The presidency of Andrew Jackson and the Bank War - Research Paper Example

Andrew Jackson and the Bank War The bank war was coined in the year 1833 when President Andrew Jackson began thecampaign to bring down the second bank of the United States. He worked hard to ensure that he destroyed the bank since he believed that his reelection was based on the fact that he was opposed to the existence of the bank. The bank was established in the year 1816 five years after the expiry of the first American bank whose charter expired in the year1811 (Zinn, 623). In 1832, Andrew Jackson had prohibited a bill which was recalling for the renewal of the second bank’s charter before 1836 (Berkin, Carol, 29).

However, renewal of character could still be possible after the then current charter could expire in the year 1836. Thus to prevent this he rolled out a strategy that was aimed at crippling the bank economically. While acting against the advice of the Congress and cabinet members, President Andrew replaced resistant Secretaries to the Treasury and ordered that federal funds should be deposited into other banks other than the second bank of the United States.Following the president’s directive, the second bank’s president made a countermove in the economy to let people feel the need for the second Bank of America.

By so doing, Nicholas Biddle the central bank president created a financial crisis that led to heated debate in the Congress, the press and the public. Businessmen being the most affecting, protested, asking the president and the bank’s management to end the bank war (Rothbard, 510). After people had learned of the dangers of the central bank, there were minimal needs for the renewal of the charter, hence leading to its closer in the year 1836 which was a victory for President Andrew Jackson.

Works citedBerkin, Carol. Making America: A History of the United States. Boston: Wadsworth, 2012. Print.Rothbard, Murray. A History of Money and Banking in the United States. N.p., 2002. Print.Zinn, Howard. A People’s History of the United States: 1492-Present. N.p., 2003. Web.