S: Andrew Jackson and the national bank.
FC: Andrew Jackson and the national bank.
1: Jackson's biggest controversy when he was in office was campaigning against the second bank of the United states. Jackson said that the bank was a monopoly that benefited the wealthy elite. | "The bank is trying to kill me but i will kill it!" | Jackson was not the only one who opposed the second national bank, the westerners and most working people in the east also opposed it. Martin Van Buren was for it.
2: Although the bank was not well liked it did play an important role in keeping the money supply of the United states stable, at the time most paper money consisted of bank notes issued by private state banks. State banks promised that the notes could be turned in for "hard" money meaning gold or sliver coins.
3: political cartoons were often used to demonstrate how the people agreed or disagreed with Andrew Jacksons actions while in office. Because he vetoed the Bank bill, President Andrew Jackson's opponents accused him of abusing his Presidential powers. The middle cartoon depicted him as a tyrannical king, trampling on the Constitution.
4: Jackson took his reelection as a directive from the people to destroy the bank at once. Although the charter did not run until the year of 1836 he eventually removed the governments deposits from the bank and placed them in state banks.
6: After Jackson shut down the large national bank and turned them into smaller ones, the country went into a small depression because the banks continued to print paper money and that devalued the dollar because it was not backed by gold or sliver. Most of the banks could not afford to have bank notes so they were eventually shutdown and put out of business. this was called the "specie circular" because of the high demand for specie.
7: another cause of the closure of the national bank was called the "panic of 1837". It was a financial crisis in the united states that was built on a speculative fever. On May 10, 1837 in New York City every bank began to accept specie gold and silver coins only. The Panic was followed by a five-year depression, with the failure of banks and then high record unemployment rates.
8: laws | and | organizations
9: The Whig party. | the Whig party was against Andrew Jackson and all that he stood for. This party came about in the 1830's.
10: Works cited. | www.SIRS.com | www.www.com | www.google.com | www.bing.com
11: www.wikipedia.com | www.ProQuest.com | The AMERICAN VISION | www.yahoo.com