President Jackson's Policy Toward The Second Bank Of The United States

Banking system is essential in our economics to maintain an effective circulation of money. The bank has functions for regulation of currency to aid strong economy. Distribution of the money is crucial to promote construction of the nation and prevention of bankruptcies. In our modern economic structure is supported and developed by the banking system. However, there was a period that the national bank was shut down by the government the consequence of the bank war. In the presidential election of 1832, the existence of the national bank is a huge topic because the second bank of the United States would expire its charter at 1836. The president Andrew Jackson won the election and he accused the bank. The citizens supported Jackson’s policy toward the second bank of the United States that Jackson insisted to finish the bank. The biggest question is how the President Jackson persuaded the citizens. The major three reasons the bank should finished is that the huge power of the bank, foreign

Jackson mainly blamed the huge power of the bank, large number of the foreign stakeholders, and corruption of the bank. He did not much discuss about difficult finance theory or the actual economic effect of the bank. The moral aspect of the discussion generally has stronger impact compared to logical reasoning. Moreover, the educational standard was not high as 21st century, and the industry and economy were also not developed well. The theory of the monetary policy was not widely understood. Nicholas Biddle’s strategy was not effective enough to defend the bank. The citizens and politicians seemed to be obsessed with the corruption and power of the bank. Nicholas Biddle failed over the bank war because he focused heavily on the difficult topic. Also, the bank did not establish strong internal government system within the