time traveler (Jackson's bank)

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  • hello today we will talk about Jackson’s Bank War.
  • Andrew Jackson disliked the Second Bank of the United States long before he became president. Congress had set up the bank in 1816 to hold the federal government's money and to control the nation's money supply.
  • lets head there now.
  • step through the door.
  • Jackson prided himself on being a self-made western pioneer who had started with nothing. Biddle came from a wealthy Philadelphia family and had a good education and experience in financial matters
  • Private bankers rather than elected officials ran the bank. Its president, Nicholas Biddle, represented everything Jackson disliked.
  • In addition, the Bank's assigned duties made it a powerful institution. Many western settlers depended on being able to borrow money to run their farms.
  • The Bank's strict policies made such loans difficult to obtain. Like many other westerners, Jackson viewed the Bank as a monopoly that favored wealthy Easterners and limited western growth.
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