Whether people admired Andrew Jackson’s policies and decisions as president or did not; they can all agree that the two most important economic conflicts during the Jacksonian Era were the Bank War conflict and the Specie Circular Panic of 1837. The Jacksonian Era by Remini, should be renamed The Jacksonian Economy because the outcomes of these two conflicts were what made America’s economy today. In describing these two conflicts, Remini showed how Americas learned the hard way of what to do and not do in order to have a successful economy. The Bank War was important because it proved that the nation’s finances could not be trusted in the hands of one man. Jackson believed this to be true and fought to change it.
Jackson favored a strict reading of the Constitution, and believed it was to be followed to the... ... middle of paper ... ...ral governments deposits from the bank and placed them is a series of "pet banks". This doomed the already failing bank. Jackson still won reelection in 1832, defeating Clay by a huge margin. President Andrew Jackson was a very controversial man. At times, he fights for the common man with a clear head and a sharp mouth, but at others, his rage blinds him from what is truly happening around him.
It is not a stretch to assert that many of the government’s decisions during Jackson’s presidency greatly contributed to the bloody Civil War that would ensue just thirty years later. Possibly one of the largest debates (apart from the bank controversy) of the Jackson era was the controversy over nullification. President Jackson and John C. Calhoun, his vice-president, locked horns over the idea that each state possessed the right to nullify, within its borders, federals laws it deemed unconstitutional. The issue was spurred by the Tariff of 1828 which imposed a high protective duty that favored western agriculture and northern manufacturing but forced Southerners to pay more for manufactured goods. Moreover, the tariff threatened to reduce the sale of British textile products to the U.S. and, in turn, lower British demand for cotton.
Their actions contributed to and ultimately caused the collapse of the subprime mortgage market, which was the lynch pin of a whole series of linked financial flows, spreading beyond the borders of the United States. The Global Community are angry because they bought into America, figuratively and literally, and feel that they’re interests weren’t protected. They assert that the USA had a duty to protect the financial system, which it failed on multiple levels. It failed to oversee itself domestically, whilst also failing to limit and regulate its links to the international system. Given its unique (and self crafted) position in so many vital international monetary institutions (Calleo 2009, pp94-95), its use of this power was seen to be short sighted, self-serving and dangerous.
When Andrew Jackson decided to make his veto message regarding the Bank of The United States on July 10, 1832 one thing was on his mind: killing the Bank of The United States forever! This one event was the fuel Jackson used for his reconstruction of the U.S. It all started to unravel during his election of 1828. Several different "sects" within the different states were teaming up with one another to form a coalition of discontent for the President and his reconstruction. Like Thomas Jefferson before him, Andrew Jackson was a tried-and-true defender of American freedom committed to nothing so much as breaking the knot of political corruption and restoring integrity to republican institutions.
The use of tariffs would coincide with the economic beliefs of the parties. The Whigs and the Jacksonian democrats created a grudge match amongst Congress through the 1830’s and 1840’s. Political issues regarding territorial expansion and the power the government, as well as the economic issues regarding the national bank along with tariffs would strengthen the rivalry between the two parties. The opposing opinions over tariffs and the party’s objective to embarrass the other led to a less productive government.
Before convincing ideology was introduced, money and economics stood at the center of the unsound relationship between Britain and the colonies. After the Seven Years’ War, Britain was in a very delicate economic situation. Though they were regarded as the “world’s great commercial and imperial nation”, the depletion of their national funds paired with immense debts and new responsibilities created tensions that largely affected the American colonies. The resulting pressure placed on the colonial economy by the British Parliament sparked criticisms that, eventually, transformed into the full-blown revolution known today. Money set the foundation for the revolution that ideology eventually developed and validated.
Jackson effectively takes apart what he had viewed as a “monopoly of the foreign and domestic exchange” that had not been “compatible with justice, with sound policy, or with the Constitution of our country.” (Document B) Jackson’s stance on the Bank of the United States also provides an explanation of his commitment to political democracy. Though made by Clay and Webster to publicly place Jackson in an awkward position, the 1832 Bank recharter backfired on the opponent, Whigs... ... middle of paper ... ...n the opinion of Chief Justice Roger B. Taney, Jackson’s Supreme Court appointee, in the Charles River Bridge v. Warren Bridge case. While John Marshall (enemy of Jackson) had made a passage for competition in Gibbons v. Ogden, Taney pointed out in a Jacksonian Democratic type fashion, that charters must be translated strictly. “There is no exclusive privilege given to them over the waters of Charles River….”(Document H) By this, it is obvious that there is commitment to equality of economic opportunity. Andrew Jackson was a very powerful man, many years of American history carries his name.
The Bank of the United States The Bank of the United States is a symbol of the long held American fear of centralization and government control. The bank was an attempt to bring some stability and control and was successful at doing this. However, both times the bank was chartered, forces within the economy ultimately destroyed it. The fear of centralization and control was ultimately detrimental to the U.S. economy. During the Revolutionary War there was much need for a strong centralized government that would have been able to collect taxes.
It led to revolts and protests and the persecution of multiple tax collectors. The rebellion was soon quelled when Washington sent over troops to the western states. The Whiskey Rebellion was a revolt led by farmers, Democratic-Republican societies, and the Whiskey Boys, which ended quickly when George Washing intervened and helped prove the capability of the federal government to implement laws in the United States. The Whiskey Rebellion's occurrence was mainly due to a man named Alexander Hamilton. In 1791, right around the time when the American Revolution was finally over and the Americans had won their freedom, America itself was still in debt to their financial aids that had assisted them during the war.