Did Andrew Jackson hate ALL banks?Going through wikipedia I noticed that it was mentioned that Jackson hated the entire banking system. However, I had always believed that Jackson was in favor of state banks rather than the central bank. Which is more true? |
jackson was opposed to the central bank and actually withdrew money from it to invest in other banks
he did not hate all banks as such but did not trust banks issuing paper money that was not backed by any gold or silver reserves - this was why he insisted that government land sales were paid by gold or silver (he wanted to avoid the banks not having sufficient resources to "pay")
unfortunately this brought about exactly the outcome he was trying to avoid - the collapse of many banks as they didnt have sufficient "specie" (gold/silver) - it was that action that has led to some people believing that he hated banks
