4. The National Bank Debate
8
Nicholas Biddle President Jackson 4. The National Bank Debate
description
4. The National Bank Debate. President Jackson. Nicholas Biddle. Issues over the Bank. “ Hard ” (specie) $. “ Soft ” (paper) $. felt that coin was the only safe currency. didn ’ t like any bank that issued bank notes. suspicious of expansion & speculation . - PowerPoint PPT Presentation
Transcript of 4. The National Bank Debate
NicholasBiddle
PresidentJackson
4. The National Bank Debate
“Soft”(paper) $
“Hard”(specie) $
3 state bankers feltit restrained theirbanks from issuingbank notes freely.
3 supported rapid economic growth & speculation.
Issues over the Bank
3 felt that coin was
the only safecurrency.
3 didn’t like any bankthat issued banknotes.
3 suspicious of expansion &speculation.
The Monster is Destroyed
• “Pet Banks”• 1832 Jackson vetoed the extension of the
2nd National Bank of the United States.• 1836 the charter expired.• 1841 the bank went bankrupt! Now serves as the Federal Reserve
The Legacy of Andrew Jackson
1836 Election Results
The Specie Circular (1836)
Speculators created “wildcat banks” that fueled the runaway inflation.
So, buy future federal land only with gold or silver. This move shocked the system.
Jackson’s goal to curb the land speculation.
Result of the Specie Circular
$ Banknotes loose their value.$ Land sales plummeted.$ Credit not available.$ Businesses began to fail.$ Unemployment rose.
Conclusions of Jackson
A “democratic autocrat” No rights for:
Women Slaves
Harm to Native Americans
![NATIONAL SPEECH AND DEBATE · NATIONAL SPEECH AND DEBATE EDUCATION DAY — MARCH 2, ... Hold an ASSEMBLY, OPEN HOUSE, ... [School Name/Speech and Debate Team] ...](https://static.fdocuments.us/doc/165x107/5ac73ab77f8b9a220b8e93c9/national-speech-and-debate-speech-and-debate-education-day-march-2-hold.jpg)
