Jackson didn't do this out of purely selfish reasons, he wanted to stop a monopoly or lessen the chances of one. However, when he vetoed the renewal of the Bank of the United States he withdrew funds
Jackson came from a poor family because his father died. Because of this, he never really liked the people who were better off than he was. Also, after he vetoed the bill, he got the votes of the farmers. Luckily, there were more farmers than businessmen which shows his hatred for the Bank. This was important because there were tens of thousands of rich investors who depended on
Andrew Jackson hated the national bank. The national bank had too much power, he had people spy on the bank and Jackson found out that when they gamble and lose they charge the bank. But when they win the all split it in evenly between them. So he said by the
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.
It was Jackson who coined the phrase "To the victor go the spoils," and the spoils system of politics was born. Jackson vetoed more bills than all previous Presidents combined. States Rights was a volatile issue until Jackson threatened to send federal troops into states that would not collect tariffs. Jackson used these monies to close the Second Bank and pay off the National
As I understand Jackson's motivations against this bank is mainly because he didn't want the rich to get richer at the expense of the hardworking common men of the United States his actions ultimately led to a depression (the Panic of 1837) even though President Van Buren was blamed for it. This ultimately led the Whigs to win the Presidency in 1840 as Sean Wilentz says: “He successfully battled the
Brittany Randall-Neppl APUSH Period 6 Mr. Kloster 12/19/2014 Andrew Jackson: Champion of the Common Man or Tyrant Andrew Jackson was born into a common life but overcame his mediocre beginnings to become a powerful politician; in 1828 he was elected president of the United States. However, he abused this position of power and made several choices that were detrimental to the welfare and rights of the American people. Jackson implemented the spoils system on a national scale and had unofficial members of his cabinet who did not have to answer to Congress. After South Carolinians were upset by the Tariff of 1832 he was angry toward those who did not agree with it. He also destroyed the National Bank and authorized the Specie Circular.
Jackson did not trust banks for many reasons, one being because he wanted actual money and not paper, another was the Panic of 1819 when the economy collapsed and many families lost their jobs and homes. With these reasons adding up, Jackson did not want a National Bank in America, so he vetoed to better America in his vision. Henry Clay tried to trap Jackson when he did this, trying to make him look wrong for this veto, which angered Jackson greatly. Clay then gathered his supporters and created the Whig party to stand again Jacksonian principles. The Whigs favored Congress over Executive branch which is why they had so many supporters upset from Jackson’s veto.
Jackson wanted to alert people about a sneaky financial power consisting of companies and banks that would take away the liberties of common people. Essay to Jackson: Bank Veto, Folder C. It is easier for common people to create debts since they are usually the people struggling. Jackson knew this because of his experience with debt, therefore he thought it would be better to pay in only gold and silver, and not create a bank that could raise taxes, and help the rich gain more, potentially taking away from the common community. (Crockett to Drurey, Folder C) A second reason why Jackson was president for the common people was because of the way he used the Spoils System.
During this time he was drowning in debt so he invested in a cotton industry. He was very stressed on the fact that he was holding office and drowning in bankrupcy His new cotton business then began to slip from his hands leaving him with nothing. Thinking he could save himself from his debt, he got even deeper in it. Jackson began to financially suffer.
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.
One of the biggest thing that Jackson had done as a president was in 1832. Jackson vetoed a bill that would renew the second bank charter early. Jackson stated “I will kill it!”. He said this because he didn’t like the bank at all and he believed that it made the rich richer and the poor poorer. He said in his veto message “It is easy to conceive that great evils to our country and its institutions might flow from such a concentration of power in the hands of a few men irresponsible to the people.”
In the article “Jackson and His War with the National Bank” it states that,”He announced a plan to remove all federal funds from the bank and redistribute the money to various states banks, thereby starving the bank to death. On September 10, 1833, the national bank was out of business; the bank was officially over.”(paragraph 6). As previously mentioned in this piece of evidence, Jackson had done his plan to remove federal funds from the banks and give it to many different state banks, which led to the bank running out of business and ending the bank war. Jackson should’ve handled the bank war differently because
Andrew Jackson fought against the federal bank due to its inaccessibility to the common people, as well as the fact that it held too much political power. For example, in “Andrew Jackson’s Bank Veto Message to Congress”, Jackson claims, “It is to be regretted that the rich and powerful too often bend the
Alexander Hamilton became the first Secretary of the Treasury on September 11, 1789. At the time, the United States government had a massive debt that needed to be dealt with. This debt could be divided into two different types: federal debt and state debt. Hamilton estimated that the federal debt was $54 million and the states’ collective debt was $25 million. To handle the gigantic amount of debt, Hamilton proposed a seemingly risky plan.
