Andrew Jackson And The Second Bank Of The u.s.

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Jackson and the Second Bank of the United States. The war of 1812 left our economy in turmoil. The banks had started printing more bank notes than they could back to pay off the debt accumulated during the war. This only made things worse by causing high inflation. Also in the wake of the war our national credit score had dropped dramatically and was close to a record low making it nearly impossible to finance necessary operations of the Federal Government. The economy was crumbling and something needed to be done fast to fix the problems. Alexander Hamilton had encountered similar problems during his time as the secretary of treasury and had created a solution by introducing a national bank along with other acts such as assimilation. Following his lead a bill was passed enacting a charter for a second national bank, this was just five years after the first was allowed to expire. This bank was successful in improving and stabilizing the economy as well as claiming the power the regulate banks all around the nation. The Second Bank of the United States or B.U.S. as it became known was responsible for overseeing state bank’s lending and printing of bank notes which led to the decrease in inflation. It’s role in the economy became comparable to that of the twelve federal reserve banks of today. The B.U.S. is accredited with creating a national currency that allowed for transactions foreign and domestic to be made in a simpler fashion. However Andrew Jackson, the president during whose term the renewal charter’s fate had landed, was opposed to the concept of a national bank. He supported limited federal government that was not involved in the economy. Jackson understood the Bank to be oppressive to the democratic masses as it gave unwarranted economic power to limited rich men who used it to become richer. His distrust of government intervention in economic matters led
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