The Age of Jackson Part Three

The Age of Jackson Part Three - The Age of Jackson Part...

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The Age of Jackson Part Three The Bank War / Senate Censures Jackson for removal of bank deposits (1834); expunged in 1872 ***** To reprise Jackson’s strong stand against SC nullifiers proved him to be more popular with Bank War National Bank main issue in 1832 election or rather Jackson’s determination to destroy the bank Jackson won a more complete victory than in his battle with the nullifiers historians argue with far less justice believing that effects of victory were not beneficial to the United States in either the short or long run Since 1823 the National Bank was managed by cultured and able Philadelphian named Nicholas Biddle o Under Biddle the Bank successfully executed the functions of a central bank Provided sound and uniformed central currency to the issuance of its own bank notes Served as safe suppository for federal funds which by law had to be deposited to the bank Exercised dedicatory checks on notes issued by state’s bank through its power to present their notes for immediate redemption and expedition gold or silver For all of this and because of this the National Bank had many critics large capitalization and far reaching powers over the economy made it possible for the critics of the bank to denounce it as a chartered monopoly Also questionable were the loans the bank extended to politicians and newspaper editors showing favor and to the legal retainers it paid to Congressional representatives Groups opposed to National Bank o State Bank owners who resented a check and exercised their use on paper money which based loans and in turn was determined their profits o NYC bank owners resented that all the government funds by law went into the vaults of National Bank o Western Farmers who believe that the Bank’s curve on bank loans had precipitated or at least help to trigger The Panic of 1819 o State’s rights men in the South who had never accepted the constitutionality of the Bank o Hard money men who objected to paper money o Person’s who objected to the Bank because it was a monopoly general distrust of chartered monopolies as an agent of special privilege tended to focus on the National Bank which had a monopoly of government funds but was managed by a private citizen and a handful of wealthy men Jackson favored hard money use Jackson wanted a simple bank of deposit attached to the treasury with no power to make loans, issue currency, or acquire property
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Let Biddle know that he didn’t want a re-charter bill introduced before the election of 1832 o Knew however he decided on the issue would cost him votes and he didn’t want that so told Biddle not to bring it up until after the election
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The Age of Jackson Part Three - The Age of Jackson Part...

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