The Bank: TRanscript
Written by Madison Mckivergan
Henry Clay and President Jackson disagreed on many points, but one of the most prominent was the Second Bank of the United States. Jackson wanted to kill the bank, convinced it was taking advantage of the “common man”. He thought that the Second Bank was nothing but an excuse to abuse the powerless farmer- in order to feed the rich private stockholders of the bank. He was also upset that foreigners owned bank stock, saying that Americans were helping enemy nations.
However, Clay supported the bank as a vital part of his “American System”. He claimed it was a necessary economic internal improvement that kept America unified and in sync; before the bank there had been over 300 different state banks that all issued different taxes and rules. Clay said a national bank kept other banks from ripping off the common man like they had before. He said that even the Constitution stated the need for a bank, in the paragraph giving Congress power to put into effect needed institutions.
Still, even with the tension between Jackson and himself, in 1832 Clay and bank president Nicholas Biddle were confident in the passing of the bank’s recharter. As much as President Jackson hated the bill, they were sure he would be too scared to oppose it, since doing so would endanger his reelection. However, they were angrily surprised to discover that Jackson had vetoed the bill anyway, and used his second term to wage war on the bank. Jackson is quoted to say,” The bank is trying to kill me…but I will kill it.” In September of 1833, the president removed all federal funding from the Second Bank and redistributed it to various state banks. He also declared that deposits to the bank wouldn’t be accepted after October 1st of that year. Clay was upset, but the “Bank Wars” raged on until Jackson’s term ran dry. It shows how fanatical Jackson was on getting his own way. Clay couldn’t win. It’s unfortunate to see how both men had the same ideals, to improve the nation and protect the common man, but they came up with complete opposite opinions on the bank institution.
Henry Clay and President Jackson disagreed on many points, but one of the most prominent was the Second Bank of the United States. Jackson wanted to kill the bank, convinced it was taking advantage of the “common man”. He thought that the Second Bank was nothing but an excuse to abuse the powerless farmer- in order to feed the rich private stockholders of the bank. He was also upset that foreigners owned bank stock, saying that Americans were helping enemy nations.
However, Clay supported the bank as a vital part of his “American System”. He claimed it was a necessary economic internal improvement that kept America unified and in sync; before the bank there had been over 300 different state banks that all issued different taxes and rules. Clay said a national bank kept other banks from ripping off the common man like they had before. He said that even the Constitution stated the need for a bank, in the paragraph giving Congress power to put into effect needed institutions.
Still, even with the tension between Jackson and himself, in 1832 Clay and bank president Nicholas Biddle were confident in the passing of the bank’s recharter. As much as President Jackson hated the bill, they were sure he would be too scared to oppose it, since doing so would endanger his reelection. However, they were angrily surprised to discover that Jackson had vetoed the bill anyway, and used his second term to wage war on the bank. Jackson is quoted to say,” The bank is trying to kill me…but I will kill it.” In September of 1833, the president removed all federal funding from the Second Bank and redistributed it to various state banks. He also declared that deposits to the bank wouldn’t be accepted after October 1st of that year. Clay was upset, but the “Bank Wars” raged on until Jackson’s term ran dry. It shows how fanatical Jackson was on getting his own way. Clay couldn’t win. It’s unfortunate to see how both men had the same ideals, to improve the nation and protect the common man, but they came up with complete opposite opinions on the bank institution.