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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Neeka who wrote (228691)	11/19/2007 11:06:28 PM
From: LindyBill	Respond to of 794314

Jackson, as were all Frontersmen, was a member of "the only good Injun" school of human rights. :>) He did the country a disservice with the following, IMO: Opposition to the National Bank WIKIPEDIA Main article: Second Bank of the United States As president, Jackson worked to take away the federal charter of the Second Bank of the United States (it would continue to exist as a state bank). The Second Bank had been authorized, during James Madison's tenure in 1816, for a 20 year period. Jackson opposed the national bank concept on ideological grounds. In Jackson's veto message (written by George Bancroft), the bank needed to be abolished because: * It concentrated an excessive amount of the nation's financial strength into a single institution * It exposed the government to control by "foreign interests" * It served mainly to make the rich richer * It exercised too much control over members of the Congress * It favored Northeastern states over Southern and Western states Jackson followed Jefferson as a supporter of the ideal of an "agricultural republic" and felt the bank improved the fortunes of an "elite circle" of commercial and industrial entrepreneurs at the expense of farmers and laborers. After a titanic struggle, Jackson succeeded in destroying the bank by vetoing its 1832 re-charter by Congress and by withdrawing U.S. funds in 1833. The bank's money-lending functions were taken over by the legions of local and state banks that sprang up. This fed an expansion of credit and speculation. At first, as Jackson withdrew money from the Bank to invest it in other banks, land sales, canal construction, cotton production, and manufacturing boomed.[15] However, due to the practice of issuing notes that were not backed by gold or silver reserves, there was soon rapid inflation and mounting debts by the states.[16] Then, in 1836, Jackson issued the specie circular, which required that government lands be bought in hard specie. Because banks lacked hard specie to issue in return for notes, many of them collapsed.[17] This was a direct cause for the Panic of 1837, which threw the national economy into a deep depression. The commercial progress of the nation's economy was noticeably dented by the resulting failures, and it took years to recover from the damage. The U.S. Senate censured Jackson on March 28, 1834 for his actions in defunding the Bank of the United States; the censure was later expunged when the Jacksonians had a majority in the Senate. en.wikipedia.org