Bill debates that were proposed by Jackson began later on in February, 1830. Between the House and the Senate, the debate was quite relentless. Many people that went against this bill had many concerns with it, that needed to be discussed. They felt as if they could feel the Native American’s pain as they went through all that trouble. They also felt like they didn’t want to both the Indians during treaty-making. As if they were messing with their culture, so many of the people formed problems with President Jackson because of it. Eventually the bill passes through the Senate and the house in late April and May. The whole Indian Removal Act was just a way to get Native Americans the full title to the new land. The government was going to pay …show more content…
Henry Clay, who is going against Jackson, proposes the bill to bring the bank’s issues in the next election. BUT, in addition to opposing the idea of the Second Bank, Jackson gained more popularity. The Second Bank was created in the aftermath of the War of 1812. People had blamed that bank for the Panic in 1819 and Westerners/Southerners believed that the bank had only benefited the North. Though the bank could help with money supply, the bank still have opponents, which President Jackson is one of them. By the end of 1831, Clay and Webster encouraged the President of the Bank, Nicholas Biddle, to write out a petition for the renewal of the Bank. They believed that if Jackson tried to even veto this, this would become a big issue in the 1832 …show more content…
Even though Jackson did despise the bank, many of his ¨Jacksonians¨ supported the idea of a Second Bank. The bill eventually passed both the House and the Senate. President Jackson STILL vetoed the bill a week after it was passed. He explained heavily why he felt that he needed to veto the bill. This was one of the most important state papers of his entire presidency. General Roger Taney and Amos Kendall composed Jackson’s message. Jackson’s message had labeled the Bank as elitist and anti-republican. He also went into detail about how the Bank was very unconstitutional and that it was not really proper or necessary for the government. In the end, this powerful Bank will only benefit a few and not all. Jackson had decided to challenge the Supreme Court, which explained that the Bank is indeed, constitutional. This Bank veto was very significant, since the President ended up into the legislative process. He felt the need to veto for political AND constitutional reasons. He pointed out many non-constitutional issues that were displayed in the message, challenging the court
Andrew Jackson didn’t want the bank to get rechartered so after the bank flew through Congress he vetoed it, Congress was unable to override Jackson’s veto. Then Jackson proceed to order his secretary of the treasury to move future government funds to state banks called pet banks. While that was happening the government would remove their funds from the United States bank till it was in a financial panic. Jackson held his ground while Congress censuring him that the removal of the United States bank was a misuse of his presidential power. The United States went into an uncontrolled inflation and Jackson issued the Specie Circular which declared the federal government would only accept hard money for purchasing public lands.
The Second Bank of the United States was chartered in 1816 for a term of 20 years. The Bank Recharter Bill in 1832 was a bill created to renew the charter of the Second Bank because of Jackson’s opposition. Nicolas Biddle was the owner of the Bank of the United States during 1812. He underestimated Jackson’s power and thought that Jackson would not trying to veto the Recharter Bill as Biddle introduced it to the Congress. However, Jackson had been distrusting the bank because before his career, he was damaged by the bank credit.
This leads to the topic, why did Jackson want to destroy the bank? Well first I need to tell you what the second bank was and what kind of roles it played in the economy. They had the power to act exclusively as the federal government's financial agents. The bank did many other things like half federal deposits, made transfers to federal funds between states, and dealt with payments or receipts involving the federal government.
The Indian Removal Act was a law that allowed the president to bargain with Indian tribes in the south of the United States of America for their disposal to federal territory. So it basically forced the indians to move out of their own homes. In 1832, Andrew Jackson vetoed the bill to recharter the bank of the United States of America. In 1835, they went into federal dept, Jackson worked extremely forceful and paid off the whole national debt after he was elected as president again in 1832.
Andrew Jackson vetoed the bill re-chartering the Second Bank in July 1832 by arguing that in the form presented to him it was incompatible with “justice,” “sound policy” and the Constitution. The bank’s charter was unfair, Jackson argued in his veto message, because it gave the bank considerable, almost monopolistic, market power, specifically in the markets that moved financial resources around the country and into and out of other nations. That market power increased the bank’s profits and thus its stock price, “which operated as a gratuity of many millions [of dollars] to the stockholders,” who, Jackson claimed, were mostly “foreigners” and “our own opulent citizens.” He then suggested that it would be fairer to most Americans to create a wholly government-owned bank instead, or at least to auction the Second Bank of the US’s monopoly privileges to the highest bidder.
Andrew Jackson was very against the growth of the new upcoming banking system in the
This national bank, created in 1791 by Alexander Hamilton, was to handle the war debt accumulated from the American Revolution. Jackson opposed this institution because he believed that it gave the federal government too much control. He also believed that this institution catered to the rich. Jackson was representative of the average American, and he wanted to give power to the people, not just the aristocratic population. Henry Clay proposed the rechartering of the Bank of the United States in 1832, and naturally Andrew Jackson vetoed the bill.
Nicholas Biddle He supported Henry Clay fully in his fight to keep the bank of the United States’ charter. He also hated Jacksonians and Andrew Jackson himself. In 1833 Andrew Jackson decided to bury the bank. In a desperate attempt to prove how important the bank was Biddle produced a minor financial catastrophe. 5.
““I have always been afraid of the bank” “Mischief springs from the power which the moneyed interest derives from a paper currency which they are able to control, from the multitude of corporations with exclusive privileges... which are employed altogether for their benefit.” He advises the public to be cautious with paper money, the irony in it is yet another reason why he should not be on the twenty dollar bill. Andrew Jackson gained control over the bank after vetoing the renewal of the bank charter. He was able to seperate the money into state banks, draining the federal bank of all its money. The bank slowly died and the circulation of money increased inflation, causing the money to be worth less.
Jackson believed that the bank was an unjust way for the federal government to have complete control over the American money supply. Because of his conservative opinions, which made him want to limit the power of the federal government, Jackson did not agree with the government having this amount of power, causing him to join several groups made up of bank critics that shared his same opinions. In his attempt to sustain the National Bank system, Jackson vetoed many bills that were created in order to give the government more power of the people’s money. His vetoes pleased many Americans as America was largely made up of conservative people in this era. Jackson knew that if he could “kill” the National Bank, it would leave the power of banking in the hands of the state governments, effectively increasing the amount of influence the people of each state had on their
Accessed October 12, 2015. http://www.digitalhistory.uh.edu/disp_textbook.cfm? smtID=3&psid=3923. “President Jackson 's Veto Message Regarding the Bank of the United States; July 10, 1832.” Yale Law School Lillian Goldman Law Library The Avalon Project.
In document L it states "It sows... the seeds of jealousy and ill-will against the government of which its author is the official head." This means the bank was housed be both senete and house and Jackson didn't want
Jackson 's push to abolish national banks other wise known as "the bank wars" was one of his more well known pushes for small government. In 1832, Jackson had vetoed a bill calling for an early renewal of the Second Bank’s charter, but renewal was still possible when the charter expired
In the document “Jackson Battles the Bank”, it shows Jackson fighting off a monster, or the national bank, with a veto stick. Jackson was fighting to destroy the national bank. He wanted to do this because it favored the rich and not the common people. He was fighting for people to have equal rights. Instead of having no bank at all, he came up with the idea to create state banks which wouldn’t be as powerful as the National Bank.
From what I read and what he said, I thought it sounded like he didn’t want to shut down the United States Bank. And then in Document 5, Webster acted like Jackson should put an end to the bank by saying, “It manifestly seeks to inflame the poor against the rich, it wantonly attacks whole classes of the people, for the purposes of turning against them the prejudices and resentment of the other classes.”