“I will kill it!” Andrew Jackson’s Stand against The Second National Bank

Naomi Mathew

Senior Division

Historical Paper

2,430 words

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Political figures frequently talk of fighting corruption. During the 2016 election cycle,

Americans heard pledges to take on Wall Street1 and “Drain the Swamp.”2 Yet, how often do

such promises become actions? While President, Andrew Jackson waged war against what he

viewed as the most corrupt political machine of his day: The Second National Bank of the United

States. Jackson’s political stand against the bank became a struggle to the death against central

banking and elitism, and carries a legacy of inspiration for fighting corruption in modern times.

From Humble Beginnings

Orphaned at a young age, Andrew Jackson taught himself law and moved to Nashville in

1787. He ascended into politics, first serving as a delegate to the Tennessee constitutional

convention in 1795, then as a congressman, a senator, and eventually the general of the state

militia. In 1791, he fell in love with and married Rachel Donelson. Rachel had separated from

her first husband, but did not obtain an official divorce until 1794. This later would haunt both

Rachel and Andrew throughout his presidential campaigns.3

The War of 1812 transformed Jackson into a national hero. During the Battle of New

Orleans, his ragtag force of Americans decimated the British. Although the war had officially

ended two weeks earlier, Jackson’s incredible victory caused the nation to idolize him as the new

George Washington.4

The War of 1812 brought about both Jackson’s stardom and the Second National Bank.

After the war with Britain, the economy was in shambles, and the US was in debt. In April of

1 Sanders, Bernie. "Bernie Sanders’ Wall Street and economy speech." New York. 5 Jan. 2016. Market Watch. Web. 3 Mar. 2017. 2 Trump, Donald. “President Trump Rally in Melbourne, Florida." C-SPAN. 18 Feb. 2017. Web. 1 Apr. 2017. 3 "Andrew Jackson: Life before the Presidency." Miller Center. N.d. Web. 20 Feb. 2017. 4 ibid.

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1816, President Madison signed the bank into law. The Second National Bank was given a

twenty year charter, set to expire in 1836.5 Its duties were to provide a national currency, serve as

a depository for federal funds, control inflation, give loans, and meet interest payments on the

national debt.6

At the urging of countless Americans, Jackson ran for president in 1824. Although he

won the popular vote, neither Jackson nor John Quincy Adams or Henry Clay received an

electoral majority. The election went to the House, where Clay allegedly threw his support

behind Adams in exchange for the position of Secretary of State.7, 8 Jackson lost the presidency

and was infuriated, labelling Clay “The Judas of the West,” and vowed that, “his end will be the

same.”9

In 1828 Jackson again ran for president. The Jacksonians accused Adams of being a

monarchist and of having worked as pimp for the Russian Czar while minister to Russia.10

Adam’s supporters portrayed Jackson as a murderer11 and viciously attacked Rachel Jackson,

labelling her as an adulteress and bigamist.12 Jackson won the presidency, yet the victory was

bittersweet. Throughout Jackson’s campaign, Rachel’s health had been declining. The attacks on

5 Hill, Andrew. "The Second Bank of the United States - A detailed essay on an important event in the history of the Federal Reserve." Federal Reserve History. N.d. Web. 20 Feb. 2017. 6 Lane, Carl. A Nation Wholly Free: The Elimination of the national debt in the Age of Jackson. Yardley: Westholme, 2014. Print. p. 87. 7 "Address, adopted at the meeting of the Friends of Gen. Jackson, in Gettysburg, on the 27th of September, 1828." Gettysburg Adams Sentinel 15 Oct. 1828: 4. Badgerlink. Web. 1 Apr. 2017. 8 "Hampden - No. VI." Washington National Intelligencer [Washington DC] 1 Oct. 1827: 2. Badgerlink. Web. 1 Apr. 2017. 9 Lewis, William Berkeley, and Andrew Jackson. Andrew Jackson to William Berkeley Lewis, February 14, 1825. 1825. Manuscript/Mixed Material. Retrieved from the Library of Congress, <https://www.loc.gov/item/maj024215/>. 10 Lane, op. cit., p. 67-68. 11 Binns, John “Some account of some of the bloody deeds of General Jackson” 1828. Library of Congress. Web. 1. Apr. 2017. 12 “First Lady Biography: Rachel Jackson” National First Ladies’ Library n.d. Web. 1 Apr. 2017.

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her character by her husband’s political opponents exacerbated her stress and depression, which

worsened her heart condition. On December 22, 1828, Rachel Jackson died; Andrew Jackson

blamed her death on his political foes.13

The Bank War begins

The brokenhearted Jackson entered Washington ready to rid the government of

corruption, and, to Jackson, the Second National Bank was a “monster of corruption.”14 Since his

early life, Jackson had been suspicious of banks and paper money. Decades earlier, he had

accepted paper notes in exchange for land he sold, but after the buyers went bankrupt, the paper

money became worthless. From that moment onward, Jackson held a deep fear of banks.15

In 1829, President Jackson met with the bank’s president, Nicholas Biddle. Unlike the

self-taught Jackson, Biddle received a degree from the elite Princeton University at fifteen years

old. He then practiced law and state politics in Pennsylvania until appointed to the bank’s board

in 1821. 16 Biddle came to Jackson with a plan for paying off the national debt, hoping to win

Jackson’s favor.17 President Jackson responded bluntly by saying he didn’t believe Congress had

the authority to charter a bank within a ten-mile radius of Washington DC. “I do not dislike your

Bank any more than all banks,” Jackson told Biddle.18

13 "Rachel | Andrew Jackson's Wife and Love of His Life." The Hermitage. N.d. Web. 03 Mar. 2017. 14 Jackson, Andrew. “Andrew Jackson to Amos Kendall, July 8, 1834” Library of Congress. Web. 3 Apr. 2017. 15 Hill, op. cit. 16 Beschloss, Michael R. “Presidential Courage: Brave Leaders and How They Changed America, 1789-1989.” New York: Simon & Schuster Paperbacks, 2007. Print. p. 129. 17 Feller, Daniel “King Andrew and the Bank” 2008. The National Endowment for the Humanities. Web. 1 Apr. 2017. 18 Biddle, Nicholas. “The Correspondence of Nicholas Biddle Dealing with National Affairs 1807-1844.” Ed. Reginald C. McGrane. Boston: Houghton Mifflin Company, 1919. Web. 20 Feb. 2017. p. 93.

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Soon after his meeting with Biddle, Jackson used his first message to Congress to

denounce the bank as an unconstitutional entity that failed to maintain a sound currency.19 In

response, Congressmen assigned Biddle to write the official report on the bank’s transparency

and lack of corruption or political motive. The report was then disseminated throughout the

country using funds from the bank.20

Upon publication of Biddle’s report, President Jackson demanded the newspapers aid him

in his war against the bank. One of his advisers founded The Globe, a Jacksonian paper to help

spread his message. In 1830, Jackson asked Congress to merge the US Treasury with the bank to

stop it from lending money or buying property. This convinced Biddle that Jackson wanted to

destroy the bank. 21

Though worn from his first term in office, Jackson decided to pursue a second term as

President. Because of the bank’s influence on the press, the safest way for Jackson to insure his

re-election would be to stop antagonizing the bank. In 1831, the Treasury Secretary went to

Biddle and attempted to arrange a truce, pledging that if Biddle held off his fight until after the

election, the Secretary would convince Jackson to re-charter the bank. However, when President

Jackson learned of the secret deal, he was infuriated and declared he would veto the bank if

Congress re-chartered it.22

19 Jackson, Andrew. "First Annual Message," December 8, 1829. The American Presidency Project. Web. 1. Apr. 2017. 20 Beschloss, op. cit., p. 134-135. 21 Ibid., p. 135-136. 22 Ibid., p. 137-139.

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The National Republicans named Henry Clay their 1832 nominee for President.23 While

he was in congress, Clay was a champion of Biddle’s bank, serving as its director and counsel.

Additionally, he recently took a $5,000 loan from Biddle. Hoping to make the bank the main

issue of the race, Clay urged Biddle to apply for a new charter as soon as possible. If Jackson

dared veto it, it could hurt his political future. Biddle took his advice.24 On the subject of a bank

veto by Jackson, Biddle informed a Democratic congressman: “I will not say that it will destroy

him – but I certainly think it will & moreover I think it ought to.” 25

Yet Jackson remained firm in his stance against the bank; at this point the bank was

openly siding with Jackson’s political opponents, the same enemies he held responsible for

Rachel’s death. For Jackson, the battle had evolved beyond mere politics and into a struggle for

survival. To his running mate, Jackson declared, “The bank, Mr. Van Buren, is trying to kill me,

but I will kill it!”26 Compromise was no longer an option for Jackson.

The Bank Veto

In his veto message to Congress, Jackson attacked the bank for both its foreign ties and

corrupt stockholders. He asked what would happen if America went to war with another country,

since foreigners owned over a quarter of the bank stock. “If we must have a bank with private

stockholders,” Jackson argued, “it should be purely American.”27 Additionally, the twenty bank

directors that were not appointed by the government were chosen by the non-foreign

23 Journal of the National Republican Convention: which assembled in the city of Baltimore, Dec. 12, 1831, for the nominations of candidates to fill the offices of president and vice president. Washington: Printed at the office of the National Journal, 1831. Library of Congress. Web. 1 Apr. 2017. p. 8-9. 24 Beschloss, op. cit., p. 141. 25 Biddle, op. cit., p. 180-181. 26 Van Buren, Martin. The autobiography of Martin Van Buren. Washington: Govt. Print Off., 1920. Web. 20 Feb. 2017. p. 625. 27 Jackson, Andrew. "July 10, 1832: Bank Veto." 10 July 1832. Web. 20 Feb. 2017.

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stockholders: a group made up of the richest class in America. This kept financial power in the

hands of a few elite citizens.28

Jackson also attacked the bank on constitutional grounds. The Supreme Court case,

McCulloch v Maryland, established the constitutionality of the bank by noting Congress found it

“necessary and proper”,29 but Jackson disagreed. Re-authorization of the bank’s charter was not

“necessary and proper,” according to the president.30

In the past, Jackson had charged the bank with “gross abuse and violation of its

charter.”31 There was evidence to prove the bank had been “buying” congressmen and newspaper

editors.32 “It is to be regretted that the rich and powerful too often bend the acts of government to

their selfish purposes.” President Jackson argued in his veto message that the government was

meant for equal protection, and, “If we can not at once. . . make our government what it ought to

be, we can at least take a stand against all new grants of monopolies and exclusive privileges,

against any prostitution of our Government to the advancement of the few at the expense of the

many,”33

Jackson’s stand was met with passionate reactions. The Pittsburg Manufacturer

applauded Jackson’s veto of the “vampire (misnomered The U.S. Bank,) on our country’s

prosperity,” and declared that, “A war must rage betwixt the aristocracy and the people”.34 Pro-

28 Jackson, "July 10, 1832: Bank Veto." op. cit. 29 Gormley, Ken. The Presidents and the Constitution: A living history. New York: New York U Press, 2016. Print. p. 107. 30 Jackson, "July 10, 1832: Bank Veto." op. cit. 31 Ibid. 32 Beschloss, op. cit., p. 145. 33 Jackson, "July 10, 1832: Bank Veto." op. cit. 34 “From the Pittsburg (Pa.) Manufacturer. U.S. Bank – President’s Veto.” Washington Globe 20 July. 1832. Badgerlink. Web. 1 Apr. 2017.

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Clay newspaper editorials branded Jackson with titles such as “Chief Magistrate”35 and

“Dictator”36. Biddle spent $100,000, the equivalent of $2.3 million today, attacking Jackson in

the papers. 37 Despite Biddle’s assaults, Jackson’s popularity with the people won him re-

election. He viewed his victory as the country’s endorsement of his fight against the bank.38

Jackson continued his battle during his second term. In 1833, President Jackson ordered

all funds from the National Bank be placed into state banks. 39 Jackson’s expansion of executive

power in this act earned him the nickname “King Andrew the First” among political opposition

(See Appendix A)40 and may have sparked the failed assassination attempt on his life.41 The bank

fought Jackson’s decision by curtailing loans in an attempt to damage the economy, but this only

served to legitimize Jackson’s argument that the bank was an irresponsible institution. 42 His

supporters depicted Jackson heroically battling “the many headed monster” (See Appendix B,

C).43, 44 When the bank’s federal charter expired in 1836 and was reduced to a Pennsylvania

state bank, the monster had been destroyed.45

35 “The Presidential Election. No. 7” Indianapolis Indiana Journal 13 Oct. 1832: 1. Badgerlink. Web. 2 Apr. 2017. 36 “Presidential Election – No. VII.” Washington National Intelligencer 6 Sept. 1832: 2. Badgerlink. Web. 2 Apr. 2017. 37 Beschloss, op. cit., p. 154-155. 38 "Andrew Jackson: Campaigns and Elections." Miller Center. N.d. Web. 3 Mar. 2017. 39 Hill, op. cit. 40 “King Andrew the First” 1833. Library of Congress. Web. 1 Apr. 2017. 41 Brammer, Robert. ““I’ll be damned if I don’t do it!”: The Failed Assassination Attempt on President Andrew Jackson” 16 Jan. 2014. Library of Congress. Web. 3 Apr. 2017. 42 Feller, op. cit 43 Robinson, Henry R. “General Jackson slaying the many headed monster” 1836. Library of Congress. Web. 1 Apr. 2017. 44 Bisbee, Ezra. “Political Quixotism shewing the consequences of sleeping in patent magic spectacles The diplomatic Hercules, attacking the poitical hydra” 1833. Library of Congress. Web. 1 Apr. 2017. 45 Feller, op. cit.

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The Aftermath

Unfortunately, the initial impact of Jackson’s actions was chaos. One year after the

National Bank closed, the Panic of 1837 occurred. Although many factors are responsible for the

crisis, the perceived reckless management of state banks has been cited as one cause. The crash

had a deep effect on the country: 39,000 Americans went bankrupt and 741 million dollars were

lost. The effects of the crisis also spread to Britain.46

The system of banking that arose from Andrew Jackson’s defeat of the Second National

Bank has been dubbed, “Decentralization without freedom.”47 For twenty-six years after 1837,

banking had no national oversight and was left to the states. However, in certain states this

merely shifted corruption from the federal level to the state level. State banks could only legally

operate with a charter from their state legislature, therefore issuing state bank charters became a

political move. Jackson’s own vice president, Martin Van Buren, had previously taken advantage

of this system. Van Buren and his political group known as the Albany Regency would

exclusively grant charters to political allies. In return, these banks would support them

financially.48

The populist, anti-establishment sentiment that once gave Jackson the presidency led

some states to pass “Free banking laws.”49 Under these laws, banks could operate without a state

charter but still had to comply with many regulations. For example, these banks were prohibited

from branching across state lines and, in some states, were banned from branching at all. As a

46 Armstrong, Martin. "Panic of 1837." Panic of 1837 | Armstrong Economics. N.d. Web. 20 Feb. 2017. 47 Smith, Vera. The Rationale of Central Banking and the Free Banking Alternative. Indianapolis: Liberty Press, 1990. Web. 3 Mar. 2017. p. 42. 48 Wallis, John. "The Concept of Systematic Corruption in American Political and Economic History." National Bureau of Economic Research (2004): Web. 03 Mar. 2017. p. 25-26. 49 Selgin, George. The theory of free banking: money supply under competitive note issue. Lanham: Rowman & Littlefield Publishers, 1988. Web. 03 Mar. 2017. p. 13.

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result, when banknotes traveled far from their origin, they became worthless. Additionally,

individuals struggled to track the differing currency values. Other regulations required banks to

hold an equal amount of state bonds to banknotes. These bonds were illiquid investments for the

banks, often preventing them from keeping enough specie to redeem their banknotes when

needed.50

The free banking era has been characterized as a time rife with “wildcat bankers” and

abuse. While problems existed, they are often exaggerated.51 In a study of four free banking

states, it was found that only sixteen percent of banks closed in less than a year, and the average

lasted over five years (and were therefore not wildcat banks).52 Those that did close were often

able to redeem their notes at full, or nearly full value.53 In reality, many of the banking troubles

came not from dishonest speculators but from market forces lowering the prices of state bonds.54

Banking after the Second National Bank was not as hazardous as once thought, and problems

stemmed from Jackson decentralizing banking but failing to secure banking freedom.

The free-banking era ended when the National Banking Act was passed in 1863 to create

national banks and encourage a national currency55 and in 1913, the current United States central

bank, the Federal Reserve, was created.56 However, Jackson’s financial legacy lives on. The

50 Wells, Donald. "Banking Before the Federal Reserve: The U.S. and Canada Compared" Foundation for Economic Education. 01 June 1987. Web. 03 Mar. 2017. 51 Rolnick, Arthur and Warren Weber. “The Free Banking Era: New Evidence on Laissez-Faire Banking” Federal Reserve Bank of Minneapolis Research Report 80. May 1982. Web. 3 Apr. 2017. p. 18 52 Ibid., p. 13 53 Ibid., p. 18 54 Rolnick, Arthur and Warren Weber. “Free Banking, Wildcat Banking, and Shinplasters” Federal Reserve Bank of Minneapolis Quarterly Review. vol.6, No.3. Fall 1982. Web. 3 Apr. 2017. p. 18. 55 Office of the Comptroller of the Currency. "Office of the Comptroller of the Currency: A Short History." US Department of the Treasury. 2011. Web. 03 Mar. 2017. 56 Hill, op. cit.

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creators of the Federal Reserve looked at the faults of the Second National Bank while designing

the new central bank.

A Lasting Legacy

Jackson had fought against the Hamiltonian bank system which was designed to operate

“under a private not a public direction.”57 To avoid past mistakes, Federal Reserve architects

created a system that was both public and privately controlled.58 To prevent financial power from

accumulating and benefiting in only one area of the country, the Federal Reserve Act made

twelve regional banks that would be overseen by a board in DC.59 Finally, because the Second

National Bank had been “destroyed as a matter of party policy,” it was imperative that the

Federal Reserve be strictly non-partisan.60

Movements mirroring Jackson’s battle against the bank cover all sides of the political

spectrum. In 2011, Occupy Wall Street formed, bringing anti-banking sentiment to the forefront

of American political life. Protesters even attempted to take down the Bank of America and other

banks that had been bailed out by the US government.61 Campaigns to end the Federal Reserve

exist currently; US Senator Rand Paul is leading a charge to ‘Audit the Fed,’62 and Dr. Ron Paul

57 Hamilton, Alexander. “Final Version of the Second Report on the Further Provision Necessary for Establishing Public Credit (Report on a National Bank)” 13 Dec. 1790. National Archives. Web. 3 Apr. 2017. 58 Powell, Jerome. “America's Central Bank: The History and Structure of the Federal Reserve” Federal Reserve. 28 Mar. 2017. Web. 3. Apr. 2017. 59 Davies, Phil. “The “Monster” of Chestnut Street” The Federal Reserve Bank of Minneapolis. 1 Sep. 2008. Web. 3 Apr. 2017. 60 “Keep Banks Free, Aldrich Advises” New York Times. 7 Nov. 1909. Web. 3. Apr. 2017. 61 Flock, Elizabeth. "National Occupy Wall Street plans to ‘take down’ Bank of America." The Washington Post. 9 Apr. 2012. Web. 3 Mar. 2017. 62 Schroeder, Peter. "'Audit the Fed' bill gets new push under Trump." The Hill. 4 Jan. 2017. Web. 3 Mar. 2017.

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champions a total end of the Federal Reserve.63 Supporters of these movements would do well to

learn from Jackson’s actions and not simply shift tyranny from the federal level to the state level.

The timeless promise to fight government corruption remains today. Most notable is

President Donald Trump’s oath to “Drain the Swamp.”64 It is possible for the current President to

draw inspiration from former President Jackson’s battle, and Trump has hung Andrew Jackson’s

portrait in the Oval Office.65 Whether this signifies a genuine fight against corruption or is

merely a public relations stunt is a question for future historians to decide.

Conclusion

Andrew Jackson viewed his stand against the Second National Bank as a life-or-death

struggle in which he battled the elite for the common good. His war was successful and the bank

was destroyed. For twenty-six years, there was total decentralization of banking, and the United

States survived over seventy-five years without a central bank. However, the initial impact of

Jackson’s actions was financial chaos. Corruption shifted to different levels of government, and

with banking left to the states it became “decentralized without freedom.” Nevertheless, the

legacy of Jackson’s stand continues to this day, both in our financial system and in the spirit of

all who continue to stand against central banking, elitism, and corruption.

63 Paul, Ron. End the Fed. New York, N.Y. Boston: Grand Central Publishing, 2010. Print. 64 Trump, op. cit. 65 Greenwood, Max. "Trump hangs portrait of Andrew Jackson in Oval Office." The Hill. 25 Jan. 2017. Web. 3 Mar. 2017.

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Appendix A

“King Andrew the First” Library of Congress. 1833. Web.

A picture dated around fall 1833, most likely in response to the President’s order to remove all

funds from the Second National Bank. Because Jackson acted without the approval of Congress,

some accused him of acting like a Monarch.

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Appendix B

Robinson, Henry R. “General Jackson slaying the many headed monster” Library of Congress. 1836. Web.

A political cartoon, depicting Andrew Jackson, Martin Van Buren, and Jack Downing slaying the

bank, which is portrayed as a monster made up of the heads of its supporters. Jackson’s cane is

marked: “Veto.”

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Appendix C

Bisbee, Ezra. “Political Quixotism shewing the consequences of sleeping in patent magic spectacles The diplomatic

Hercules, attacking the poitical hydra” Library of Congress. 1836. Web.

A political cartoon in which Jackson fighting the Second National Bank is depicted as Hercules

fighting the Hydra.

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Annotated Bibliography

Primary Sources

"Address, adopted at the meeting of the Friends of Gen. Jackson, in Gettysburg, on the 27th of

September, 1828." Gettysburg Adams Sentinel, 15 Oct. 1828: 4. Badgerlink. Web. 1 Apr.

2017.

An address published as an article on October 15, 1828. In this address, Jackson’s

supporters attack John Adams for offering Clay the position of Secretary of State in

exchange for his support in the previous presidential election. I used this article to learn

of the belief that there was a “corrupt bargain” between Adams and Clay in 1824 which

gave Adams the presidency.

Biddle, Nicholas. “The Correspondence of Nicholas Biddle Dealing with National Affairs 1807-

1844.” Ed. Reginald C. McGrane. Boston: Houghton Mifflin Company, 1919. Web. 20

Feb. 2017.

A book which contains the letters of Nicholas Biddle. I used it to learn about the meeting

between Biddle and President Jackson in which they discuss the Second National Bank,

and where Biddle discusses the impact that a bank veto would have on Jackson.

Binns, John. “Some account of some of the bloody deeds of General Jackson” Library of

Congress. 1828. Web. 1. Apr. 2017.

A handbill popular during the 1828 presidential campaign created by John Binns, a

Republican editor, showing pictures of coffins and describing the alleged murder of six

militiamen (as well as other soldiers and Indians) by Jackson during the Creek War in

1813. I used this source as an example of the mudslinging against Jackson by Adams

supporters.

Bisbee, Ezra. “Political Quixotism shewing the consequences of sleeping in patent magic

spectacles The diplomatic Hercules, attacking the poitical hydra” Library of Congress.

1836. Web. 1 Apr. 2017.

A picture showing Andrew Jackson as Hercules, fighting the bank which is depicted as a

hydra. I used this to illustrate how Jackson’s supporters viewed him and his crusade

against the bank.

Flock, Elizabeth. "National Occupy Wall Street plans to ‘take down’ Bank of America." The

Washington Post. 9 Apr. 2012. Web. 3 Mar. 2017.

A newspaper article detailing how the Occupy Wall Street movement planned to end the

Bank of America. I used this article to learn about the Occupy movement's anti-banking

sentiment.

16

“From the Pittsburg (Pa.) Manufacturer. U.S. Bank – President’s Veto.” Washington Globe 20

July. 1832. Badgerlink. Web. 1 Apr. 2017.

A pro-Jackson newspaper article relating to Jackson’s veto of the bank. I used this article

to show the excitement of Jackson’s supporters after his veto, and the quote comparing

the bank to a “vampire” is from this source.

Greenwood, Max. "Trump hangs portrait of Andrew Jackson in Oval Office." The Hill. 25 Jan.

2017. Web. 3 Mar. 2017.

This article describes Donald Trump hanging a portrait of Andrew Jackson in the Oval

Office. I used this information as an example of Trump possibly drawing inspiration from

Jackson’s legacy.

Hamilton, Alexander. “Final Version of the Second Report on the Further Provision Necessary

for Establishing Public Credit (Report on a National Bank)” 13 Dec. 1790. National

Archives. Web. 3 Apr. 2017.

In this report, Alexander Hamilton argues for the establishment of a national bank. I took

information and a quote from this report about how a Hamiltonian style central bank

would function.

"Hampden - No. VI." Washington National Intelligencer [Washington DC] 1 Oct. 1827: 2.

Badgerlink. Web. 1 Apr. 2017.

This newspaper article critically examines the idea of a “corrupt bargain” between John

Adams and Henry Clay during the 1824 election. This article was used to show the belief

that Adams and Clay conspired together to keep Jackson out of the presidency.

Jackson, Andrew. “Andrew Jackson to Amos Kendall, July 8, 1834” Library of Congress. 1834.

Web. 3 Apr. 2017.

This is a letter from Jackson to Amos Kendall, in which Jackson expresses optimism on

the subject of his fight against the bank. I took the quote about the bank being a “monster

of corruption” from this letter.

Jackson, Andrew. "First Annual Message," The American Presidency Project. 8 Dec. 1829. Web.

1. Apr. 2017.

Andrew Jackson’s first message to Congress. In this message Jackson claims the bank

has failed to establish sound currency and questions the bank’s constitutionality. I used

this message to show Jackson’s dislike for the bank from the start of his term.

Jackson, Andrew. "July 10, 1832: Bank Veto." 10 July. 1832. Web. 20 Feb. 2017.

The message President Andrew Jackson delivered when he vetoed a bill to re-charter the

Second National Bank of the United States. This speech was used to explain Jackson's

arguments against the bank, and several quotes were taken from it.

17

“Journal of the National Republican Convention: which assembled in the city of Baltimore, Dec.

12, 1831, for the nominations of candidates to fill the offices of president and vice

president.” Washington: Printed at the office of the National Journal, 1831. Library of

Congress. Web. 1 Apr. 2017.

This book documents the events of the National Republican Convention of 1831. I used

this source to gain information on the nomination of Henry Clay for president.

“Keep Banks Free, Aldrich Advises” New York Times. 7 Nov. 1909. Web. 3. Apr. 2017.

A newspaper article from 1909, in which Senator Aldrich, a designer of the Federal

Reserve, explains his plan for a central bank. I used this article to illustrate how the

creators of the Federal Reserve believed it was necessary that their new central bank be

non-partisan, and that the Second National Bank had been destroyed by partisan politics.

“King Andrew the First” Library of Congress. 1833. Web. 1 Apr. 2017.

A political cartoon from 1833, depicting Andrew Jackson as a monarch. I used this to

illustrate how Jackson’s political opponents viewed him as a king for his expansion of

executive power.

Lewis, William Berkeley, and Andrew Jackson. “Andrew Jackson to William Berkeley Lewis,

February 14, 1825.” 1825. Manuscript/Mixed Material. Retrieved from the Library of

Congress, <https://www.loc.gov/item/maj024215/>.

A letter written by Andrew Jackson in the aftermath of the 1824 election, in which he

describes his feelings toward his opponent Henry Clay. I used quotes from letter to

illustrate Jackson’s disgust at the election results.

Paul, Ron. “End the Fed.” New York, N.Y. Boston: Grand Central Publishing, 2010. Print.

A book written by Ron Paul about the Federal Reserve and the rationale for ending it. I

used this book to learn about Ron Paul's desire to end the Federal Reserve.

“Presidential Election – No. VII.” Washington National Intelligencer 6 Sept. 1832: 2.

Badgerlink. Web. 2 Apr. 2017.

In this newspaper article, National Republicans denounce Jackson for his recent actions.

Part of it reads, “Nay, upon the principles of the late Veto Message and Gwins

appointment the Constitution is gone! It is a dead letter, and the will of a Dictator is the

Supreme Law!” I used this newspaper to show the attitude towards Jackson after his bank

veto.

Robinson, Henry R. “General Jackson slaying the many headed monster” Library of Congress.

1836. Web. 1 Apr. 2017.

A picture showing Andrew Jackson fighting the bank, depicted as a many headed

monster. I used this to show how Jackson’s political supporters viewed him as a hero.

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Sanders, Bernie. "Bernie Sanders’ Wall Street and economy speech." New York. 5 Jan. 2016.

Market Watch. Web. 3 Mar. 2017.

A speech given by the Democratic Candidate Bernie Sanders while he was campaigning

for president in 2016. In this speech Sanders promises to reform Wall Street. I used this

as an example of politicians promising to reform Wall Street.

Schroeder, Peter. "'Audit the Fed' bill gets new push under Trump." The Hill. 4 Jan. 2017. Web.

3 Mar. 2017.

An article describing Rand Paul's legislation to audit the Federal Reserve. I used

information from this article as evidence of Rand Paul's current fight against the Federal

Reserve.

“The Presidential Election. No. 7” Indianapolis Indiana Journal 13 Oct. 1832: 1. Badgerlink.

Web. 2 Apr. 2017.

This newspaper article, originally from the National Intelligencer, condemns Jackson for

his veto of the bank. It claims that if Jackson is re-elected, “we shall have a Chief

Magistrate exercising, for nearly five years to come, a more than monarchial authority.” I

used this article to illustrate the feelings towards President Jackson after his bank veto.

Trump, Donald. “President Trump Rally in Melbourne, Florida." C-SPAN. 18 Feb. 2017. Web. 1

Apr. 2017.

In this speech, Donald Trump promises to “Drain the swamp.” I used a quote from this

speech as evidence of political promises to fight corruption (“Drain the swamp”).

Van Buren, Martin. “The autobiography of Martin Van Buren.” Washington: Govt. Print Off.,

1920. Web. 20 Feb. 2017.

In this book, Martin Van Buren describes his encounter with President Andrew Jackson,

who vows to kill the bank. I used a quote from this to show Jackson's determination to

end the Second National Bank.

Secondary Sources

"Andrew Jackson: Campaigns and Elections." Miller Center. N.d. Web. 03 Mar. 2017.

A website detailing the presidential campaigns and elections of Andrew Jackson. I used

this site to learn about the results of the election of 1832.

"Andrew Jackson: Life before the Presidency." Miller Center. N.d. Web. 20 Feb. 2017.

A website describing Andrew Jackson's early life before he became president. I used this

website to gain information on Jackson's political rise, personal life, and military career.

Armstrong, Martin. "Panic of 1837." Armstrong Economics. N.d. Web. 20 Feb. 2017.

An article describing the Panic of 1837, as well as potential causes of the crisis. I used

this article for information on the causes and impact of the Panic of 1837.

19

Beschloss, Michael R. “Presidential Courage: Brave Leaders and How They Changed America,

1789-1989.” New York: Simon & Schuster Paperbacks, 2007. Print.

A book containing information on President Andrew Jackson's fight against the bank. I

used this book to learn about Jackson's actions and political strategy for fighting the bank

war.

Brammer, Robert. ““I’ll be damned if I don’t do it!”: The Failed Assassination Attempt on

President Andrew Jackson” 16 Jan. 2014. Library of Congress. Web. 3 Apr. 2017.

An article about the failed assassination attempt on President Jackson’s life. I used this

article to learn about the motivations of the would-be assassin.

Davies, Phil. “The “Monster” of Chestnut Street” The Federal Reserve Bank of Minneapolis. 1

Sep. 2008. Web. 3 Apr. 2017.

An article detailing how the Second National Bank exercised its power, and how the

Federal Reserve system was designed. I used this article for information on how the

failure of the Second National Bank influenced the creation of the Federal Reserve.

Feller, Daniel “King Andrew and the Bank” 2008. The National Endowment for the Humanities.

Web. 1 Apr. 2017.

This article gives background on the history of the American system of banking and how

the history impacted the bank war. I used this article to learn about Biddle’s plan to pay

off the national debt, as well as the fate of the bank after Jackson’s veto.

“First Lady Biography: Rachel Jackson” National First Ladies’ Library N.d. Web. 1 Apr. 2017.

An article detailing the life of Rachel Jackson. I gained information from this article

about the insults hurled at Rachel by Andrew Jackson’s political enemies.

Gormley, Ken. The Presidents and the Constitution: A living history. New York: New York U

Press, 2016. Print.

A book with information on how each president interpreted the constitution. I used this

book for information on Jackson's argument that a central bank was unconstitutional.

Hill, Andrew. "The Second Bank of the United States - A detailed essay on an important event in

the history of the Federal Reserve." Federal Reserve History. N.d. Web. 20 Feb. 2017.

A website containing information on the history of the Second National Bank of the

United States. I used this website to learn about the creation of the Second National

Bank, Andrew Jackson's personal history with banks, the removal of funds from the

Second National Bank, and the creation of the Federal Reserve.

Lane, Carl. “A Nation Wholly Free: The Elimination of the national debt in the Age of Jackson.”

Yardley: Westholme, 2014. Print.

A book detailing actions Andrew Jackson took the end the national debt. I used this book

to learn about the duties of the Second National Bank. I also took information about

accusations against John Quincy Adams during the 1828 election from this book.

20

Office of the Comptroller of the Currency. "Office of the Comptroller of the Currency: A Short

History." US Department of the Treasury. 2011. Web. 03 Mar. 2017.

This paper explains the history of the Office of the Comptroller of the Currency. I used

this paper to learn about the National Banking Act and when it was created.

Powell, Jerome. “America's Central Bank: The History and Structure of the Federal Reserve”

Federal Reserve. 28 Mar. 2017. Web. 3. Apr. 2017.

The text of a speech given by Federal Reserve Governor Powell, which shows the history

of the Federal Reserve. I used this to gain information on the design of the Federal

Reserve System.

"Rachel | Andrew Jackson's Wife and Love of His Life." The Hermitage. N.d. Web. 03 Mar.

2017.

A website containing a biography of Rachel Jackson. I used this website to learn about

Rachel Jackson's Illness and death.

Rolnick, Arthur and Warren Weber. “Free Banking, Wildcat Banking, and Shinplasters” Federal

Reserve Bank of Minneapolis Quarterly Review. vol.6, No.3. Fall 1982. Web. 3 Apr.

2017.

This study challenges the commonly held notion that fraud and abuse were the causes of

the free-banking era’s problems. I used this study to learn about potential reasons for

banking problems during the free-banking era.

Rolnick, Arthur and Warren Weber. “The Free Banking Era: New Evidence on Laissez-Faire

Banking” Federal Reserve Bank of Minneapolis Research Report 80. May 1982. Web. 3

Apr. 2017.

This study critically examines common views of the free-banking era, by examining data

from four different states with free-banking laws. I used this to show statistics about the

failure rates of banks during the free-banking era.

Selgin, George. “The theory of free banking: money supply under competitive note issue.”

Lanham: Rowman & Littlefield Publishers, 1988. Web. 03 Mar. 2017.

A book about how a system of free banking could work. I used this book for information

about the implementation of "Free banking" laws in America.

Smith, Vera. “The Rationale of Central Banking and the Free Banking Alternative.”

Indianapolis: Liberty Press, 1990. Web. 03 Mar. 2017.

A book on how a free banking system would work and the history of various banking

systems. This book described the "free banking" era, and I used it to learn about the

system of “Decentralization without Freedom".

21

Wallis, John. "The Concept of Systematic Corruption in American Political and Economic

History." National Bureau of Economic Research (2004): Web. 03 Mar. 2017.

A paper containing information on political corruption throughout American History. I

took information about the corruption of state banks/state governments from this paper

and about Van Buren’s use of bank charters for political gain.

Wells, Donald. "Banking Before the Federal Reserve: The U.S. and Canada Compared"

Foundation for Economic Education. 1 Jun. 1987. Web. 03 Mar. 2017.

An article comparing the banking systems of the United States and Canada before 1913. I

used this article to learn about the different regulations placed on state banks during the

free-banking era.