Andrew Jackson's War With the 2nd Bank of the U.S (Essay Sample)

Andrew Jackson’s War With the 2nd Bank of the U.S
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Andrew Jackson’s War With the 2nd Bank of the U.S
In 1816, the 2nd Bank of the U.S. was chartered for a term of 2 decades. The limitation of time reflected the interests of a majority in the Congress regarding the concentration of economic power within a private organization. The United States Bank was a store for paid national debts and federal funds although it was accountable only to its stockholders and directors and never to the electorate (Heffner, 2002).
On this date in 1833, Andrew Jackson (the president) declares that the government would no longer utilize the 2nd Bank of the U.S., the national depository of the country. He then made use of his executive authority to remove every federal fund from the bank or depository, in the final round of what is called the “Bank War.” A national depository had initially been created by Alexander Hamilton and George Washington in1791 to act as a central bank for federal funds.
The 2nd Bank of the U.S. was established in 1816; 5 years after the first charter of this bank had expired. Conventionally, the depository had been managed by a directors’ board with links to manufacturing and industry, and thus was inclined toward the industrial and urban northern states. Andrew Jackson, the frontiersman’s epitome, resented the lack of funding of the bank for expansion in the unsettled Western states. He objected the unusual economic and political influence of the bank and to the absence of congregational supervision over its commercial dealings (Taylor, 1972).
Andrew Jackson, known to be brutish and obstinate but a person of the common individuals, ordered for a scrutiny into the bank’s political agendas and policies as fast as he settled into the White House. To him, the bank was a symbol of how fortunate class of capitalists oppressed the will or consciousness of the common Americans. He made apparent that he planned challenging the bank’s constitutionality, much to its supporter’s horror. In response, the bank’s director, Nicholas Biddle, activated his own political influence, turning to Congress members, including the influential Senator of Kentucky Henry Clay and popular capitalists sympathetic to the depository, to fight Andrew Jackson (Faragher, Buhle, Czitrom, & Armitage, 2009).
Later in the year, Jackson stated his argument against the depository in an address to Congress. To his disappointment, its members generally accepted that the depository was actually constitutional. Still, debate over the depository remained over the next 3 years. The divisiveness, in 1932, caused a split in Andrew Jackson’s cabinet. That similar year the stubborn president banned Congress’ attempt of drawing up a fresh charter for the depository. All of this happened during his effort for re-election; the future of the bank was the crucial point of a ...