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4. The National Bank Debate

4. The National Bank Debate. President Jackson. Nicholas Biddle. Issues over the Bank. “ Hard ” (specie) $. “ Soft ” (paper) $. felt that coin was the only safe currency. didn ’ t like any bank that issued bank notes. suspicious of expansion & speculation .

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4. The National Bank Debate

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  1. 4. The National Bank Debate PresidentJackson NicholasBiddle

  2. Issues over the Bank “Hard”(specie) $ “Soft”(paper) $ • felt that coin was the only safecurrency. • didn’t like any bankthat issued banknotes. • suspicious of expansion &speculation. • state bankers feltit restrained theirbanks from issuingbank notes freely. • supported rapid economic growth & speculation.

  3. The Monster is Destroyed • “Pet Banks” • 1832  Jackson vetoed the extension of the 2nd National Bank of the United States. • 1836  the charter expired. • 1841  the bank went bankrupt! • Now serves as the Federal Reserve

  4. The Legacy of Andrew Jackson

  5. 1836 Election Results

  6. The Specie Circular (1836) • Speculators created “wildcat banks” that fueled the runaway inflation. • So, buy future federal land only with gold or silver. • This move shocked the system. • Jackson’s goal  to curb the land speculation.

  7. Result of the Specie Circular • Banknotes loose their value. • Land sales plummeted. • Credit not available. • Businesses began to fail. • Unemployment rose.

  8. Conclusions of Jackson • A “democratic autocrat” • No rights for: • Women • Slaves • Harm to Native Americans

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