Bank of the United States (Arguments Against Jacksons Actions (The country…
Bank of the United States
Causes of the Event
Government deposits were removed and given to state Pet Banks
The charter of the BUS ended due to Jackson's veto.
Effects of the Event
Specie Circular required payment for land to be in gold or silver
This created more stress and strain on the gold and silver suppliers because of the high demand for these materials.
Inflation occurred because of increased payments of gold and silver from other countries.
The creation of Pet Banks
New banks emerged
Sale of lands rose
States plunged into debt for internal improvements
Arguments For Jacksons Actions
He feared the national bank would become a monopoly.
He thought that the paper currency that the bank issued was worthless, and prefered gold and silver.
He believed it put too much power into the hands of private individual.
Arguments Against Jacksons Actions
The country needed a way to figure out how much credit they had.
Needed to find a way to manage government funds
The BUS was a way to handle war debt
Needed a way to manage land cells