Bank Recharter Bill In 1832
Roger Taney was first appointed as Treasury Secretary after first being President Andrew Jackson's legal advisor and attorney general. Due to Jackson's distrust of financial institutions that occurred throughout his life, this fueled his concerns of the constitutionality of the bank in congruence with paper in placement of money. The distrust and belief led to Taney's advisement on how to terminate the bank before its charter would expire (The War Against the Bank, para. 4). Taney drained government funds by putting the funds into smaller, state chartered banks, thus rendering the second bank ineffective and ultimately the charter expired (Bank War, para.2-3). By assisting Jackson in the expiration of the second bank, Jackson appointed Taney
In Jackson's Bank Veto Message, he states that his principal reason for his veto was that he wanted to prevent the existence of monopolies. This is a fine reasoning that also goes along with is political views. The objection to this is that he was warned on how it would be detrimental to the United States economy but still went through with it. It cannot be overlooked that he had to fire two different secretaries until he finally appointed a close friend to agree with him. This is an obvious abuse of power, seeing as he fired two people simply for telling him that his idea would not work.
Pro-Bank members of congress produced a renewal bill for bank charters, but Jackson vetoed it. In 1832 the bank played a large part of the election. There strategy for for gaining support on Henry
Even before the Constitution there was serious debate about a national bank being constitutional. For Thomas Jefferson, James Madison and Alexander Hamilton they had different interpretations of if a national bank is included in the constitution. Hamilton believed the national bank would be the governments chiefs fiscal agent, making it simple to collect taxes, and make payments on loans it would provide national currency, and a source of capital for financing. In contrast Jefferson felt strongly that the bank would conflict with state laws, and Madison argued that the bank proposal was unconstitutional. Other imposing factors included that the American national bank would create corruption.
Jackson 's push to abolish national banks other wise known as "the bank wars" was one of his more well known pushes for small government. In 1832, Jackson had vetoed a bill calling for an early renewal of the Second Bank’s charter, but renewal was still possible when the charter expired
Andrew Jackson was very against the growth of the new upcoming banking system in the
In addition, everyone was supporting the Bank of the United States back then, but Jackson did not like it, so he vetoed the bill. Again, he did not listen to everyone around him, he went by what he thought was right. In the political cartoon in Document 3, Jackson
He mistrusted paper money greatly, as well as believed in power to the common people. Andrew Jackson feared the Bank’s power. He was afraid of the Bank becoming stronger and lending that power to the elite without holding accountability towards them, something he believed great powers should have; accountability. Jackson specifically stated that he believed the Bank made “the rich richer and the potent more powerful.” Jackson liked the so-called farmer’s economy since it motivated people to be hardworking and independent.
Following the legacy of Alexander Hamilton, Clay was a strong supporter of the Bank of the United States, which was a part of his American system. Clay saw the bank as a necessity for economic growth in America. However, when the bank was up for re-charter in 1832, Andrew Jackson vetoed the bill. In his well-written veto Jackson, explained his decision to veto the bill citing it unconstitutional. Jackson believed “if the government would stop creating inequality by giving artificial stimulation to the engines of the Market Revolution…men would be left in a state of modest but natural inequality” .
Jackson vetoed more laws than the six presidents before him combined. As stated in Document 3, one of the most important vetoes he made was to renew the charter for the Bank of America. Henry Clay pushed to renew the charter to congress four years early for Jackson to sign, or veto. It was a plan to force Jackson to lose votes in the upcoming re-election. The Bank was in charge of producing American Dollars for the people; they also were in charge of interest rates and some loans.
This is just one of the many examples of Jackson’s vetoes. While Jackson vetoed 12 bills in his time of presidency, other presidents at the time vetoed either none or no more than about 7. At the time, 12 vetoes was quite a lot compared to the other presidents. He had vetoes so many laws because he wanted to be the only person running the government. This is another example of his abuse of power.
Accessed October 12, 2015. http://www.digitalhistory.uh.edu/disp_textbook.cfm? smtID=3&psid=3923. “President Jackson 's Veto Message Regarding the Bank of the United States; July 10, 1832.” Yale Law School Lillian Goldman Law Library The Avalon Project.
In the document “Jackson Battles the Bank”, it shows Jackson fighting off a monster, or the national bank, with a veto stick. Jackson was fighting to destroy the national bank. He wanted to do this because it favored the rich and not the common people. He was fighting for people to have equal rights. Instead of having no bank at all, he came up with the idea to create state banks which wouldn’t be as powerful as the National Bank.
The War of 1812 had affected the nation 's economy, which caused many banks throughout the nation to weaken and eventually shut down. Congress had granted a charter to the Second Bank of the United States in 1816 and supplied one-fifth of its capital of 35 million dollars. Local bankers, farmers, politicians had viewed the bank as an image of power which caused the people disfavor the bank. Many of the States were disappointed with the new Second Bank of the United States. Out of all the States, one particular state that was unhappy was Maryland.
March 4, of 1829 was the day Andrew Jackson was inaugurated as president of the United States. People had high expectations for Jackson to meet throughout his presidency. Did Jackson do a good job of changing the type of people who participated in the country 's economy and politics? His presidency certainly increased equality throughout social classes. Jackson gained himself and his years as president the title of "the era of the common man" due to his efforts at making politics and the economy more accessible to white men with fewer opportunities.
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