According to (Hammond,10), American history, among the several wars they have experienced as a country. A government bank war is also among the wars that confused its citizens and the government. In this case, the bank war experienced during the 19th century involved powerful individuals with powerful positions, among them president Andrew Jackson and Nicholas Biddle, who was the president of the bank of the United States. While Andrew Jackson, the president of the United States, and his supporters opposed the idea of the bank for various reasons, including corruption, Nicholas Biddle, who was the president of the first bank of the United States, was in support and strongly fought against Andrew Jackson’s views on the bank. However, both political figures were focused on rebuilding and shaping the United States economy despite their different ideas and strategies.
The Political figures and their Opinion on the Second Bank of the United States
Political figures invested their ideas in the second bank of the United States. In this case, the political figures were president Andrew Jackson and Old Hickory, supported by the Jacksonian democrats who opposed the idea of the second bank of the United States. In this situation, their major reason for opposition was the bank would create an economic menace to the United States government due to the economic power that the bank would hold, thus would result in corruption. However, a group of six political individuals involved, John Jacob Astor, David Parish, Stephen Girard, Alexander Dallas, Jacob Baker and John C. Calhoun, went further ahead to finance and support the reestablishment of the second bank of the United States. Because they felt that the second bank of the United States would help resolve the economic problems the country was experiencing. Additionally, President James Madison supported the establishment of the second bank of the United States since he thought it would help finance the war against Britain. Still, after peace resolutions and settlements, he regained his support for the second Bank of the United States. Also, Nicholas Biddle was supported by Henry Clay and Daniel Webster, thus changing the whole war into a political struggle. Finally, the prominent individuals that supported the second bank of the United States thought it would help to save the country’s economy and save them from paying the war debts.
Dispute between Andrew Jackson and Nicholas Biddle
According to (Remini,50) the bank dispute between Andrew Jackson and Nicholas Biddle, the war can be considered political, economic and even personal. In this case, the dispute between these prominent figures in the United States is personal because Andrew Jackson had a skeptical attitude towards banks. As a result, he felt it would give the rich and influential people lots of economic power that would make it difficult for the government to monitor, thus causing corruption in the country. Also, the dispute between Andrew Jackson and Nicholas Biddle was political since Nicholas Biddle went to look for support from the National Republicans through Senator Henry Clay and Daniel Webster, causing commotion between the Republicans and the Democrats. Furthermore, Jackson knew the bank’s corruption involved several politicians whom he speculated had influenced the bank to facilitate his downfall as president. Also, Jackson was against giving political power to rich, influential men based on their money at the cost of the common citizens, laborers and farmers. Noteworthy, Jackson also thought that with the bank, the British could take control of it due to the war debt they owed, ruling over their colonies. Finally, the economic reason for the dispute was that Jackson felt the bank would create an economic crisis for the government since, as a country and individually, he had already experienced financial losses and thus was not ready to take the bank risk.
BUS dispute sectional implications between various geographical areas in the US
In accord to (Wilburn,110),there were sectional implications between various geographical areas in the United States as a result of the bank of the United States dispute. In this case, Pennsylvania is among the areas that were affected. The panic of 1837 was an economic crisis in Pennsylvania; it became a stat-charted bank. Notably, the bank was destroyed, paving the way for the state banks that were printing money, resulting in increased inflation and, thus, the financial crisis within the state.
Andrew Jackson’s Success on the BUS
Intriguingly, Andrew Jackson succeeded in the bank war between him and Nicholas Biddle. In this case, Andrew Jackson could destroy the banks and replace them with state banks. Also, Andrew Jackson managed to stop the government from funding private banks. Furthermore, Jackson ordered the removal of the federal finances from the second bank and distributed the funds to different state banks. Also, he gave an ultimatum on when the deposits were to be done in the state bank. Ultimately, Andrew Jackson’s suspicious character enabled him to give meaning to American democracy to all American citizens despite their social status and background. Finally, Andrew Jackson was successful in the bank war because he dismissed a proposal to recharter the bank even though this decision later led to his downfall as the president.
