How Did Andrew Jackson Not Like The Bank

Jackson thought that if charters were favored towards one area of society instead of another, then some people would view it as favoritism towards an elite society. Jackson believed that that was a direct violation of equal liberty of republicanism so he didn’t re-charter the Bank of the United States. The market revolution involved the creation of canals, roadways and railways, foreign investment, new technology, and industrialization. The fact that Jackson didn’t re-charter the Bank of the United States led to the Panics of 1837 and 1839, both of which occurred after he left office. Watson argued that Jackson was extremely self-confident.

Andrew Jackson wanted and even gave everyone equal economic opportunity by lessening monopoly with his bank veto. However, the financial panic of 1837 was caused by two of his plans, these include pet banks and Specie Circular. People in favor of the national bank proposed a renewal bill for the Second National Bank's charter. Jackson was not necessarily opposed to central banking as much as he was to the idea of the Second National Bank. By opposing the bill, the Second Bank expired and the US would be without an official bank for many years.

This leads to the topic, why did Jackson want to destroy the bank? Well first I need to tell you what the second bank was and what kind of roles it played in the economy. They had the power to act exclusively as the federal government's financial agents. The bank did many other things like half federal deposits, made transfers to federal funds between states, and dealt with payments or receipts involving the federal government.

Andrew Jackson was very against the growth of the new upcoming banking system in the

All his attacks caused brutal reactions of his political enemies and even claim that the president destroyed the national stability and the American economy. Regardless of all of the reactions, Jackson still remained remorseless and eventually vetoed the renewal of the Bank’s charter in 1832. Jackson intended to conclude,”Equality of talents, of education, or of wealth cannot be produced by human institutions”(Source 4). He believed that the rich and powerful are the only ones able to take advantage of the bank. Andrew Jackson wanted more benefits to the common people and get rid of the things that divided the elites and

Jackson’s opponents have often labeled him as King Andrew the first, arguing that he had repeatedly disregarded the separation of powers and had overstepped the constitution (Document E/3). This was especially true when Jackson had vetoed the renewal of the Second Bank of the United states. Because all previous vetoes lied on the question of constitutionality, his critics believed that Jackson had dismissed the bill solely because he personally found it damaging to the nation. But in the eyes of Jackson, his attack was justifiable because the national bank was a private institution, gave an extensive amount of power in the hands of few elites over the poorer lower classes of farmers and laborers. As a democratic leader, Jackson showed that he had wanted to do what would best benefit the non-native, American people and put the them as his first

Andrew Jackson was inaugurated on March 4, 1829 as the seventh president of the United States of America. His inauguration was so joyous for the citizens that he was given the nickname "King Mob," due to the mad rush of people who stormed the White House to get a chance to shake his hand. Although Jackson's presidency lived up to its title, the "era of the common man," he also participated and led many unconstitutional acts during his reign. Due to these reasons, Jackson does not deserve to be on the twenty-dollar bill.

Bank; Jackson declined it because he despised the idea of a bank that the bank belongs to the government. Since Jackson was at war against the bank, it was the worst in his eyes. Jackson did not dislike all banks, but he thought the U.S. bank was corrupt ("The War Against the Bank."). Jackson liked hard money, gold or silver instead of paper money. Nicholas Biddle was the leader of the bank when Jackson became President, and Jackson disliked him because he was from a rich family, and did not earn his way.

national bank. As Jacksons term continued, he truly grew a desire to crush the Second Bank of the United states. Over time Jackson decided that it could not continue how it was, and that it did not want warrant reform, it must be destroyed. Jacksons reason for this conclusion was a result of his past financial problems, his views on states’ rights, and his tennesse roots. The Second Bank centralized financial might, jeopardizing economic stability; it served as a monopoly on fiscal policy, but it did not answer to anyone within the government.

Martin Van Buren sent an army to force the Cherokee out of their homes and lead them on the Trail of Tears. On this journey about 2,000 Native Americans died of starvation and other causes, and another 2,000 died in camps waiting for relocation. The last reason for why Andrew Jackson is a bad president is that he wanted to get rid of the National Bank. Jackson hated the Bank because he thought is was too powerful and only helped the rich.

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

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.

From what I read and what he said, I thought it sounded like he didn’t want to shut down the United States Bank. And then in Document 5, Webster acted like Jackson should put an end to the bank by saying, “It manifestly seeks to inflame the poor against the rich, it wantonly attacks whole classes of the people, for the purposes of turning against them the prejudices and resentment of the other classes.”

In this attack, he moved about 20% of United States’ money into private banks. These banks were known as ‘’pet’’ banks because they politically supported Andrew Jackson. This causes what we know as The Bank War. Andrew Jackson enlarged credit by doing away with the bank. Andrew Jackson then moved the money from those banks into the private ones that only supported him.

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.