Inauguration
Not Elite
Friend of the Ordinary Citizen
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.