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How did the presidency of andrew jackson affect the economy
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The Election of 1823 was one of the most unique elections in time. It included two different candidates who had opposite personalities and motives. John Quincy Adams was a Harvard Graduate with 3 degrees and a wealthy New England elite. He was the son of a founding father, and had already held a presidential position in government. Andrew Jackson was a war hero who led his troops to victory in the Battle of New Orleans. He was born poor, and was commonly called "a man of the people." During the campaign, two parties started to form, the Democrats (Jackson's supporters) and the Republicans (Adam's supporters). When it came down to Election Day, most states were now allowing the people to vote. The only states that continued to keep the Legislative vote were Delaware and South Carolina. …show more content…
Jackson detested the National Bank, so he decided to veto it once he became the president. He thought it favored the rich more than the common people. “It appears that more than a fourth part of the stock is held by foreigners and the (rest) is held by a few hundred of our own citizens, chiefly of the richest class,” Jackson stated in Document 2. To solve this problem, he transported deposits to smaller state buildings that were run by his intimates to allow for the access of people from all classes. Upon doing this, he was thinking as an autocrat. He might have been trying to balance out the money within the states, but this wasn’t the best solution, He made this decision while favoring the common people, plus he didn’t even think of the higher class
In the summer of 1832 and Congress renewed the Bank’s charter even though it wasn’t due until 1836. Jackson hesitated to approve of the charter, so Henry Clay and Nicholas Biddle went on the offensive to attempt to persuade Jackson to pass the bill. Jackson, having had his opinion on the banks cemented by Clay’s presence in the organization, then committed to de-establishing the Second National Bank. He waged war against Biddle in particular to make sure Biddle lost power. He vetoed the bank bill, and after winning the race to be reelected, he closed Biddle’s bank. He ordered his Secretary of the Treasury to move money from the Second National Bank to smaller, state banks. When Congress returned from its summer recess, it censured him for his actions. In 1836, Bank of US was dead, and the new democratic-congressmen expunged Jackson’s censure. Because Jackson had no formal plan for managing the nation’s funds after the Second National Bank closed, it caused problems in Van Buren’s administration. He destroyed the Bank of the United States, in the main, for personal reasons. Jackson hated the bank before his presidency because as a wealthy land and slave owner he had lost money due to its fiscal policies. He believed that Congress had no right under the constitution to charter a
The validity of President Andrew Jackson’s response to the Bank War issue has been contradicted by many, but his reasoning was supported by fact and inevitably beneficial to the country. Jackson’s primary involvement with the Second Bank of the United States arose during the suggested governmental re-chartering of the institution. It was during this period that the necessity and value of the Bank’s services were questioned.
Recognizing the injustices president Andrew Jackson performed, Americans have considered the dispute over the removal of Jackson 's face from the twenty dollar bill. The real question remains why place America 's figures in iconic positions based on fame? Benedict Arnold is famous, yet he was a traitor to America . Why not place figures that contributed to the well-being of the country and upheld humane morals? Jackson 's administration only improved the system, initiating the progress toward a modern democratic government. Under President Jackson, the elimination of voter property qualifications allowed a variety of citizens from different social classes to elect government officials 1. Jackson also ended the national banks that resembled the greedy monopolies of the late 1800's 1.
Many people found this election to be a revolution and a great future for the country. That is not exactly what happened. In 1832, Andrew Jackson sent a letter to congress saying he does not support the National Bank. He says that if the bank were to happen, it would be the rich in most control. The bank would be more for the rich and the foreign but have no benefits for the poor. (Doc.4) Jackson’s political rival, Daniel Webster believes that this letter from Jackson showed just how evil Jackson was. Webster does not think Jackson was vetoing for the good of the people but to ‘stir the pot’. By Jackson sending this letter, it causes a stir between the rich and the poor. The poor would feel imbalanced against the poor and arguments would rush out. (Doc.5). This letter he wrote to congress was one of his many times when he was “selfish” and used his powers unjustly to make something go the way he wanted. Was Jackson trying to inflame the different classmen? Was this
This reminds of the real reason Andrew Jackson was so passionate about vetoing the bank, which wasn’t that, “the rich and powerful too often bend the acts of government to their selfish purposes,” (Doc B). During this time of Jackson’s presidency, the election was soon to come, and his opponent Henry Clay wanted to renew the bank charter well before it was due, in order to better his position to run. Andrew Jackson took this as an offense, and started a personal war with the bank’s president, Nicholas Biddle. In reality, it was Jackson with the “selfish purposes” to veto the bank in the first
Andrew Jackson had many significant contributions to the democratic state of the country. One of those contributions, as stated in document B, was Jackson’s victory of the 1928 Presidential election. What this election did was accelerate the transfer of power from the national elite to the common-man; the universal-white-men now had a larger role in the government. As the graph in document A shows, the methods of electing Presidential electors before Jackson’s Presidency was for-the-most-part dominated by state legislature, it was during Jackson’s administration by which the people were electing Presidential electors. As President, Jackson sought to rid the government of all its corrupt officials. This is backed up by the information in document D, which states that Jackson believed that the offices should be rotated every four years and filled by the people. The same document states that Jackson believed the president should serve a single term of no more than four or six years; the senators should have similar constraints with subjection to removal. All of this was fueled by his theory that there was more to be gained with the rotation of office holders that the long continuance of them and that office were not created to give certain men support rather than help the people, as ex...
Going hand in hand with his detestation of large, extremely controlling national governments, Jefferson was intent on having no national bank present in the US, but Hamilton was certain the country would benefit from one. For example, in a personal letter written by Alexander Hamilton, he wrote, “Mr. Madison, co-operating with Mr. Jefferson, is at the head of a faction, decidedly hostile to me, and my administration; and actuated by views... subversive of the principals of good government, and dangerous to the Union... Mr. Jefferson... [displays] his dislike of... funding [the] debt.” (Doc 2) Hamilton implied that by not advocating a national bank, Jefferson did not want to help the country pay off its debt. Jefferson, however, was dead set against having a national bank because he wanted the common people, such as the farmers, to have maximum influence on the government. This way, a strong central government could not have supreme political, economic, and social power, all of which together would open the doors for future corruption, even if the government was set up in the manner directed in the Constitution. Jefferson defended this judgement to the extent that he formed a political party so it could develop into a well-supported suggestion. Thus, the perspective on national banks could more efficiently progress into the point where it impacted the whole country and prevented the formation of a national bank. Equally, the excise tax proposed by Alexander Hamilton and carried out by Congress, factored in on Hamilton and Jefferson’s feud on having a national bank. In a letter written by Thomas Jefferson, he manifested his reaction to the excise tax by commenting, “The excise tax is an infernal one... [the public’s]
During the election of 1800, Thomas Jefferson succeeded in defeating the incumbent, John Adams, and assumed the presidency. In terms of elections though, the election of 1800 itself was a fascinating election in that it a heavily-contested election and was effectively the first time political parties ran smear campaigns against each other during an election. The Republican Party attacked the Federalists for being anti-liberty and monarchist and tried to persuade the public that the Federalists were abusing their power through acts such as the Alien & Sedition Acts and the suppression of the Whiskey Rebellion (Tindall and Shi 315). The Federalists, on the other hand, attacked Jefferson for his atheism and support of the French Revolution and warned that his election would result in chaos (316). By the end of the presidential election, neither Adams nor Jefferson emerged with his reputation completely intact. Still, rather than an election between Adams and Jefferson, the election of 1800 ultimately boiled down to a deadlock between Jefferson and his vice presidential candidate, Aaron Burr, who each held seventy-three electoral votes, resulting in the election was sent to the House of Representatives. In the end, the deadlock was resolved only by Alexander Hamilton, whose immense hate for Burr allowed Jefferson to claim the presidency. However, the election of 1800 was more than just a simple presidential election. The election of 1800 was the first peaceful transfer of power from the incumbent party to the opposition and represented a new step in politics, as well as a new direction in foreign policy that would emerge from Jefferson’s policies, and to this extent, the election of 1800 was a revolution.
He believed the bank and those who controlled it had too much power and could ruin the country financially for their own gains. In 1833, Jackson fired his Treasury Secretary for refusing to remove deposits from the Second Bank and became the only President censured by the Senate for his actions, although the censure was expunged at the end of his second term. In January 1835, Jackson paid off the entire national debt, the only time in U.S. history that has been accomplished. However, in 1837, depression ensued and the national debt rose
Jackson felt that the national bank only favored the poor and not the “common man” so he decided that he would destroy it. However, Alexander Hamilton, the first Secretary of the State believed that a strong national bank was vital for a strong nation and economy. When Jackson vetoed the recharter of the Second Bank of the United States, he opposed Hamilton's ideology of a strong national bank. Document 5 shows an illustration of Jackson taking down the national bank even though a strong national bank
The founders of the US left England and other countries because of the region of the Queen and King. The Founding Fathers feared that a monarchy would arise in this “New World.” A person acting as a President could potentially become a monarchy and not represent the people as the role of president should. Rather than a president representing the people, the founding fathers believed that a strong congress could better represent the people. Jackson, however took a different approach to President leading to his revolutionary change in politics. His approach to President was that it was his job as President to reflect the people and actions taken as President should help the American people. Congress to Jackson was a body of higher elitist that do not care about the common man. For the first time the election was the public interest not just for the elite and selective group of people. Even candidates running against Jackson and the selective group of people agreed that Jackson caused a turning point of Presidential elections. Jackson’s strong will to make change led him to using his veto power more than any other previous President. Some of Jackson’s actions included the closing of the second national bank and a removal of the Cherokee Indians after Congress voted to let them stay. Jackson was a common man before becoming President once he got a taste of power he did at some points
Andrew Jackson created the new political party which was named the Democratic Republicans, or Democrats, before the Election of 1828. The Election of 1828 had two political parties, the Whigs and the Democrats. Both parties tried to ensure their voters loyalty by holding events for them. The presidential candidate for the Whigs was John Quincy Adams, the sixth president of the United States. The presidential candidate for the Democrats was Andrew Jackson. This was a rematch between the two candidates. This election campaign was also a tremendously dirty one. John Quincy Adams was said to have been a closet monarchist and to have been involved in some scandal, by his enemies. Andrew Jackson had his violent past brought up several times during
Andrew Jackson began a whole new era in American history. Amongst his greatest accomplishments were evoking the "common man" to be interested in government and tailoring democracy to satisfy the same "common man's" needs. Of course, Jackson could not go about making such radical changes without supporters, but that never surfaced as a problem. Jacksonian Democrats, as they came to be called, were great in number during the 1820's and 1830's. They advocated all of the issues that President Jackson did, and did so with great vigor. They thought of themselves very highly because they recognized their responsibilities as American citizens. They realized that as political leaders they had a true purpose- to protect and serve the American people. The Jacksonians justified their view of themselves in their sincere attempts to guard the United States Constitution by both promoting equality of economic opportunity and increasing political democracy, but they had their downfalls with issues of individual liberties.
Jackson wanted to give back to the people, and he heard their pleas for an end to the national bank, he followed with their request and when the charter for the national bank come into question of reinstating, Jackson vetoed it. He believed that the national bank had too much power; In Jackson’s Bank Veto Message to Congress he states that “I perceive none of those modifications of the bank charter which are necessary, in my opinion, to make it compatible with justice, with sound policy, or with the Constitution of our country…” Jackson goes on to describing the bank as a “Monopoly of foreign and domestic exchange.” Also he has come to the conclusion that “The present Bank of the United States...enjoys an exclusive privilege of banking.” By closing the bank, Jackson gave more power back to the states and it’s people, while stripping the richer class and the bureaucrats of their power to control who runs the bank. Along with his deeds in the office, Jackson also had an abundant amount of compassion. This feeling stemmed from his roots. Jackson was plucked from the same tree as the common people that he served in his presidency. Jackson only wanted the best for the citizens of the United States but, some writers will argue that he was a racists and had no compassion for those of colour. That idea is preposterous, as Jackson celebrated and rallied the African American population during the war of
Andrew Jackson was undoubtedly a man of the people. He was the first president to be chosen by the people and his background was not that of a typical president. He was not born into a rich family. Jackson's favored the general public rather than the wealthy. His election shifted the balance of power from the wealthy East Coast, to farmers and small businesspeople in the west. Jackson vetoed more bills than all previous presidents did in an attempt to help the common man.