Jackson and the National Banks
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I am Andrew Jackson.
I strongly dislike Biddle. He is from a wealthy family where he got good education and everything he wanted for free. I had to work for everything that I have and I'm proud to have done the work myself.
I am Nicholas Biddle, President of the Second Bank of the United States.
I also don't like the National Bank. It is a monopoly that favors wealthy Easterners and limits western growth. The National Bank must be stopped.
We are Webster and Clay and we are running against Jackson in the election of 1832. We believe that by getting Jackson to veto the bill to renew the banks charter it will cause him to loose support.
However, their plan backfired and vetoing the bill only got Jackson more support which caused him to win the election.
While in office, Jackson got rid of the National Bank by removing government deposits from the national bank and moving them to smaller state banks. Then in 1836 he wouldn't sign a new charter to keep the bank open and it was forced to close.
I am Van Buren and I was Jackson's vice president. In 1836 I was elected for president. While I was in office, the Panic of 1837 occurred as a result of Jackson closing the National Bank.
The panic of 1837 was when state banks began issuing large amounts of banknotes and the banknotes weren't accepted because people thought they had little value which caused economic panic.
The Panic of 1837 led to a depression where thousands of businesses closed, banks failed, and the value of land dropped drastically. Many people lost their jobs and land and were unable to pay food and rent.
I believe that government should interfere as little as possible in the nation's economy so all I did was persuade Congress to create an independent federal treasury. This made it so that government money in private banks wasn't being used to back up banknotes. This helped prevent further bank crisis but didn't solve the problem.
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