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American History Notes - Term Papers

American History Notes

Period: 5
2/20/14

Chapter 12 Section 4

One American's Story

-Nicholas Biddle was it will be well educated, elite person from a powerful Philadelphia family.

-He was the president of the second national Bank of the United States and Jackson believed that it was a monster corruption. Jackson vowed that he would destroy the bank.

Mr. Biddle's Bank

-The 2nd National Bank was the strongest bank in the US. They held the government's money and issued money. Since Biddle was president he set policies that controlled the country's money.

-Jackson did not like bank because early in his career he lost money through bad financial deals. He thought the bank had too much power, the ...

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had previously voted it as constitutional. He did not rely on the Supreme Court to make the decision.

-Jackson's war on the bank was a big issue in the presidential campaign of 1832. The Republican party called Jackson a tyrant that wanted too much power. The Democrats called Jackson a defender of the people and Jackson won reelection of 1832.

-Jackson tried to destroy the bank before its charter ended. He had government funds deposited in state banks, and Biddle fought back by making it really hard for people to borrow money. This didn't work people supported Jackson and eventually the bank went out of business.

Prosperity Becomes Panic

-Since it was really easy to borrow money people borrowed money to buy land and the economy boomed. But the banks issued too much paper money and that resulted in making money worth less. Jackson tried to fight inflation by making people purchase public lands in the gold or silver.

-After Jackson left office his vice Pres. Martin ...

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PAPER DETAILS

Added: 3/17/2014 05:29:44 PM
Submitted By: Ayeekayyy
Category: American History
Type: Free Paper
Words: 715
Pages: 3

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