Andrew Jackson’s views on banking were defined by deep-seated suspicion, a preference for "hard money" (gold and silver), and a belief that a national bank was a tool for the wealthy to oppress the common man. His opposition culminated in the "Bank War," a fierce political battle to destroy the Second Bank of the United States.
1. Philosophical Opposition: The "Monster"
Jackson famously referred to the Second Bank of the United States (BUS) as "The Monster." His opposition was rooted in several key beliefs:
Anti-Elite Sentiment: He believed the Bank gave an "exclusive privilege" to a small group of wealthy, often foreign, stockholders at the expense of "the humble members of society—the farmers, mechanics, and laborers."
Andrew Jackson’s views on banking were defined by deep-seated suspicion, a preference for "hard money" (gold and silver), and a belief that a national bank was a tool for the wealthy to oppress the common man. His opposition culminated in the "Bank War," a fierce political battle to destroy the Second Bank of the United States.
1. Philosophical Opposition: The "Monster" Jackson famously referred to the Second Bank of the United States (BUS) as "The Monster." His opposition was rooted in several key beliefs:
Anti-Elite Sentiment: He believed the Bank gave an "exclusive privilege" to a small group of wealthy, often foreign, stockholders at the expense of "the humble members of society—the farmers, mechanics, and laborers."
Jackson hated the bank with a burning passion