Bank of the United States debate
Joe W Pfingsten
HST201
CSU Global- Online Campus
September 6th, 2015
Jonevic Hular Angco
Bank of the United States debate
INTRODUCTION
Even though Clay and Webster were the ones that were right that the bank to stay open and was not bad for the people. Andrew Jackson side of the Bank of the United States debate was the right way. He was right the bank had too much power and enemy of the common people. The Economic privileges and social inequities of the bank were just not right. The role of slavery and its implications in this debate. Andrew Jackson’s presidential campaign and reelection was affected by the bank of United States. First, we will discuss Andrew Jackson side of the Bank of the United …show more content…
Many people wanted him to run for president and at first, he did not want to be president. Over time enough he got enough votes to get a seat in us senate. Now “Jackson’s supporters raged against what they called the “corrupt bargain” between Clay and Adams, and Jackson himself resigned from the Senate” (staff, 2009). Now this as followed:
“Election of 1828:
Jackson was denominated to run for President in 1825, three years before the next election. John C. Calhoun was his Vice President. The party became known as the Democrats at this time. He ran against incumbent John Quincy Adams of the National Republican Party. The campaign was less about issues and more about the candidates themselves. This election is often seen as the triumph of the common man. Jackson became the 7th president with 54% of the popular vote and 178 out of 261 electoral votes.” (Kelly, 2015)
Election of …show more content…
This was because the Economic privileges and social inequities of the bank were just not right. The role of slavery had in on the debate and implications in this debate. Now the biggest thing to take from this is “The rapid growth of the young country generated powerful demand for loans and tended to stimulate the overextension of credit. It was in the general interest to restrain such overexpansion, and the bank imposed that restraint automatically. As the depository of the government, with offices in the chief seaports and commercial centres, it constantly received from collectors of revenue the notes of private banks by which moneys due the government were paid. As fast as it received such notes, it called for their redemption in gold and silver by the banks of issue, thus automatically restricting the overextension of credit and protecting the economy from inflation. Conversely, in periods of panic or deflation, the bank could ease the pressure. It was engaged precisely in what came later to be called central banking” (Britannica, 2015). As you can see that if you had credit, you could get many things but would have to pay it back and this is where it was a problem. The slavery was part of the books in the bank where that was some of the funding to the bank. The problem was some
Joe W Pfingsten
HST201
CSU Global- Online Campus
September 6th, 2015
Jonevic Hular Angco
Bank of the United States debate
INTRODUCTION
Even though Clay and Webster were the ones that were right that the bank to stay open and was not bad for the people. Andrew Jackson side of the Bank of the United States debate was the right way. He was right the bank had too much power and enemy of the common people. The Economic privileges and social inequities of the bank were just not right. The role of slavery and its implications in this debate. Andrew Jackson’s presidential campaign and reelection was affected by the bank of United States. First, we will discuss Andrew Jackson side of the Bank of the United …show more content…
Many people wanted him to run for president and at first, he did not want to be president. Over time enough he got enough votes to get a seat in us senate. Now “Jackson’s supporters raged against what they called the “corrupt bargain” between Clay and Adams, and Jackson himself resigned from the Senate” (staff, 2009). Now this as followed:
“Election of 1828:
Jackson was denominated to run for President in 1825, three years before the next election. John C. Calhoun was his Vice President. The party became known as the Democrats at this time. He ran against incumbent John Quincy Adams of the National Republican Party. The campaign was less about issues and more about the candidates themselves. This election is often seen as the triumph of the common man. Jackson became the 7th president with 54% of the popular vote and 178 out of 261 electoral votes.” (Kelly, 2015)
Election of …show more content…
This was because the Economic privileges and social inequities of the bank were just not right. The role of slavery had in on the debate and implications in this debate. Now the biggest thing to take from this is “The rapid growth of the young country generated powerful demand for loans and tended to stimulate the overextension of credit. It was in the general interest to restrain such overexpansion, and the bank imposed that restraint automatically. As the depository of the government, with offices in the chief seaports and commercial centres, it constantly received from collectors of revenue the notes of private banks by which moneys due the government were paid. As fast as it received such notes, it called for their redemption in gold and silver by the banks of issue, thus automatically restricting the overextension of credit and protecting the economy from inflation. Conversely, in periods of panic or deflation, the bank could ease the pressure. It was engaged precisely in what came later to be called central banking” (Britannica, 2015). As you can see that if you had credit, you could get many things but would have to pay it back and this is where it was a problem. The slavery was part of the books in the bank where that was some of the funding to the bank. The problem was some