Why did Andrew Jackson oppose national banks?also, if you know any good essay questions between the time 1821-1850, that would be great. Anything like Manifest Destiny, missouri compromise or why americans moved to texas and then why they wanted independence from mexico. |
Being a farmer Jackson had a natural dislike for banks. In 1817
jackson, like most southern plantation owners had bought a lot of
land for a cheap price and also had borrowed money in order to plant
his crops. Normally farmers repaid their banks loans ONCE they had
sold their crops and had money. The land speculators had forced the
value of land up so high that it collapsed destroying the value of the
land and the people who had invested in the land at the highest price
the land was selling for and it destroyed the banks because they had loaned ALL of the speculators the money to buy the land. Once
the banks collapsed jackson lost ALL of his investments in land and
could not pay the money owed to the bankrupt bank on his plantation
, the Hermitage. He nearly went bankrupt. Jackson blamed ALL of the
big banks, especially the US government's 2nd Bank of the US for
the Panic of 1817. He wanted to destroy the rich money men who owned the banks and ruined the average decent farmers, this was the
popular belief of the farmers, so he was out to get the big banks and
once he was president he did.
Hope that helps. packers.
Because they are technically against the principals of independence this country was founded upon... but so is almost everything in this country now... get used to it you conservative freaks! if your gonna oppose socialized medicine you might as well oppose these too: social security, public school, unemployment payments, medicare, medicaid, government subsidies to hospitals, the post office! yeaaa think about it!
