Jackson’s Views on the National Bank

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Presentation transcript:

Topic: Evaluating Jacksonian Democracy and the “Bank War”: a fight for the common man?

Jackson’s Views on the National Bank Jackson supports businesses and finances Jackson’s disapproval of “monopolistic banking” Bank as a “branch” of Government Bank as against the people, western interests Bank favors the elites Jackson’s views on the Bank as based on personal beliefs He viewed it as bad for the nation

Campaign of 1832: The Bank War Henry Clay and Daniel Webster push for the re-chartering of the Bank (1832) Jackson vetoes the re-charter (Veto Message) Clay plans to use it as a campaign issue Clay: Bank provides financial stability, credit Clay allied with Nicholas Biddle (Bank President) Jackson: “I will kill the Bank” Election 1832: Jackson Wins!! (219 to 49)

Jackson Kills the Bank Jackson’s win as a mandate to “kill” the bank Dedicates 2nd term to vanquishing the Bank Jackson removes all Federal funds from the US Bank Deposits money into private “pet” banks US Bank gone  causes financial depression

Conclusion Trace briefly the development of the US Bank as a political issue. What is the significance of Jackson’s actions towards the Bank (political, social, economic)?