1. The Bank War
Adam Levitt
Sam Harel

2. Before the Bank War… Jackson disliked large businesses
Disliked the Bank of the United States (“moneyed monster”)
Most powerful bank in America
Paper notes were stable, unlike notes issued by private banks
Made the B.U.S. an important part of America’s economy
The B.U.S. was a private establishment (consisted of elite investors)
Nicholas Biddle- president of the B.U.S.
Many people thought he had an unconstitutional amount of power over America’s economy
Some thought that the bank went against the idea of American democracy
Westerners were against the B.U.S. Why?
The bank foreclosed on western farms, made the East wealthier

3. Why General J never know’d you was a doctor before
Oh! Dear Nick! I am dreadful sick!

4. Bank War
1832
Henry Clay and Daniel Webster presented Congress with a bill to renew the US Banks charter
Clay wanted to make it an election issue in 1832 even though the charter expired in 1836
Clay was Jackson’s main opponent, thought the bank would help him win
If Jackson signed it, he would hurt his western support
If he vetoed, his would lose the support of wealthy and influential in the east

5. Clay’s failure Jackson vetoed the bill
Wealthy and influential in east were in a minority and feared Jackson anyways
Declared bank unconstitutional
Went against supreme court case McCulloch vs. Madison
Jackson viewed executive branch as more powerful or important than the judicial

6. Consequences Amplified power of the presidency
Reasons based on opinion and not on constitutionality
Claiming president has the power equivalent of 2/3 majority in Congress
President was senior partner in executive and legislative partnership