U.S. History: President Andrew Jackson

Inauguration

• The Mob

Not Elite

• “Farmer Presdident”
• First president not from East Coast Elite

Friend of the Ordinary Citizen

• Strict constructionist
• Self made man
• Respect for God’s word
• Kitchen cabinet.

Concerns over a Central Bank

Rechartered in 1816

Had great influence over other banks

No constitutional checks and balances.

Jackson insisted the idea of national bank violated the Constitution & free enterprise system.

Original purpose of national bank was to keep nations money stable and on the gold standard.

Western banks had to borrow at hight rates - people demanded Jackson do something.

Sold stock to investor (many british)

Jackson warned against foreign control 

Jackson vs. Nicholas Biddle

Branch offices

National bank lent to congressmen in exchange for favors

Jackson vetoes Bank Charter Bill in 1832

Withdrew nations money from National Bank

Biddle called in private loans causing the Panic of 1837

Tried to blame that on Jackson

National bank lost charter - Biddle lost power.  

Land Speculators

Borrowing money, buy land sell for higher price (Gov selling land)

Western banks, paper money not backed by gold.

Inflation making it near impossible for common man to buy land.

Specie Circular

All public lands be paid for in gold and silver.  

Temporary financial panic but long term stabalization.

During two terms

1) Championed sound money backed by gold

2) Did away with a strong central bank that controlled the nations money supply.