U.S. History: President Andrew Jackson

Inauguration The Mob   Not Elite “Farmer Presdident” First president not from East Coast Elite   Friend of the Ordinary Citizen Strict constructionist Self made man Respect for God’s word Kitchen cabinet.   Concerns over a Central Bank Rechartered in 1816 Had great influence over other banks No constitutional checks and balances. Jackson insisted the idea of national bank violated the Constitution & free enterprise system. Original purpose of national bank was to keep nations money stable and on the gold standard. Western banks had to borrow at hight rates - people demanded Jackson do something. Sold stock to investor (many british) Jackson warned against foreign control    Jackson vs. Nicholas Biddle Branch offices National bank lent to congressmen in exchange for favors Jackson vetoes Bank Charter Bill in 1832 Withdrew nations money from National Bank Biddle called in private loans causing the Panic of 1837 Tried to blame that on Jackson National bank lost charter - Biddle lost power.     Land Speculators Borrowing money, buy land sell for higher price (Gov selling land) Western banks, paper money not backed by gold. Inflation making it near impossible for common man to buy land. Specie Circular All public lands be paid for in gold and silver.   Temporary financial panic but long term stabalization.   During two terms 1) Championed sound money backed by gold 2) Did away with a strong central bank that controlled the nations money supply.