In 1834 -...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
In 1834, Jackson began a push to move towards "hard" currency, gradually phasing out  small bills over more than twenty years. He and Benton believed that only gold and  silver provided proper security, as, during financial bust periods, working-class people  could not get credit. Hard money, then, ensured the workers would always be paid in  money that had real value. The move terrified many rich Democrats, who saw a future in  which they might not be able to conduct business with large bills. In a final attempt to  end the Bank, Jackson ordered it to cease issuing pensions to Revolutionary War  veterans and to relinquish those funds. Biddle refused, and the bank battle quickly  deteriorated. Jackson's own Attorney General questioned the moves, and Jackson  faced barrages from business leaders up and down the East Coast who thought he  must mean to ruin the country. Some Democrats began to leave the party. Joining with National Republican, states 
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/27/2011 for the course HIST 101 taught by Professor Womer during the Fall '08 term at Texas State.

Ask a homework question - tutors are online