Andrew Jackson and Nicholas Biddle

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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.
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