Defending Jackson on the Banking Issue.docx - Defending...

Defending Jackson on the Banking Issue
Was it Constitutional?
Hamilton first, Clay in the American system
Background ( National vs State )
 Jackson followed Thomas Jefferson’s strict interpretation of the Constitution; it did not give
Congress the power to create a National Bank
 He rejected Hamilton’s view of “elastic clause” and the National Bank being part of the
“necessary and proper clause”
 Evidence for against- {The National Bank violated the system of checks and balances for it did not
answer to anyone within the government. It also dominated the banking system and in affect
closed out all smaller state banks.}
 National Bank would be an abuse of the Constitution and its interpretation
 He vetoed the Bill for the Bank; in his message, he appealed to the common citizens and
attacked the wealthy
 He claimed that the bank promoted special privilege, monopoly for the rich, and a dangerous
degree of inequality
 He also said that the bank exposed the U.S. to control of foreign interest since the bank was
greatly controlled by foreign investors and the Bank of England
 Jackson did not support the national consolidation of debts; he believed that states should retain