Jackson’s Play

Andrew Jackson was one of the most determined people around. He took his bank war extremely serious, rejecting any opposition from congress, his cabinet, and even firing a couple secretary’s of treasury. Jackson saw the bank as his greatest enemy, exclaiming “You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, I will rout you out.” Nicholas Biddle, the president of the Bank, was not going to roll over, making his own statement “This worthy President thinks that because he has scalped Indians and imprisoned Judges, he is to have his way with the Bank. He is mistaken.” Biddle, preparing for Jackson’s attacks, decided to disrupt the economy, causing a financial crisis through loans, and debt. This move was counterproductive, highlighting Jackson’s fears of a central bank being too powerful. The President enacted his plans on October 1st, 1833. Behind congress’ back, he began to place federal funds in 23 “pet banks” instead of the Federal Reserve. Jackson lived up to his famous quote, “The Bank, Mr. Van Burren, is trying to kill me, but I will kill it.”, by ending the reign of the all powerful central bank in the following years.

Andrew Jackson, when asked about his greatest achievement, simply replied, “I Killed the Bank”

http://www.history.com/topics/bank-war

 

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5 thoughts on “Jackson’s Play

  1. Love your posts! Its clear you are painting Jackson in a very positive light. This in interesting because Jackson is our first democratic president, considering his policies on regulating banks, and I always assumed you were very conservative based on what I hear from you in class. Good to learn.

    -Dustin

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  2. I just wonder where did Andrew Jackson get all the money to establish those “pet banks”? So is he like trying to surpass the central bank and gain all the power for himself?

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  3. From what I have read, he was transferring money from the reserves that were controlled by the central bank. Weakening them, and reducing their control over the economy, while placing the power back in the governments hands.

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