war on banks

war on banks

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war on banks

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  • what does it mean when people say jackson waged war against the bank
  • they mean andrew jackson in 1833 when he waged war on the bank
  • Jackson had been damaged financially by the bank earlier in career 
  • and i heard he was gonna lose votes due to the bank legislature so he took war against it
  • he retained a distrust of financial institutions throughout his life 
  • Jackson was also sympatheic to soft money supportes from the west who wanted access to easy money 
  • Jackson opposition to the bank became an obsession
  • Jackson ordered the federal government deposits removed from the bank and place pet banks
  • this caused an economic contraction at the end of 1833
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