The rechartering of the national bank

Private banks resented its privileged position in the banking industry. The opponents, principally agrarians, were distrustful of the federal government. In the act before me there seems to be a wide and unnecessary departure from these just principles. He was still rationalizing his veto on the grounds that he considered the Bank unconstitutional, despite the Supreme Court's ruling to the contrary.

The Treasury Department maintained normal working relations with Biddle, whom Jackson reappointed as a government director of the Bank.

The panic of 1837

McLane denied that he had any part in it. Jackson's hand-picked successor, Martin Van Buren, responded to the economic depression in an extremely doctrinaire way. There was a strong movement during this period to increase the power of the federal government. See disclaimer. Hungry mobs broke into the city's flour warehouse. I intend to rout you out, and by the eternal God, I will rout you out. They alleged that this was unfair to farmers and allowed creditors to profit without creating tangible wealth, while a creditor would argue that he was performing a service and was entitled to profit from it. But if any private citizen or public functionary should interpose to curtail its powers or prevent a renewal of its privileges, it can not be doubted that he would be made to feel its influence. It enjoys an exclusive privilege of banking under the authority of the General Government, a monopoly of its favor and support, and, as a necessary consequence, almost a monopoly of the foreign and domestic exchange. He denounced the Bank as a "moneyed tribunal" and argued for "a hard money policy against a paper money policy".

The act before me proposes another gratuity to the holders of the same stock, and in many cases to the same men, of at least seven millions more Thomas Cadwalader, a fellow B. By expanding the veto, Jackson claimed for the president the right to participate in the legislative process.

They described it as "Hamiltonian" in character, accused it of introducing "radical modifications" to existing Treasury policy and attacked it as an assault on democratic principles.

jacksonian democracy

No one could doubt he was well qualified for the job. He also signed a certificate with recommendations for president and cashier of the branch in Nashville.

He assured Blair that he had no intention of replacing him. Cambreleng wrote, "The Treasury report is as bad as it can possibly be — a new version of Alexander Hamilton's reports on a National Bank and manufacturers, and totally unsuited to this age of democracy and reform.

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Digital History