What Were Andrew Jackson's Policies on Banking and Tariffs - Essay Example

The paper "What Were Andrew Jackson's Policies on Banking and Tariffs?" is a brilliant example of an essay on history.  Banking and tariffs were two critical issues that almost every president had to deal with, during the early years of post-colonial America. From the time of his election as the president in 1829, Jackson strongly opposed the idea of a central national bank. He cited the bank’s monopoly in concentrating the nation’s financial strength under a single institution and the likelihood of loss of the government’s sovereignty to foreigners. He also accused s of serving the interests of the rich, at the expense of the poor, as well as regional biasness. However, Jackson supported the tariff system that he claimed was in good spirit to support the growth of America’s young industries (Adams 137). This, he believed, would draw from high tax levies put on foreign imports.

Even long before his election into office, Jackson was famous for relentlessly fighting for the economically marginalized citizens in America. Besides citing political threats from the bank, he also saw his moves as those that could better the lives of the poor by liberating them from oppressive monopolistic financial institutions that promoted capitalism to the advantage of the rich. At some point, however, it was purely of political gain other than pro-poor benefit.
It is arguable whether Jackson’s policies hurt the America economy or not. First, the banking policy he advocated for during his tenure kept instilling fear of economic sabotage and depression among the public. Frequent threats of financial service withdrawal issued to the public by the national bank, as the counter effect on Jackson’s proposals, sabotaged economic security in most low-income neighborhoods that were dependent on bank loans for development. Second, his strong support for the imposition of tariffs on foreign imports assisted the American economy. For the country’s sustainable economic growth and development, it was imperative to control the influx of foreign products into the country’s market to promote homemade consumption and enhance industrial development. Read More