Andrew Jackson and the Bank War
The validity of President Andrew Jackson's response to the Bank War issue has been contradicted by many, but his reasoning was supported by fact and inevitably beneficial to the country. Jackson's primary involvement with the Second Bank of the United States arose during the suggested governmental re-chartering of the institution. It was during this period that the necessity and value of the Bank's services were questioned. The United States government in 1816 chartered the Second Bank of the United States. It had a 20-year charter, which was to expire in 1836. Despite this, the Bank was privately owned and during the age of Jackson, the president was Nicholas Biddle. The Bank was large in comparison to other banks, being
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In one of the ending paragraphs of his veto message he also describes how each man should not be discriminated based on class because all men alike should be able to enjoy "the gifts of Heaven". In addition to his anti- monopolistic and pro- egalitarian views in his veto message, he also brings up the point that many of the stockholders were foreign and the potential danger this posed.
in the hands of a self-elected directory whose interests are identified with those of the foreign stockholders, will there not be cause to tremble for the purity of our elections in peace and for the independence of our country in war?
Should the stock of the bank principally pass into the hands of a foreign country, and we should unfortunately become involved with that country, what would be our condition?" (Hofstadte 293).
Some, however, believed "on the whole, the bank had been managed honestly and had performed useful service" (Adams 179). For example, in Daniel Webster's speech on Jackson's veto bill from July 11, 1832 delivered to the Senate the day after the veto message was sent to Congress, he defends the effectiveness of the Second Bank. He was among the group of people who believed: "In his veto Jackson expressed views on the Constitution were not only absurd but dangerous" (Adams 179). His first attack is on Jackson's