Thursday, July 25, 2019

Andrew Jackson and the Tariff or Bank Essay Example | Topics and Well Written Essays - 250 words

Andrew Jackson and the Tariff or Bank - Essay Example Jackson’s problem with the Second Bank started when he noticed that the Bank controlled most of the country’s financial issues; loans, monetary notes, and deposits. According to Jackson, this was a threat to his re-election since it manipulated the voting patterns and the electoral process. He settled with the decision of seeing to it that the Bank is shut down. The Bank noticed the move Jackson was plotting against it making it to initiated counter moves. The Bank embarked on negotiating for an early four-year re-charter from the Congress which succeeded. However, Jackson and his team formulated a veto against the re-charter when it came time for its approving it. Jackson supported his decision by reiterating that the Bank’s policies were contrary to what the government promoted equality, fairness, and honesty. The veto went to Congress which, unfortunately, was unable to overturn it. After the polls, Jackson was again determined to destroy the Bank by withdrawi ng governments fund from it. That was done through the Treasury ordering all government deposits be put in state banks (Sauers & Weber 14). Jackson’s conflict with the Bank resulted in a nationwide panic when the Second Bank stopped giving out loans. Although Jackson was protecting his self-interest, it was at the cost of the country which suffered in turn. His fellow Democrats were terrified with his moves resulting in there demise from the party. All in all the moves against the Bank proved to be successful since it died in 1834 and Jackson  triumphed.

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