Andrew Jackson’s Veto Message Against Re-chartering the Bank of the United States, 1832
Wilentz lives in Princeton, New Jersey. Sean Wilentz is currently 65 years old. Wilentz has written many books on historical subjects.
History is something that he has studied for many years. He has written a biography series on all the presidents, including the one I reviewed Before he became the seventh president of United Sate in , he was a national war hero after defeating the British in New Orleans during the War of And before he was a national war hero, he was a landowner and a lawyer.
Jackson became the seventh president after winning the presidential election in The Jacksonian democracy was a political movement that he and his supporters started.
The movement was to make the democracy better for the common men and celebrated white supremacy. This movement was suppose to be a democratic movement to enforce powerful ideals but of course only for white men.
Jackson had a lot of supports most of them being farmers. Jackson claimed to want more land for plantation and also wanted to aid hard working farmers, planters and equality for all white males Although many of these events were impactive in the shaping of our country, Jackson did more to expand executive power than any of the previous occupants of the White House.
He used armed troops to collect taxes, refused to enforce legislation and Supreme Court legislation, and he hired and fired his staff based on support in elections. He was also the first president to regularly wield the presidential veto as a political tool Powerful Essays words 2 pages.
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Roger B. Taney then replaced Duane, a man who enthusiastically supported the destruction of the BUS. As the withdrawal of funds went forward, the bank began a severe tightening of funds, restricting loans, and calling in as many debts as it could. The opinion of Remini, Bowers and others is that this went far beyond anything justified by the reduction in the banks funds, and that the bank in fact deliberately engineered a panic.
Essay on Andrew Jackson and the Bank War
The panic was real, causing wide-spread loss of jobs, and grinding to a halt of industry. At first, National Republicans accepted the panic as being caused by the withdrawal of bank funds. As it continued and deepened, the country became more polarized. It was in this period in that the National Republicans assumed the name of Whigs , the name, since the 17th century of the English party against an all powerful king, and for giving the highest authority to Parliament.
Thus they labeled Jackson "King Andrew I", and drew political cartoons depicting him as a king, with a scepter labeled "Veto".
Andrew Jackson and the Bank War Essay - Words | Bartleby
Congress chartered the Second Bank in for a twenty-year period, giving it thirty-five million dollars in startup funds. A board of twenty-five directors controlled the Bank, but only five were publicly appointed by the President—the rest came from stockholders. The directors controlled branches, invested funds, and oversaw operations.
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- Andrew Jackson Takes on the Bank of the US;
Over time, the Bank proved quite good at managing credit and providing profits for the stockholders and government—perhaps too good. In , the Bank had caused a financial panic by calling in credit from smaller state banks, forcing many of them into bankruptcy.
Controversy from the Start
This Panic of led to such a depression that western regions of the country still suffered in the late s. By Jackson's administration, the Bank had expanded into twenty-nine branches and was doing roughly seventy million dollars of business a year, handling twenty percent of the nation's loans and monetary notes and one-third of all deposits. Perhaps more important, Jackson—who because of his previous election experiences remained wary of voting improprieties—thought that a bank with that much power could not remain independent of the electoral process.
While the Bank in remained relatively clean and did not abuse its power, Jackson believed it was a disaster waiting to happen, and set out to shut it down. When the Bank, led by Nicholas Biddle, realized Jackson's intentions, it began a public campaign to curry favor. Biddle announced that the Bank intended to pay off the national debt—another of Jackson's pet causes—by January 8, , the eighteenth anniversary of the Battle of New Orleans, in Jackson's honor.
The offer, of course, came with the caveat that the Bank would get a charter extension. Biddle also began to offer financial favors to Jackson's friends, in the meantime proving Jackson's belief that the Bank could play political games if necessary.