The banks already admitted to Jackson's favor closed up to keep others out; but some got into the pet circle by steady pressure, others by a flying leap, while those which were kept out altogether had very little local supervision to restrain them from being as reckless as they chose. The British depression led to restrictive lending policies by Great Britain that curtailed the flow of money and credit to the United States. Rousseau observed: "The Panic of 1837 was the culmination of a series of policy shifts and unanticipated disturbances that shook the young U.S. economy at the core of its financial structure - the banks of New York City. 50 The achievements of the Second Bank of the United States were irrelevant to Jackson. Historian William Graham Sumner wrote: "There was a kind of poetic justice in the fact that Van Buren had to bear the weight of all the consequences of Jackson's acts which Van Buren had allowed to be committed, because he would not hazard his standing in Jackson's favor by resisting them. 139 Curtis argued that Van Buren was also much affected by reports from political allies in New York who counseled "that frenzied speculation created the crisis and only a further restriction of credit would help." Among these was Nicholas Biddle's United States Bank of Pennsylvania, former the national bank and still the largest bank in the country, insolvent in 1841. 123 Another factor was at work. After having been passed by the House, it was sent to Tyler for his approval." 3, The death of the first Bank of the United States was almost prevented. With support of Speaker Clay, President Madison, future President James Monroe, and future Vice President John Calhoun, the Second Bank of the United States was chartered in 1816 for 20 years. `Both the constitutionality and the expediency of the law creating this bank are well questioned by a large portion of our fellow-citizens,' he asserted, `and it must be admitted by all that it has failed in the great end of establishing a uniform and sound currency.'" 82 Historian Arthur M. Schlesinger, Jr., wrote: "Jackson seems to have decided on this course shortly after his re-election. "Andrew Jackson destroyed the Bank of the United States because it confounded the public and the private in its structure and its purposes. This mass of chaotic paper struggled for preference, the more remote country banks having rather the advantage for keeping out small notes; nor until thirty more years had swept by did the compulsion of civil war bring out a new and formidable weapon from the national armory, that of taxing State circulation out of existence, so as to occupy the whole Union with a national paper currency. Rechartering the Bank Clay had miscalculated. Secretary Taney first promulgated the plan officially in a letter which was sent to the ways and means committee when bank note shaving was at its height and every State currency yielded its clip of discount to the broker. During this period, politics were inseparable from bank issues. Jackson newspapers took up the hard-money polemic against a paper aristocracy trumpeted by Blair and Kendall in the Globe and Benton in the Senate." he asked rhetorically. 2. Historian Walter A. McDougall wrote that Amos "Kendall, the principal author of Jackson's veto message,... ignored serial Supreme Court decisions, the will of the Congress, and Biddle's responsible record. They decided not to wait until 1836 when the charter would expire, but to apply for a renewal well in advance of that date. Wilson wrote of the Cabinet shakeup that Jackson's plan required: Jackson's lieutenants were divided. Daniel Webster decried the `fearful and appalling aspect' of the power Jackson claimed for himself, and accused the president of trying to set `the poor against the rich.' during the presidency of Andrew Jackson (1829–1837). Nothing ruffled him. 158 The Bulletin of the Business Historical Society argued: "Three events, almost coincident in time, precipitated the crash. The stock market crash of 1929, which signaled the start of the Great Depression, led to investigation…. Biddle, he said, had started the panic." According to his reasoning, public deposits at the Bank had increased by some $2.25 million during that time, and the loans and discounts of the Bank had decreased by over $4 million. `Was it not to compel the people to continue its monopoly and privileges, not on account of the benefits conferred by it, but to escape from the suffering which the corporation had the power to inflict?' ", Schouler contended: "For a brief spell, in fact, the monetary situation was sound again. 150 Congress blocked however this initiative, delaying its implementation until the last year of Van Buren's single term - shortly before a Whig administration was came to power in Washington. Following the War of 1812, the United States government recognized the need for a national bank to regulate the printing of … When bills are redeemable at sight in specie, banks will hoard bullion to meet the demands at their counter; the community prefer paper meantime as their more convenient medium of traffic, since the sound currency of a nation is not gold, but the paper which is as good as gold. 63 Economic historian Charles Sellers wrote: "The historic upwelling of a new American jingoism satisfied many needs. 47 Political scientist Stephen F. Knott noted that Missouri Democratic leader Thomas Hart Benton viewed the BUSII controversy as the culmination of a forty-year struggle: "Benton placed the blame for this disaster squarely on [Alexander] Hamilton, arguing that it was `the natural fruit' of Hamilton's deviation from the intentions of his founding colleagues, in particular his modeling the BUS after the `corrupt' Bank of England." Although Treasury Secretary [Levi] Woodbury had dutifully regulated the pets, an administration committed as a general principle against federal regulation and planning did not find the task congenial." I'm doing a school project in my History class, and can't seem to find much information about the Panic of 1837, other than on Wikipedia, which my teacher told us not to use. Gordon noted: "It would take him a decade and a half to finally settle everything in this affair, and it left him with a lifelong horror of debt and debt's various instrumentalities." John Steele Gordon wrote: "To Andrew Jackson, real money was specie - gold and silver coins. between railroad securities and banks. Revived in 1846 by a new Democratic administration, the Independent Treasury remained in operation until the Federal Reserve System was created in 1913. 68 As Bray Hammond summarized the factors causing the BUS's demise: The 1832 presidential campaign represented a small revolution in American politics. The increase from January 1, 1834, to January 1, 1836, was even more rapid, the banking capital advancing in the two years to $251,000,000, the loans and discounts to $457,000,000, and the note circulation to $140,000,000. A financial crisis happens when prices rise too high. Jackson's leadership and popularity were at question and no force in American politics at that time could withstand him. His aim was to increase the circulation and yet avoid the dangers which nearly wrecked the bank between 1817 and 1819. 8 Indeed, the revived national bank was not fortunate in its choice of directors who first inflated the currency and then contracted it. So conclusively had the big Bank convicted itself that even Whig politicians were compelled to abandon it. By 1816, noted financial historian Susan Hoffman, "Reformed Jeffersonians...had concluded that banking was with us and must be regulated to ensure its consistency with the Jeffersonian concept of the public interest, which emphasized protection of the freedom and equality of individuals. Eventually many banks failed, especially those involved in the cotton trade. 18 Historian Merrill D. Peterson noted: "Under Nicholas Biddle's brilliant leadership it had met its fiscal obligations to the government, provided the country with sound and uniform currency, facilitated transactions in domestic and foreign exchange, and regulated the supply of credit so as to stimulate economic growth without inflationary excess." BUSII was a particularly dangerous conspiracy from the presidency's perspective Jackson saw it as a political force that he did not control. Biddle also indirectly controlled the votes of thousands through favorable loans, generous terms, and easy access to cash. This purpose was laudable," wrote Bray Hammond. He denounced the recent contraction policy of the Bank as an effort `to control public opinion, through the distresses of some and the fears of the others.' Between 1830 and January 1, 1834, the banking capital of the United States had risen from $61,000,000 to about $200,000,000; the loans and discounts of the banks from $200,000,000 to $324,000,000; and their note circulation from $61,000,000 to $95,000,000.
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