Andrew Jackson, one of the most controversial presidents in history, was elected in 1828, beating his opponent John Quincy Adams. Jackson won in what is referred to as a landslide, since he beat Adams with an electoral vote of 178 to 83. The American people overwhelmingly trusted Jackson, which is evident based on the amount of support Jackson gained from voters. So, therefore, from his win, Jackson was expected to serve according to the oath he swore at his inauguration stating that “he would preserve, protect, and defend the Constitution of the United States.” However, many Americans, past and present, speculate whether or not Jackson upheld his responsibilities as president. Andrew Jackson, by his actions while president of the United States, …show more content…
Jackson disliked the National Bank because he believed it would “make the rich richer and the potent more powerful” (Jackson). Jackson also was not fond of the idea that a quarter of bank stocks were held by foreign investors, leading them to be successful based off the bank’s success, not Americans. Last, Jackson deemed the National Bank unconstitutional. Jackson concocted a plan to destroy the bank which consisted of Jackson ordering his Secretary of Treasury to withdraw all the money from the bank and putting it into State “Pet” Banks. With the National Bank in loss of money, they recalled the loans, but the people who withdrew the loan were not in the financial place to repay the money quite yet. In effect, hundreds of businesses closed and devastatingly hurt the American economy. “The growing speculation over the purchase of land using paper currency, led President Jackson to try and slow down the economy by issuing an order which forbade the Treasury to receive anything but gold or silver in payment for public land” (“President”). With this, land was not bought as often and Jackson took the specie from the National Bank and put it in his pet banks, which began to suffer, as well. As the economy utterly crashed, America entered a five year depression called the Depression of 1837. Again, Jackson failed to live up to his oath because in destroying the National Bank, he did not “promote the general welfare” of the American