Andrew Jackson's Policies on Banking and Tariffs

Andrew Jackson's Policies on Banking and Tariffs

Introduction

Andrew Jackson was the seventh president of USA, served from 1829 to 1837. He was the founder of the modern Democratic Party. He was popular among the people. Jackson vetoed more bills than any other president. Denial of a bill of Second Bank re-charter was the central issue in 1832 election, where he succeeded Henry Clay. Another volatile issue arise that the states were not collecting tariffs. Jackson tend to close the Second Bank, and the National Debt was paid off. Jackson was also a strong supporter of Tariffs. He believed the Tariffs protected the United States up and coming industry by making imports more expensive. He was well known when he left the presidency.

Discussion

Banking Policies

The Second Bank was registered and authorized for a period of 20 years in 1816. As president, Jackson was against the national bank, and it started the Bank War. National Bank manages finances of government and provides sound paper currency. Jackson concentrated that Bank must be destroyed because financial strength of the nation is handled by a single institution, exposition of government to control foreign interests. Bank is serving mainly rich people to make them richer, congress members were exercised to control more than enough, and it favors the states of northeast over states of west and south. Jackson has backed and shown support for agricultural republic and very soon, he felt the Bank is improving elite circle fortunes of industrial and entrepreneurs at the expense of labors and farmers. He successfully denied the re-charter of the Bank in 1832, laid out vision of laissez-faire as a neutral arbiter and quoted it in populism resonant. The money-lending functions of the bank were taken by state and local banks. These steps increased speculation ...