National bank is good, Jacksonian era Essay

Submitted By pmccarthy4797
Words: 429
Pages: 2

A national bank is key and vital to the success to America. It brings national unity and a common currency to the United States. The SECOND BANK OF THE UNITED STATES was chartered in 1816 for a term of 20 years. The time limitation reflected the concerns of many in Congress about the concentration of financial power in a private corporation. The Bank of the United States was a depository for federal funds and paid national debts, but it was answerable only to its directors and stockholders and not to the electorate. The supporters of a central bank were those involved in industrial and commercial ventures. They wanted a strong currency and central control of the economy. The opponents, principally agrarians, were distrustful of the federal government. The critical question — with who would President Jackson side?

These buildings, known as Bankers Row, are across from the Second Bank of the United States. This financial center is sometimes called "America's first Wall Street." At the underestimation of the power of a strong and popular President caused his downfall and the demise of the financial institution he commanded.
Jackson had been financially damaged by speculation and a tightening of bank credit early in his business career. He retained a distrust of financial institutions throughout his life. At first, however, Jackson's position on the Bank was not outwardly antagonistic. He was concerned about the Bank's constitutionality and the general soundness of paper money in place of gold and silver ("HARD MONEY"). Jackson was also sympathetic to "SOFT-MONEY" supporters from the west who wanted access to easy CREDIT
In January 1832, Biddle's supporters in Congress, principally Daniel Webster and…