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.
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financial bust periods, credit. Hard money, new bank rumors, Treasury Secretary. Jackson, nation new fear