It issue of rechartering the Second Bank

It was no secret that former President Andrew Jackson did not like the idea of an American banking system. It is also ironic that a man who hated the idea of the banking system is represented on our $20 bills. Andrew Jackson’s hatred for national banks is known today as the Bank War. Jackson hated banks because he felt that the government was too involved over state rights, and resented the bank’s lack of funding for expansion into the unsettled Western territories. ( Being a man from the South, he and many congressmen argued that the bank was unconstitutional, possessed a monopoly on money, and favored the commercial North over the agricultural South. ( ┬áJackson’s decision to not recharter the Second Bank of the United States would plant a seed that would lead to the Panic of 1837 that would crash Northern industrial economy. ( Jackson’s decision to not recharter, the Panic of 1837, and southern conflict over the move would play into how Jackson’s Bank War would be a cause of the Civil War.First of all, Jackson’s Bank War, or just simply the Bank War, was President Andrew Jackson’s political struggle over the issue of rechartering the Second Bank of the United States, or 2nd BUS. Jackson did not wish to recharter the 2nd BUS because he felt that it oppressed the common man from a hard-working background, rather than groups of elites. Jackson ordered Secretary of the Treasury Roger Taney to stop putting federal money in the Second Bank of the United States, and instead into local state banks. ( After Jackson ordered this, Nicholas Biddle set out to counter attack Jackson’s orders by calling in loans and basically ruined the bank’s credit. ( This action would send Northern industrial economy into ruin that would trigger the Panic of 1837.The Panic of 1837 was a major recession that killed jobs, raised prices, and was one of the result of Jackson’s decision not to recharter the bank. ( The recession forced banks to relax their lending standards, which, in the process, made unfair and unsafe expense ratios. ( Americans blamed domestic issues such as the failure to recharter for the recession, and the recession would continue until 1843, when the economy would recover. ( The Panic of 1837 would contribute to the coming Civil War because the Panic would mostly affect northern industry, and would prove the southern states to have a better economy in agriculture. The Panic of 1837 would also be caused by wheat crops failing, but due to the Bank collapsing, real estate prices went through the roof and it was almost impossible to keep land. ( southern conflict with Northern states would ultimately contribute to a physical conflict due to southern states not wanting to share the same currency as northern states who opposed southern actions. The South supported Jackson’s closure of the Second Bank of the United States because the National Bank helped Northern economy but hurt Southern economy. Southerners cheered the North’s demise.Andrew Jackson’s presidency can be summed up by either triumph, or controversy, depending on where you stand on the Civil War. For some, Jackson would help provide an advantage for the southern states during the war, and for others, Jackson could be considered a villian that ruined economy and helps the enemy. It’s all about perspective. No matter the side you take, Jackson closed the Second Bank of the United States, basically ruined economy, and is represented on our $20 bills to this day. Oh the irony.