Andrew Jackson And The National Bank

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it was declared constitutional by the Marshall in 1819 during the
McCulloch vs. Maryland case. This was one of many vetoes made by Jackson
under the executive branch. Even though the charter was vetoed it was
still valid for four more years and since Jackson abhorred the national
bank, he schemed to destroy it by pulling out funds and creating many
state-chartered banks which came to be called, “wild cat” or pet banks.”
This was a bad decision however because these banks’ instability and
failures created a nation-wide hysteria.
There was no limit on the circulation of bank notes and soon the
abundance of currency devalued it. With no choice, Jackson issued the
Specie Circular in 1836. This required the use of only gold and silver in
payment of all public lands. This sudden move created a demand for specie
in many banks, especially in the west. As demand increased, it moved east
also. Jackson left the country in a financially, disasterous state. As if
his financial ...

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