The bank war
The Bank War During the election of 1834 I agree with Andrew Jacksons beliefs on how the United States Bank should be ran. The US Bank focuses too much on the rich citizens and their money, and this doesn’t help the poor. They are out to make the rich richer and the poor poorer. I believe that Andrew Jackson should challenge the US National Bank and place the money in State Banks. This would prevent the privileged class of businessmen to destroy the will of the common people of America. He promised to empower the “common man” of America. I also agree with Jackson on how wanted land to be bought with gold and silver or “hard money” instead of paper money or “soft money”. Jackson removed all federal funds from the Second Bank of the US and placed the money in various state banks known as pet banks. This was the right move because taking the money out of the bank it caused other people to do the same. When there is no more money in the bank people can’t take loans and the bank goes bankrupt. By putting the money in State Banks or “Pet” Banks it gave equal funding to all classes not just the rich like the US Bank did. Jackson wanted to take the power away from the US Bank and give it to the people of America. Andrew Jackson felt that “Hard” money would do better for America than “Soft” money. He thought that the coin was the only safe currency, while state bankers felt its restrained their banks from issuing bank notes freely. This didn’t go well with Jackson because he didn’t like any banks that issued bank notes. He was suspicious of expansion and speculation, but the banks supported rapid economic growth and speculation. The idea of a national bank did not suit the citizens, because it caused many issues like the Panic of 1819 and other economic changes and loan restrictions. Jackson’s Veto Message states that: “There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection,