepting defeat. He continued to believe that the Bank was a reputable and respectable institution, which was killed by Jackson, a matter that has since been left for history to decide.
Parsons, L. H. (2009). The Birth of Modern Politics: Andrew Jackson, John Quincy Adams, and the Election of 1828. Oxford: Oxford University Press.
He states that the financial system was based on competing state banks with no central bank which promoted a rapid economic growth. As the American banking system developed the money supply developed with it. The federal government began the banking system through the issuing of specie but as the capitalist system developed the banking structure developed as well. During the Civil War, the North printed Greenbacks that drove gold from the domestic circulation to help pay for war necessities. The Greenbacks, however, were rarely used in the South expressing the different economies of the North and the South at the time of the Civil War. With differing economies and the growth of specie and paper money, Brands argues that the basis of knowledge about the money system of this time lays a foundation for how Carnegie, Rockefeller, and others were able to manipulate the market and gain wealth. Leading into price manipulation by those in corporate
The issue of whether or not America should have a National Bank is one that is debated throughout the whole beginning stages of the modern United States governmental system. In the 1830-1840’s two major differences in opinion over the National Bank can be seen by the Jacksonian Democrats and the Whig parties. The Jacksonian Democrats did not want a National Bank for many reasons. One main reason was the distrust in banks instilled in Andrew Jackson because his land was taken away. Another reason is that the creation of a National Bank would make it more powerful than...
Foner, Philip S., ed. The Life and Writings of Frederick Douglass: Pre-Civil War Decade 1850-1860. Vol. 2. New York: International Publishers, 1950.
George Washington and Thomas Jefferson were two important men who affected our nations independence and the beginning years of our country. They helped form this nation into a free and sovereign country. Yet, they were different in many aspects they shared a few common features. Both Washington and Jefferson grew up in the southern state of Virginia and like most owned land to grow and harvest crops. In growing up they came from two different class levels of living. The Jefferson family was more famous and richer than Washington’s giving him a greater advantage and opportunity to succeed, especially in higher education. After Jefferson finished regular schooling he was able to attend the College of William and Mary were he studied law. He did so under the teaching of George Wthe who was considered perhaps the greatest teachers of law in Virginia at the time. Washington however was taught by his mom mainly in mathematics and received no higher education. Washington was still knowledgeable and began to put it to use in the army to become as a young British soldier. He interred the army at the young age of nineteen were he began to learn leadership and military strategy which would prove useful in the Revolutionary War to come. Jefferson on the other hand was involved in the laws, courts, and small politics. At the young age of twenty-five Jefferson was elected to the House of Burgesses in Virginia were he served for five years. Washington was known for his great motivational speeches that would rally troops together to prepare for war and lead on to victory. Jefferson was more of a writer not a speaker and by using his skill he wrote and brought forth fresh ideas of independence and freedom.
There were many men involved in the establishment of the government, the laws regulating states and people, and individual rights in the construction of the United States of America. Two men stand out as instrumental to our founding principles: Thomas Jefferson and Alexander Hamilton.
Abraham Lincoln and Jefferson Davis Works Cited Missing In this report I compare two great historical figures: Abraham Lincoln. the 16th president, steered the Union to victory in the American Civil War and abolished slavery, and was the first and only president of the Confederate States. America, Jefferson Davis. Abraham Lincoln was the President of the Union, and.
He believed the bank and those who controlled it had too much power and could ruin the country financially for their own gains. In 1833, Jackson fired his Treasury Secretary for refusing to remove deposits from the Second Bank and became the only President censured by the Senate for his actions, although the censure was expunged at the end of his second term. In January 1835, Jackson paid off the entire national debt, the only time in U.S. history that has been accomplished. However, in 1837, depression ensued and the national debt rose
view supporting those ideals and it comes as no surprise that Jackson stressed them in his veto message of 1832. Yet, paying attention to the message in context lends a lot of support to the view that Jackson was a true democrat and a true protector of the common man. Established in 1816, the Second Bank of the United States had, by the 1830's, become a tool of the rich Northeastemers that failed to respond to the people and states' needs.
Andrew Jackson is one of the most controversial presidents. Many regard him as a war hero, the father of the Democratic Party, an inspiring leader, and a spokesman for the common man. While there is plenty to praise about the seventh president, his legacy is tarnished by his racism, disregard for the law of the land, cruelty towards the Native Americans, and ruthless temper. Jackson was an intriguing man who was multi-faceted. One must not look at a singular dimension, and cast judgment on him as a whole. To accurately evaluate one of the most complex presidents, it is crucial to observe Jackson from all possible angles. Prior lifestyle, hardships in life, political ideology, lifestyle of the time, political developments, and his character
In fighting against an aristocratic economic overtake, like many before, the Jacksonian Democrats were vehemently opposed to the encroachment upon individual economic equality. For Andrew Jackson, that threat was the Second Bank of the United States. Criticizing the National Bank because, “it appears that more than a fourth part of the stock is held by foreigners and the ...
Jackson was a strong opponent of the unequal and aristocrat dominated economic structure of most of America. He was very against the Bank of America because he believed it to have a monopoly on banking and felt that it was owned and run unjustly by wealthy aristocrats who were not always Americans (B). It must also be noted however, that while the Bank of America was undoubtedly corrupt (Nicholas Biddle is known to have given sums of money to close friends, and was also known to regularly bribe newspapers and similar media.) it also did what it was supposed to do very well. It provided money and credit to many of the lower classes that Jackson defended, and also was the source of much economic growth. As a result of this veto Jackson established pet banks in many Western areas to try to appease his main group of supporters and build up the rivalry between the agrarian South and West and the industrial North (C). Many immigrants found that one of the first things they discovered upon entering America was a sense of economic equality and lack of poverty, which are exactly the things Jackson was working towards (D). The case Charles River Bridge v. Warren Bridge decided that a charter given a person or group to do a service does not allow that group to have complete rights over this service. This decision supports the Jacksonian Democracy ideas that the rights of the community are more important than the rights of business (H).
The bank would be more for the rich and the foreign, but have no benefits for the poor. Jackson’s political rival, Daniel Webster, believes that this letter from Jackson showed just how evil Jackson was. Webster does not think Jackson was vetoing for the good of the people, but to ‘stir the pot’. By Jackson sending this letter, it causes a stir between the rich and the poor. The poor would feel imbalanced against the poor, and arguments would rush out.
One of the Jacksonian Democrats’ attempts to reduce the influence of the rich was by vetoing the charter to the Bank of the United States. Jackson stated his reasons in Document B mainly as a precaution of...
To some people Andrew Jackson is remembered as the, metaphorically speaking, “People’s King” and is accused of dictator-like political moves. However, Andrew Jackson was quite the contrary, he was exalted amongst the people for being the new era of democracy: instilling a political revolution, the protection of the American people, and social equality among the masses. Therefore, Andrew Jackson was a precedent of democratic rule in the United States.