How Did Andrew Jackson Transform The Economy

President Andrew Jackson had a strong view on the American economy. He mistrusted many policies and in his time in office drastically changed them to suit his views and ideals. After winning the 1828 election against John Quincy Adams and the 1832 election against Henry Clay, Jackson’s time in office was unquestioned. In his administration, Jackson’s economic policies led to the Panic of 1837 and transformed the American banking system. Jackson’s view on economy lead him to instate acts that significantly transformed the system of American economy such as the abolition of the second Bank of the United States. 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. Events such as the Bank

Duane, and Roger B. Taney, until he found a secretary willing to distribute the money from the National Bank to smaller banks, Levi Woodbury. With this, local state banks had all the responsibilities and power of banking; only they could give out loans and invest. But, after irresponsible investments, the banks quickly lost the funds and began the process of the U.S. falling into the Panic of 1837. On top of the bank’s misjudgments, the value of the paper currency was falling due to Jackson’s Specie Circular, an act that made only gold and silver an acceptable currency for land. Such economic instability undermined the people’s faith in the economy and eventually lead to the Panic of 1837, a major financial