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JACKSON AND THE BANK WAR

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JACKSON AND THE BANK WAR On economic issues, against concentrating power either in federal government or powerful institutions (like the bank) Biddle s Institution ... – PowerPoint PPT presentation

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Title: JACKSON AND THE BANK WAR


1
JACKSON AND THE BANK WAR
  • On economic issues, against concentrating power
    either in federal government or powerful
    institutions (like the bank)

2
Biddles Institution
  • Nicolas Biddle - President of the Bank
  • Branches in 29 cities-headquarters Philadelphia
  • Most powerful and widespread institution in the
    nation
  • By law, only place govt could deposit its funds

3
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4
Functions of Bank
  • Credit to business
  • Issued bank notes
  • Exercised control on state banks

5
Opposition to Bank
  • soft moneywanted more currency in circulation,
    little gold or silver backing.
  • mainly state bankers (Bank of US prevented
    state banks from issuing notes freely)
  • hard moneygold and silver ONLY basis for money
  • (bank of U.S. did issue some banks notes)
  • Jackson favored specie only

6
Jacksons Position
  • Jackson supported hard money position (looked
    with suspicion on expansion and speculation)
  • As president also sensitive to soft money
    supporters in West and South
  • He would NOT support rechartering bank (1836)

7
Biddles Position
  • Not a politician
  • Granted favors to politicians (like Webster and
    Clay) that he thought could help him
  • Biddle et al ask Congress to pass bill to
    recharter in 1832
  • Wanted to make an election issue of it

8
  • Congress passes the renewal
  • The bank, Mr. Van Buren, is trying to kill me.
    But I will kill it.
  • Jackson vetoes it
  • Becomes an issue
  • Clay defeated for Presidency in 1832
  • AJ 219
  • Clay 49

9
Destruction of Bank
  • Beginning in 1833, AJ began to withdraw all
    government deposits
  • Secretary of Treasury wouldnt do it
  • AJ fired him
  • New one said no, he got fired
  • Finally appointed Roger B. Taneyhe began to put
    govt money in pet banks

10
Biddles Response
  • Began to call in loans and raise interest rates
  • Cause financial distress
  • Hope short recession would cause Congress to
    recharter bank
  • Nothing but the evidence of suffering would
    produce any effect in Congress. Biddle
  • This is now a personal struggle between 2 strong
    men

11
The END
  • 1833-1834supporters of Bank blame AJ for
    recessionJacksonians blame Biddle
  • Go to BiddleAJ
  • Supporters lost patience
  • Biddle forced to grant credit in abundance
  • HE lost this battle!
  • Jackson lost the war
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