The bank war

Langdon Cheveswho replaced Jones as president, worsened the situation by reducing the Bank's liabilities by more than half, lessening the value of Bank notes, and more than tripling the Bank's specie held in reserve.

who was jacksons opponent in the bank war

As the charter for the Second Bank of the United States was patterned after the first, it faced the same strenuous scrutiny and a long and difficult fight. Jackson, though nineteen years his senior, had the satisfaction of outliving him by a year.

In the words of historian Bray Hammond"This was a very large 'if,' and the secretary came to realize it. Biddle was a true American aristocrat.

what effect did the bank war have on jacksons transformation of the presidency?

Monroe hoped that the disappearance of the Federalist Party would mark the end of party politics. From one point of view, the Bank was providing the country with a stable and uniform currency and centrally, sensibly controlling the pace of growth.

Effects of the bank war

Their only virtue was that they were plentiful. Objectives Students will examine primary documents and secondary sources to analyze the life and presidency of Andrew Jackson in the first half of the nineteenth century. The Bank had largely recovered in the public eye since the Panic of and had grown to be accepted as a fact of life. The intent was to put pro-Bank forces on the defensive. By vetoing the recharter bill on the grounds that he was acting in the best interests of the American people, Jackson greatly expanded the power and influence of the president. He is mistaken. Without a central bank like those of European powers, the United States struggled through a series of booms and busts during much of the nineteenth and early twentieth centuries. After he got the Bank chartered to operate in Pennsylvania but then indulged in some questionable speculations to sustain its solvency.

As collection agent for the Treasury, the Bank accumulated millions in these notes, and it could either hold on to them, thereby encouraging credit expansion, or promptly present them for redemption, driving weaker institutions out of business and starting a contraction and panic.

Crawfordand Clay. This article explains the political maneuvering that surrounded the rechartering of the Second Bank of the United States, with a focus on the hostile relationships of men like Jackson, Clay, Calhoun, Biddle, and Van Buren.

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Andrew Jackson and the Bank War