Jackson vs. The Bank

1. Jackson vs. The Bank

2. https://www.youtube.com/watch?v=Knf8KA5aAjw • http://www.pbs.org/kcet/andrewjackson/video/video_pop.html?id=18&KeepThis=true&TB_iframe=true&height=335&width=500

3. Jackson’s Beliefs • Jackson felt the bank catered to the elite of society. • Believed it was the beginning of corporations and corruption used for the gain of a few at the expense of the masses.

4. Two Major Threats the Bank Posed • Controlled the finances of the country despite being semi-privately owned. • Prevented individual states from determining their own monetary policies.

5. How it went down • The bank was re-chartered in 1832 even though it wasn’t set to expire until 1836. • Jackson had to take a position: • Sign the bill: alienating the common man and those hostile to the bank • Veto the bill: taking on conservative voters who favored the bank

6. Jackson Vetoes • Jackson was re-elected and decided to take it a step further. • Pulled all of the money from the federal bank and moved them into State and local or “Pet” banks. • This crippled the national bank

7. Fallout • In the beginning, construction, cotton production, manufacturing boomed after the bank failed. • But State debts also increased, inflation occurred, and the country fell into depression

8. Was Jackson correct in his decision?

9. Prediciton • Was Jackson correct when he warned of the influence of corrupt corporations?

10. Andrew Jackson hated the idea of the Bank of the United States. He thought it wasn’t fair to the poor people. He wanted to destroy it. The many-headed monster is the states, who are fighting Jackson to keep the bank. Jackson raises a cane that says “veto.”

11. Create your own cartoon depicting the bank crisis.