Andrew Jackson The Bank War. Read the brief explanation of the bank War and answer the question below. 1. Based on the quote, what can you infer about.

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Presentation transcript:

Andrew Jackson The Bank War

Read the brief explanation of the bank War and answer the question below. 1. Based on the quote, what can you infer about Jackson’s attitude toward the BUS? 2. What are Jackson's stated reasons to oppose rechartering of the BUS? 3. Dig Deeper and Read between the lines: What is his real reason to oppose the BUS?

The Antagonists: Nicholas Biddle and Andrew Jackson

Biddle and Clay

1. The Bank of the United States Under Private Control, but Chartered by the Federal Government. Storehouse for public funds and didn’t pay interest Didn’t pay state taxes Could issue bank notes

What the BUS did…. Bank paid the Federal Government a bonus of 1.5 Million Dollars Payments made and government money transferred without charge What is significant about this information? Government appointed 5 of the 25 directors What is significant about this information?

5. Killing the Bank “pet banks” Following the election, Jackson moves federal funds into “pet banks” State Banks friendly to Jackson Jackson fires two Treasurers before one does his bidding, Roger B. Taney.

2. Why Jackson Hates the BUS Jackson thought the Bank’s branches advocated the election of John Quincy Adams in 1828 Jackson felt the Bank held too much power Jackson viewed the BUS as unconstitutional

Continued Opposition Jackson thought the Bank benefited rich investors, many foreign Jackson felt a privileged few should not control the nation’s money Jackson viewed the battle as the common man versus the aristocracy

3. Biddle Moves to Recharter In an election year, 1832, Biddle applied for recharter of the bank 4 years early. Urged by Clay and Webster The election 1832 becomes a referendum on the Bank "The Bank is trying to kill me, Sir, but I shall kill it!" Jackson to his VP Van Buren

Henry Clay has ulterior motives Clay sees the Bank as way to defeat Jackson for President Renew the BUS Jackson loses votes in South and West Veto the Bank Bill loses votes in North Jackson easily wins re-election

4. Jackson’s Veto Message It concentrated the nation's financial strength in a single institution. It exposed the government to control by foreign interests. It served mainly to make the rich richer. It exercised too much control over members of Congress. It favored northeastern states over southern and western states.

Impact of Bank Veto State Banks issue paper money beyond their ability to back it up with gold reserves State banks in West and South ease loan requirements and many borrow to speculate in land Economic downturn in England Price of Cotton drops 25%

Continued Transfers of federal money away from eastern banks meant they had less money to lend. Banks raise interest rates Long term, economy falters. Land prices increase, but so does everything else.

Species Circular: Issued by Jackson Treasury could only accept gold or silver for land purchases All of it taken together leads to Panic of 1837 and Van Buren gets the blame.

Jackson’s Use of the Veto 1 st 6 Presidents vetoed 10 Bills. Jackson vetoed 12 7/12 vetoes were pocket vetoes: Congress adjourned so could not override. 1 st president to veto bills for political reasons.

Everyone Loses Few had hard currency to buy land Prices fall Banks fail Economic Crisis in England made the problem worse Panic of 1837: hunger, unemployment, riots. BUS went out of business when its charter ran out

Jackson is Censured The U.S. Senate censured Jackson on March 28, 1834, for his action in removing U.S. funds from the Bank of the United States. When the Jacksonians had a majority in the Senate, the censure was expunged.