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Jackson’s Views on the National Bank

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Presentation on theme: "Jackson’s Views on the National Bank"— Presentation transcript:

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

2 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

3 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)

4 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

5

6 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)?

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