Congress passed a charter for a Second Bank of the United States, which Henry Clay himself took part in introducing it. Jackson personally thought the bank was unconstitutional and failed to establish an effective currency. Since the recharter meant that the bank would continue for seven more years and his political opponent Clay took part in establishing it, the president had to do something about it. The bank’s president, Nicholas Biddle, continued to try to stabilize the currency, helped state banks through hardship and expanded the nation’s credit for the next few years. However, it concentrated wealth and power within the economy and Jackson was against that power affecting the common people.
Jackson’s policies regarding land distribution helped our country, as he thought that the land owned by Native Americans would be put to better use by American farmers, with his laws passed leading to massive amounts of fertile land being sold to the American public (Whaples 546-548). Additionally, Jackson’s policies brought with him the abundant use of gold and silver over paper currency, which greatly aided the American economy, as shown by both the increase in money after the end of the Bank of the United States and the economic boom after the Species Circular (Whaples 548-550). Furthermore, perhaps the most important policies expressed by Jackson was shown through his determination to paying off America’s national debt, as through his refusal to borrow money and his stinginess in spending more money, as well as reformations to American laws passed by Congress, Jackson successfully paid off the American national debt and brought forward a surplus of money for the first time in American history (Whaples 552-553). All in all, despite Andrew Jackson bringing much controversy into the White House during his 8 years as the president of the United States, his unique policies greatly aided America’s economy, bringing our country immense economic
Understanding these decisions prove that there were many instances between 1801 and 1809 where the beliefs of Federalist Alexander Hamilton were reflected in the actions of Thomas Jefferson, a
They feared a strong central government, as active opponents of the English government and argued that giving too much power to the federal government could lead to tyranny. Alexander counters Jefferson’s argument stating that the “Elastic Clause” and Amendment X gave Congress the right to make laws that are “necessary and proper” to carry out other powers given to Congress. His argument was the bank could be constitutionally created to help Congress in the tasks that were constitutionally given, such as taxation. Alexander’s views were later accepted and his loose interpretations of “necessary and proper” are still the basis of how laws are passed by Congress
Alexander built the first national bank tafter a lot of criticism from other citizens. He also helped America with their finances. To sum it up, Alexander is a person worth remembering. Alexander Hamilton truly left a legacy as the Outsider. Through his smarts and strategies, Alexander Hamilton showed that he could be strong in a time of great despair.
However, Hamilton, our first secretary of state, Thomas Jefferson usually never agreed with each other, but that didn’t stop Hamilton to create our first National Bank that was submitted on December 14, 1790. Unfortunately, not everybody liked Hamilton’s ideas because in 1804 Hamilton had died. (“Alexander Hamilton”). After Hamilton's death in 1804, Jonathan Dayton who was elected a seat in our first Congress, he still supported “Hamilton’s financial program” and was “pressed for suppression of the Whiskey Rebellion” (“Jonathan Dayton”). In the end, Hamilton showed leadership by creating our first National Bank, fought in our war like Odysseus fought for his men on his journey home from the Trojan, and wrote two-third of our new
Half of the banks had closed their doors, more than twenty percent of the US population was unemployed, and the economy was lacking regulation. ("The Great Depression.") Therefore, President Roosevelt wanted to bring stability to people’s lives and the economy. Stating “I pledge you, I pledge myself, to a new deal for the American people.”("Franklin D. Roosevelt.")
The United States of America, where people go to find their dream; or at least what most are told. Both Benjamin Franklin and Frederick Douglass have impacted the concept of the American Dream in distinctive ways. Although they both have written autobiographies and objectives of how to achieve the dream, they differ in many ways. They intended to reach out to the readers and allow them to view the success that can be achievable, even if they do not feel it is possible. These two wise men impacted the future of America; citizens were capable of finding hope through all the pain and suffering growing at the time.
But during the Gilded Age, individual personal savings increased creating new types of businesses to capture and make available savings to additional business borrowers—commercial banks, and savings banks both delivered new ways for accumulating and dispensing the capital needed to fuel American economic growth. JP Morgan, prominent banker during the Gilded Age reorganized many bankrupt railroads and industrial companies. He assembled U.S. Steel, the world 's first billion-dollar corporation, and helped establish International Harvester and General Electric. In fact, in 1860, the nation 's total wealth was 16 billion dollars, by 1900, it was 88 billion dollars. Morgan used his ambitious persona to help stabilize American financial markets during several economic crises, including the panic of 1907.
The government would tend to relying on borrowing from other foreign country when they faced a budget deficit. The crowding out effect started which would cause a huge burden to the country that is government did not allocate enough money for public goods and services, which will influence the economic growth. The country will have a wider deficit and higher debt pressure. (Ingram, n.d.) In conclusion, should the federal budget always be balanced? To sum up all the points above, I would to say that the federal budget should always be balanced, based on the many advantages that have been discussed above.