Andrew Jackson, know for his tough and violent attitude, had specific views on the National Bank of the United States. Though his views on many topics were contradicting to each other, Jackson's view on the national bank was clear that he was against it. Jackson saw the national bank as a base for the wealthy few to exploit the common working man. In response to his views, Jackson decided to use his powers as president to veto the rechartering of the national bank and "kill" it. He decided to allocate all the money from the national bank into state banks. Jackson thought this idea would lead to less risk and less exploitation. AS we went over in class, his decision was directly correlated to the Panic of 1837.
During the Panic of 1837, the national currency (type of paper money) was deemed worthless after the shutdown of the national bank. Many people went bankrupt because of the over speculation of land, inflation, and unemployment. Through this disaster, many people died of starvation and weather conditions.
Many may say that Jackson was responsible for the deaths of many people. Other may say that it was a viable system that was set to fail.
Jackson viewed the bank as a way to strip liberty away from people which is one of the reasons why he refused to recharter it. Many people thought that other banks might crash too so they took their money out of the bank except that even if they took their money, it would still have no value. Since there was no more banks people would sell land for metals or gold which is also why the economy crashed.
ReplyDeleteJackson viewed the bank as a way to strip liberty away from people which is one of the reasons why he refused to recharter it. Many people thought that other banks might crash too so they took their money out of the bank except that even if they took their money, it would still have no value. Since there was no more banks people would sell land for metals or gold which is also why the economy crashed.
ReplyDeleteI thought your summary about how Jackson caused a lot of problems in the nation because of his opinions on the Bank was well-summarized. Adding on, because economic crisis was one of the major negative effects his decisions had on the Bank, this led to a depression where the country's stock market failed, many factories closed, and homelessness increased.
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