A WHITE MAN’S DEMOCRACY • When Jackson wasn’t battling Calhoun or his wife, over the Peggy Eaton affair, he was locking horns with Nicholas Biddle, president of the Bank of the United States, over re-charting the Bank of the United States. • Jackson hated the bank as he viewed it as being anti-western, monopolistic, and controlled by plutocrats such as Biddle. • If he needed any more reason to hate the bank, Clay, who supported its re-chartering, provided it. After Jackson easily won reelection in 1832, he viewed his victory as a mandate to destroy the bank. • He slowly withdrew federal funds from the bank and deposited them in his “pet” state banks, which eventually helped contribute to the Panic of 1837. • The panic was fueled by currency issued by “wildcat banks” that were no longer controlled by the Bank of the United States. • Jackson viewed the bank as being unconstitutional and had vetoed a bill that would have re-chartered the bank. Jackson, likewise, was no friend to the Native Americans.
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