I will kill it! Andrew Jackson s Stand against The Second National Bank. Naomi Mathew. Senior Division. Historical Paper.

Transcription

1 I will kill it! Andrew Jackson s Stand against The Second National Bank Naomi Mathew Senior Division Historical Paper 2,430 words

2 1 Political figures frequently talk of fighting corruption. During the 2016 election cycle, Americans heard pledges to take on Wall Street 1 and Drain the Swamp. 2 Yet, how often do such promises become actions? While President, Andrew Jackson waged war against what he viewed as the most corrupt political machine of his day: The Second National Bank of the United States. Jackson s political stand against the bank became a struggle to the death against central banking and elitism, and carries a legacy of inspiration for fighting corruption in modern times. From Humble Beginnings Orphaned at a young age, Andrew Jackson taught himself law and moved to Nashville in He ascended into politics, first serving as a delegate to the Tennessee constitutional convention in 1795, then as a congressman, a senator, and eventually the general of the state militia. In 1791, he fell in love with and married Rachel Donelson. Rachel had separated from her first husband, but did not obtain an official divorce until This later would haunt both Rachel and Andrew throughout his presidential campaigns. 3 The War of 1812 transformed Jackson into a national hero. During the Battle of New Orleans, his ragtag force of Americans decimated the British. Although the war had officially ended two weeks earlier, Jackson s incredible victory caused the nation to idolize him as the new George Washington. 4 The War of 1812 brought about both Jackson s stardom and the Second National Bank. After the war with Britain, the economy was in shambles, and the US was in debt. In April of 1 Sanders, Bernie. "Bernie Sanders Wall Street and economy speech." New York. 5 Jan Market Watch. Web. 3 Mar Trump, Donald. President Trump Rally in Melbourne, Florida." C-SPAN. 18 Feb Web. 1 Apr "Andrew Jackson: Life before the Presidency." Miller Center. N.d. Web. 20 Feb ibid.

3 2 1816, President Madison signed the bank into law. The Second National Bank was given a twenty year charter, set to expire in Its duties were to provide a national currency, serve as a depository for federal funds, control inflation, give loans, and meet interest payments on the national debt. 6 At the urging of countless Americans, Jackson ran for president in Although he won the popular vote, neither Jackson nor John Quincy Adams or Henry Clay received an electoral majority. The election went to the House, where Clay allegedly threw his support behind Adams in exchange for the position of Secretary of State. 7, 8 Jackson lost the presidency and was infuriated, labelling Clay The Judas of the West, and vowed that, his end will be the same. 9 In 1828 Jackson again ran for president. The Jacksonians accused Adams of being a monarchist and of having worked as pimp for the Russian Czar while minister to Russia. 10 Adam s supporters portrayed Jackson as a murderer 11 and viciously attacked Rachel Jackson, labelling her as an adulteress and bigamist. 12 Jackson won the presidency, yet the victory was bittersweet. Throughout Jackson s campaign, Rachel s health had been declining. The attacks on 5 Hill, Andrew. "The Second Bank of the United States - A detailed essay on an important event in the history of the Federal Reserve." Federal Reserve History. N.d. Web. 20 Feb Lane, Carl. A Nation Wholly Free: The Elimination of the national debt in the Age of Jackson. Yardley: Westholme, Print. p "Address, adopted at the meeting of the Friends of Gen. Jackson, in Gettysburg, on the 27th of September, 1828." Gettysburg Adams Sentinel 15 Oct. 1828: 4. Badgerlink. Web. 1 Apr "Hampden - No. VI." Washington National Intelligencer [Washington DC] 1 Oct. 1827: 2. Badgerlink. Web. 1 Apr Lewis, William Berkeley, and Andrew Jackson. Andrew Jackson to William Berkeley Lewis, February 14, Manuscript/Mixed Material. Retrieved from the Library of Congress, < 10 Lane, op. cit., p Binns, John Some account of some of the bloody deeds of General Jackson Library of Congress. Web. 1. Apr First Lady Biography: Rachel Jackson National First Ladies Library n.d. Web. 1 Apr

4 3 her character by her husband s political opponents exacerbated her stress and depression, which worsened her heart condition. On December 22, 1828, Rachel Jackson died; Andrew Jackson blamed her death on his political foes. 13 The Bank War begins The brokenhearted Jackson entered Washington ready to rid the government of corruption, and, to Jackson, the Second National Bank was a monster of corruption. 14 Since his early life, Jackson had been suspicious of banks and paper money. Decades earlier, he had accepted paper notes in exchange for land he sold, but after the buyers went bankrupt, the paper money became worthless. From that moment onward, Jackson held a deep fear of banks. 15 In 1829, President Jackson met with the bank s president, Nicholas Biddle. Unlike the self-taught Jackson, Biddle received a degree from the elite Princeton University at fifteen years old. He then practiced law and state politics in Pennsylvania until appointed to the bank s board in Biddle came to Jackson with a plan for paying off the national debt, hoping to win Jackson s favor. 17 President Jackson responded bluntly by saying he didn t believe Congress had the authority to charter a bank within a ten-mile radius of Washington DC. I do not dislike your Bank any more than all banks, Jackson told Biddle "Rachel Andrew Jackson's Wife and Love of His Life." The Hermitage. N.d. Web. 03 Mar Jackson, Andrew. Andrew Jackson to Amos Kendall, July 8, 1834 Library of Congress. Web. 3 Apr Hill, op. cit. 16 Beschloss, Michael R. Presidential Courage: Brave Leaders and How They Changed America, New York: Simon & Schuster Paperbacks, Print. p Feller, Daniel King Andrew and the Bank The National Endowment for the Humanities. Web. 1 Apr Biddle, Nicholas. The Correspondence of Nicholas Biddle Dealing with National Affairs Ed. Reginald C. McGrane. Boston: Houghton Mifflin Company, Web. 20 Feb p. 93.

5 4 Soon after his meeting with Biddle, Jackson used his first message to Congress to denounce the bank as an unconstitutional entity that failed to maintain a sound currency. 19 In response, Congressmen assigned Biddle to write the official report on the bank s transparency and lack of corruption or political motive. The report was then disseminated throughout the country using funds from the bank. 20 Upon publication of Biddle s report, President Jackson demanded the newspapers aid him in his war against the bank. One of his advisers founded The Globe, a Jacksonian paper to help spread his message. In 1830, Jackson asked Congress to merge the US Treasury with the bank to stop it from lending money or buying property. This convinced Biddle that Jackson wanted to destroy the bank. 21 Though worn from his first term in office, Jackson decided to pursue a second term as President. Because of the bank s influence on the press, the safest way for Jackson to insure his re-election would be to stop antagonizing the bank. In 1831, the Treasury Secretary went to Biddle and attempted to arrange a truce, pledging that if Biddle held off his fight until after the election, the Secretary would convince Jackson to re-charter the bank. However, when President Jackson learned of the secret deal, he was infuriated and declared he would veto the bank if Congress re-chartered it Jackson, Andrew. "First Annual Message," December 8, The American Presidency Project. Web. 1. Apr Beschloss, op. cit., p Ibid., p Ibid., p

6 5 The National Republicans named Henry Clay their 1832 nominee for President. 23 While he was in congress, Clay was a champion of Biddle s bank, serving as its director and counsel. Additionally, he recently took a $5,000 loan from Biddle. Hoping to make the bank the main issue of the race, Clay urged Biddle to apply for a new charter as soon as possible. If Jackson dared veto it, it could hurt his political future. Biddle took his advice. 24 On the subject of a bank veto by Jackson, Biddle informed a Democratic congressman: I will not say that it will destroy him but I certainly think it will & moreover I think it ought to. 25 Yet Jackson remained firm in his stance against the bank; at this point the bank was openly siding with Jackson s political opponents, the same enemies he held responsible for Rachel s death. For Jackson, the battle had evolved beyond mere politics and into a struggle for survival. To his running mate, Jackson declared, The bank, Mr. Van Buren, is trying to kill me, but I will kill it! 26 Compromise was no longer an option for Jackson. The Bank Veto In his veto message to Congress, Jackson attacked the bank for both its foreign ties and corrupt stockholders. He asked what would happen if America went to war with another country, since foreigners owned over a quarter of the bank stock. If we must have a bank with private stockholders, Jackson argued, it should be purely American. 27 Additionally, the twenty bank directors that were not appointed by the government were chosen by the non-foreign 23 Journal of the National Republican Convention: which assembled in the city of Baltimore, Dec. 12, 1831, for the nominations of candidates to fill the offices of president and vice president. Washington: Printed at the office of the National Journal, Library of Congress. Web. 1 Apr p Beschloss, op. cit., p Biddle, op. cit., p Van Buren, Martin. The autobiography of Martin Van Buren. Washington: Govt. Print Off., Web. 20 Feb p Jackson, Andrew. "July 10, 1832: Bank Veto." 10 July Web. 20 Feb

7 6 stockholders: a group made up of the richest class in America. This kept financial power in the hands of a few elite citizens. 28 Jackson also attacked the bank on constitutional grounds. The Supreme Court case, McCulloch v Maryland, established the constitutionality of the bank by noting Congress found it necessary and proper, 29 but Jackson disagreed. Re-authorization of the bank s charter was not necessary and proper, according to the president. 30 In the past, Jackson had charged the bank with gross abuse and violation of its charter. 31 There was evidence to prove the bank had been buying congressmen and newspaper editors. 32 It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. President Jackson argued in his veto message that the government was meant for equal protection, and, If we can not at once... make our government what it ought to be, we can at least take a stand against all new grants of monopolies and exclusive privileges, against any prostitution of our Government to the advancement of the few at the expense of the many, 33 Jackson s stand was met with passionate reactions. The Pittsburg Manufacturer applauded Jackson s veto of the vampire (misnomered The U.S. Bank,) on our country s prosperity, and declared that, A war must rage betwixt the aristocracy and the people. 34 Pro- 28 Jackson, "July 10, 1832: Bank Veto." op. cit. 29 Gormley, Ken. The Presidents and the Constitution: A living history. New York: New York U Press, Print. p Jackson, "July 10, 1832: Bank Veto." op. cit. 31 Ibid. 32 Beschloss, op. cit., p Jackson, "July 10, 1832: Bank Veto." op. cit. 34 From the Pittsburg (Pa.) Manufacturer. U.S. Bank President s Veto. Washington Globe 20 July Badgerlink. Web. 1 Apr

8 7 Clay newspaper editorials branded Jackson with titles such as Chief Magistrate 35 and Dictator 36. Biddle spent $100,000, the equivalent of $2.3 million today, attacking Jackson in the papers. 37 Despite Biddle s assaults, Jackson s popularity with the people won him reelection. He viewed his victory as the country s endorsement of his fight against the bank. 38 Jackson continued his battle during his second term. In 1833, President Jackson ordered all funds from the National Bank be placed into state banks. 39 Jackson s expansion of executive power in this act earned him the nickname King Andrew the First among political opposition (See Appendix A) 40 and may have sparked the failed assassination attempt on his life. 41 The bank fought Jackson s decision by curtailing loans in an attempt to damage the economy, but this only served to legitimize Jackson s argument that the bank was an irresponsible institution. 42 His supporters depicted Jackson heroically battling the many headed monster (See Appendix B, C). 43, 44 When the bank s federal charter expired in 1836 and was reduced to a Pennsylvania state bank, the monster had been destroyed The Presidential Election. No. 7 Indianapolis Indiana Journal 13 Oct. 1832: 1. Badgerlink. Web. 2 Apr Presidential Election No. VII. Washington National Intelligencer 6 Sept. 1832: 2. Badgerlink. Web. 2 Apr Beschloss, op. cit., p "Andrew Jackson: Campaigns and Elections." Miller Center. N.d. Web. 3 Mar Hill, op. cit. 40 King Andrew the First Library of Congress. Web. 1 Apr Brammer, Robert. I ll be damned if I don t do it! : The Failed Assassination Attempt on President Andrew Jackson 16 Jan Library of Congress. Web. 3 Apr Feller, op. cit 43 Robinson, Henry R. General Jackson slaying the many headed monster Library of Congress. Web. 1 Apr Bisbee, Ezra. Political Quixotism shewing the consequences of sleeping in patent magic spectacles The diplomatic Hercules, attacking the poitical hydra Library of Congress. Web. 1 Apr Feller, op. cit.

9 8 The Aftermath Unfortunately, the initial impact of Jackson s actions was chaos. One year after the National Bank closed, the Panic of 1837 occurred. Although many factors are responsible for the crisis, the perceived reckless management of state banks has been cited as one cause. The crash had a deep effect on the country: 39,000 Americans went bankrupt and 741 million dollars were lost. The effects of the crisis also spread to Britain. 46 The system of banking that arose from Andrew Jackson s defeat of the Second National Bank has been dubbed, Decentralization without freedom. 47 For twenty-six years after 1837, banking had no national oversight and was left to the states. However, in certain states this merely shifted corruption from the federal level to the state level. State banks could only legally operate with a charter from their state legislature, therefore issuing state bank charters became a political move. Jackson s own vice president, Martin Van Buren, had previously taken advantage of this system. Van Buren and his political group known as the Albany Regency would exclusively grant charters to political allies. In return, these banks would support them financially. 48 The populist, anti-establishment sentiment that once gave Jackson the presidency led some states to pass Free banking laws. 49 Under these laws, banks could operate without a state charter but still had to comply with many regulations. For example, these banks were prohibited from branching across state lines and, in some states, were banned from branching at all. As a 46 Armstrong, Martin. "Panic of 1837." Panic of 1837 Armstrong Economics. N.d. Web. 20 Feb Smith, Vera. The Rationale of Central Banking and the Free Banking Alternative. Indianapolis: Liberty Press, Web. 3 Mar p Wallis, John. "The Concept of Systematic Corruption in American Political and Economic History." National Bureau of Economic Research (2004): Web. 03 Mar p Selgin, George. The theory of free banking: money supply under competitive note issue. Lanham: Rowman & Littlefield Publishers, Web. 03 Mar p. 13.

10 9 result, when banknotes traveled far from their origin, they became worthless. Additionally, individuals struggled to track the differing currency values. Other regulations required banks to hold an equal amount of state bonds to banknotes. These bonds were illiquid investments for the banks, often preventing them from keeping enough specie to redeem their banknotes when needed. 50 The free banking era has been characterized as a time rife with wildcat bankers and abuse. While problems existed, they are often exaggerated. 51 In a study of four free banking states, it was found that only sixteen percent of banks closed in less than a year, and the average lasted over five years (and were therefore not wildcat banks). 52 Those that did close were often able to redeem their notes at full, or nearly full value. 53 In reality, many of the banking troubles came not from dishonest speculators but from market forces lowering the prices of state bonds. 54 Banking after the Second National Bank was not as hazardous as once thought, and problems stemmed from Jackson decentralizing banking but failing to secure banking freedom. The free-banking era ended when the National Banking Act was passed in 1863 to create national banks and encourage a national currency 55 and in 1913, the current United States central bank, the Federal Reserve, was created. 56 However, Jackson s financial legacy lives on. The 50 Wells, Donald. "Banking Before the Federal Reserve: The U.S. and Canada Compared" Foundation for Economic Education. 01 June Web. 03 Mar Rolnick, Arthur and Warren Weber. The Free Banking Era: New Evidence on Laissez-Faire Banking Federal Reserve Bank of Minneapolis Research Report 80. May Web. 3 Apr p Ibid., p Ibid., p Rolnick, Arthur and Warren Weber. Free Banking, Wildcat Banking, and Shinplasters Federal Reserve Bank of Minneapolis Quarterly Review. vol.6, No.3. Fall Web. 3 Apr p Office of the Comptroller of the Currency. "Office of the Comptroller of the Currency: A Short History." US Department of the Treasury Web. 03 Mar Hill, op. cit.

11 10 creators of the Federal Reserve looked at the faults of the Second National Bank while designing the new central bank. A Lasting Legacy Jackson had fought against the Hamiltonian bank system which was designed to operate under a private not a public direction. 57 To avoid past mistakes, Federal Reserve architects created a system that was both public and privately controlled. 58 To prevent financial power from accumulating and benefiting in only one area of the country, the Federal Reserve Act made twelve regional banks that would be overseen by a board in DC. 59 Finally, because the Second National Bank had been destroyed as a matter of party policy, it was imperative that the Federal Reserve be strictly non-partisan. 60 Movements mirroring Jackson s battle against the bank cover all sides of the political spectrum. In 2011, Occupy Wall Street formed, bringing anti-banking sentiment to the forefront of American political life. Protesters even attempted to take down the Bank of America and other banks that had been bailed out by the US government. 61 Campaigns to end the Federal Reserve exist currently; US Senator Rand Paul is leading a charge to Audit the Fed, 62 and Dr. Ron Paul 57 Hamilton, Alexander. Final Version of the Second Report on the Further Provision Necessary for Establishing Public Credit (Report on a National Bank) 13 Dec National Archives. Web. 3 Apr Powell, Jerome. America's Central Bank: The History and Structure of the Federal Reserve Federal Reserve. 28 Mar Web. 3. Apr Davies, Phil. The Monster of Chestnut Street The Federal Reserve Bank of Minneapolis. 1 Sep Web. 3 Apr Keep Banks Free, Aldrich Advises New York Times. 7 Nov Web. 3. Apr Flock, Elizabeth. "National Occupy Wall Street plans to take down Bank of America." The Washington Post. 9 Apr Web. 3 Mar Schroeder, Peter. "'Audit the Fed' bill gets new push under Trump." The Hill. 4 Jan Web. 3 Mar

12 11 champions a total end of the Federal Reserve. 63 Supporters of these movements would do well to learn from Jackson s actions and not simply shift tyranny from the federal level to the state level. The timeless promise to fight government corruption remains today. Most notable is President Donald Trump s oath to Drain the Swamp. 64 It is possible for the current President to draw inspiration from former President Jackson s battle, and Trump has hung Andrew Jackson s portrait in the Oval Office. 65 Whether this signifies a genuine fight against corruption or is merely a public relations stunt is a question for future historians to decide. Conclusion Andrew Jackson viewed his stand against the Second National Bank as a life-or-death struggle in which he battled the elite for the common good. His war was successful and the bank was destroyed. For twenty-six years, there was total decentralization of banking, and the United States survived over seventy-five years without a central bank. However, the initial impact of Jackson s actions was financial chaos. Corruption shifted to different levels of government, and with banking left to the states it became decentralized without freedom. Nevertheless, the legacy of Jackson s stand continues to this day, both in our financial system and in the spirit of all who continue to stand against central banking, elitism, and corruption. 63 Paul, Ron. End the Fed. New York, N.Y. Boston: Grand Central Publishing, Print. 64 Trump, op. cit. 65 Greenwood, Max. "Trump hangs portrait of Andrew Jackson in Oval Office." The Hill. 25 Jan Web. 3 Mar

13 12 Appendix A King Andrew the First Library of Congress Web. A picture dated around fall 1833, most likely in response to the President s order to remove all funds from the Second National Bank. Because Jackson acted without the approval of Congress, some accused him of acting like a Monarch.

14 13 Appendix B Robinson, Henry R. General Jackson slaying the many headed monster Library of Congress Web. A political cartoon, depicting Andrew Jackson, Martin Van Buren, and Jack Downing slaying the bank, which is portrayed as a monster made up of the heads of its supporters. Jackson s cane is marked: Veto.

15 14 Appendix C Bisbee, Ezra. Political Quixotism shewing the consequences of sleeping in patent magic spectacles The diplomatic Hercules, attacking the poitical hydra Library of Congress Web. A political cartoon in which Jackson fighting the Second National Bank is depicted as Hercules fighting the Hydra.

16 15 Annotated Bibliography Primary Sources "Address, adopted at the meeting of the Friends of Gen. Jackson, in Gettysburg, on the 27th of September, 1828." Gettysburg Adams Sentinel, 15 Oct. 1828: 4. Badgerlink. Web. 1 Apr An address published as an article on October 15, In this address, Jackson s supporters attack John Adams for offering Clay the position of Secretary of State in exchange for his support in the previous presidential election. I used this article to learn of the belief that there was a corrupt bargain between Adams and Clay in 1824 which gave Adams the presidency. Biddle, Nicholas. The Correspondence of Nicholas Biddle Dealing with National Affairs Ed. Reginald C. McGrane. Boston: Houghton Mifflin Company, Web. 20 Feb A book which contains the letters of Nicholas Biddle. I used it to learn about the meeting between Biddle and President Jackson in which they discuss the Second National Bank, and where Biddle discusses the impact that a bank veto would have on Jackson. Binns, John. Some account of some of the bloody deeds of General Jackson Library of Congress Web. 1. Apr A handbill popular during the 1828 presidential campaign created by John Binns, a Republican editor, showing pictures of coffins and describing the alleged murder of six militiamen (as well as other soldiers and Indians) by Jackson during the Creek War in I used this source as an example of the mudslinging against Jackson by Adams supporters. Bisbee, Ezra. Political Quixotism shewing the consequences of sleeping in patent magic spectacles The diplomatic Hercules, attacking the poitical hydra Library of Congress Web. 1 Apr A picture showing Andrew Jackson as Hercules, fighting the bank which is depicted as a hydra. I used this to illustrate how Jackson s supporters viewed him and his crusade against the bank. Flock, Elizabeth. "National Occupy Wall Street plans to take down Bank of America." The Washington Post. 9 Apr Web. 3 Mar A newspaper article detailing how the Occupy Wall Street movement planned to end the Bank of America. I used this article to learn about the Occupy movement's anti-banking sentiment.

17 16 From the Pittsburg (Pa.) Manufacturer. U.S. Bank President s Veto. Washington Globe 20 July Badgerlink. Web. 1 Apr A pro-jackson newspaper article relating to Jackson s veto of the bank. I used this article to show the excitement of Jackson s supporters after his veto, and the quote comparing the bank to a vampire is from this source. Greenwood, Max. "Trump hangs portrait of Andrew Jackson in Oval Office." The Hill. 25 Jan Web. 3 Mar This article describes Donald Trump hanging a portrait of Andrew Jackson in the Oval Office. I used this information as an example of Trump possibly drawing inspiration from Jackson s legacy. Hamilton, Alexander. Final Version of the Second Report on the Further Provision Necessary for Establishing Public Credit (Report on a National Bank) 13 Dec National Archives. Web. 3 Apr In this report, Alexander Hamilton argues for the establishment of a national bank. I took information and a quote from this report about how a Hamiltonian style central bank would function. "Hampden - No. VI." Washington National Intelligencer [Washington DC] 1 Oct. 1827: 2. Badgerlink. Web. 1 Apr This newspaper article critically examines the idea of a corrupt bargain between John Adams and Henry Clay during the 1824 election. This article was used to show the belief that Adams and Clay conspired together to keep Jackson out of the presidency. Jackson, Andrew. Andrew Jackson to Amos Kendall, July 8, 1834 Library of Congress Web. 3 Apr This is a letter from Jackson to Amos Kendall, in which Jackson expresses optimism on the subject of his fight against the bank. I took the quote about the bank being a monster of corruption from this letter. Jackson, Andrew. "First Annual Message," The American Presidency Project. 8 Dec Web. 1. Apr Andrew Jackson s first message to Congress. In this message Jackson claims the bank has failed to establish sound currency and questions the bank s constitutionality. I used this message to show Jackson s dislike for the bank from the start of his term. Jackson, Andrew. "July 10, 1832: Bank Veto." 10 July Web. 20 Feb The message President Andrew Jackson delivered when he vetoed a bill to re-charter the Second National Bank of the United States. This speech was used to explain Jackson's arguments against the bank, and several quotes were taken from it.

18 17 Journal of the National Republican Convention: which assembled in the city of Baltimore, Dec. 12, 1831, for the nominations of candidates to fill the offices of president and vice president. Washington: Printed at the office of the National Journal, Library of Congress. Web. 1 Apr This book documents the events of the National Republican Convention of I used this source to gain information on the nomination of Henry Clay for president. Keep Banks Free, Aldrich Advises New York Times. 7 Nov Web. 3. Apr A newspaper article from 1909, in which Senator Aldrich, a designer of the Federal Reserve, explains his plan for a central bank. I used this article to illustrate how the creators of the Federal Reserve believed it was necessary that their new central bank be non-partisan, and that the Second National Bank had been destroyed by partisan politics. King Andrew the First Library of Congress Web. 1 Apr A political cartoon from 1833, depicting Andrew Jackson as a monarch. I used this to illustrate how Jackson s political opponents viewed him as a king for his expansion of executive power. Lewis, William Berkeley, and Andrew Jackson. Andrew Jackson to William Berkeley Lewis, February 14, Manuscript/Mixed Material. Retrieved from the Library of Congress, < A letter written by Andrew Jackson in the aftermath of the 1824 election, in which he describes his feelings toward his opponent Henry Clay. I used quotes from letter to illustrate Jackson s disgust at the election results. Paul, Ron. End the Fed. New York, N.Y. Boston: Grand Central Publishing, Print. A book written by Ron Paul about the Federal Reserve and the rationale for ending it. I used this book to learn about Ron Paul's desire to end the Federal Reserve. Presidential Election No. VII. Washington National Intelligencer 6 Sept. 1832: 2. Badgerlink. Web. 2 Apr In this newspaper article, National Republicans denounce Jackson for his recent actions. Part of it reads, Nay, upon the principles of the late Veto Message and Gwins appointment the Constitution is gone! It is a dead letter, and the will of a Dictator is the Supreme Law! I used this newspaper to show the attitude towards Jackson after his bank veto. Robinson, Henry R. General Jackson slaying the many headed monster Library of Congress Web. 1 Apr A picture showing Andrew Jackson fighting the bank, depicted as a many headed monster. I used this to show how Jackson s political supporters viewed him as a hero.

19 18 Sanders, Bernie. "Bernie Sanders Wall Street and economy speech." New York. 5 Jan Market Watch. Web. 3 Mar A speech given by the Democratic Candidate Bernie Sanders while he was campaigning for president in In this speech Sanders promises to reform Wall Street. I used this as an example of politicians promising to reform Wall Street. Schroeder, Peter. "'Audit the Fed' bill gets new push under Trump." The Hill. 4 Jan Web. 3 Mar An article describing Rand Paul's legislation to audit the Federal Reserve. I used information from this article as evidence of Rand Paul's current fight against the Federal Reserve. The Presidential Election. No. 7 Indianapolis Indiana Journal 13 Oct. 1832: 1. Badgerlink. Web. 2 Apr This newspaper article, originally from the National Intelligencer, condemns Jackson for his veto of the bank. It claims that if Jackson is re-elected, we shall have a Chief Magistrate exercising, for nearly five years to come, a more than monarchial authority. I used this article to illustrate the feelings towards President Jackson after his bank veto. Trump, Donald. President Trump Rally in Melbourne, Florida." C-SPAN. 18 Feb Web. 1 Apr In this speech, Donald Trump promises to Drain the swamp. I used a quote from this speech as evidence of political promises to fight corruption ( Drain the swamp ). Van Buren, Martin. The autobiography of Martin Van Buren. Washington: Govt. Print Off., Web. 20 Feb In this book, Martin Van Buren describes his encounter with President Andrew Jackson, who vows to kill the bank. I used a quote from this to show Jackson's determination to end the Second National Bank. Secondary Sources "Andrew Jackson: Campaigns and Elections." Miller Center. N.d. Web. 03 Mar A website detailing the presidential campaigns and elections of Andrew Jackson. I used this site to learn about the results of the election of "Andrew Jackson: Life before the Presidency." Miller Center. N.d. Web. 20 Feb A website describing Andrew Jackson's early life before he became president. I used this website to gain information on Jackson's political rise, personal life, and military career. Armstrong, Martin. "Panic of 1837." Armstrong Economics. N.d. Web. 20 Feb An article describing the Panic of 1837, as well as potential causes of the crisis. I used this article for information on the causes and impact of the Panic of 1837.

20 19 Beschloss, Michael R. Presidential Courage: Brave Leaders and How They Changed America, New York: Simon & Schuster Paperbacks, Print. A book containing information on President Andrew Jackson's fight against the bank. I used this book to learn about Jackson's actions and political strategy for fighting the bank war. Brammer, Robert. I ll be damned if I don t do it! : The Failed Assassination Attempt on President Andrew Jackson 16 Jan Library of Congress. Web. 3 Apr An article about the failed assassination attempt on President Jackson s life. I used this article to learn about the motivations of the would-be assassin. Davies, Phil. The Monster of Chestnut Street The Federal Reserve Bank of Minneapolis. 1 Sep Web. 3 Apr An article detailing how the Second National Bank exercised its power, and how the Federal Reserve system was designed. I used this article for information on how the failure of the Second National Bank influenced the creation of the Federal Reserve. Feller, Daniel King Andrew and the Bank The National Endowment for the Humanities. Web. 1 Apr This article gives background on the history of the American system of banking and how the history impacted the bank war. I used this article to learn about Biddle s plan to pay off the national debt, as well as the fate of the bank after Jackson s veto. First Lady Biography: Rachel Jackson National First Ladies Library N.d. Web. 1 Apr An article detailing the life of Rachel Jackson. I gained information from this article about the insults hurled at Rachel by Andrew Jackson s political enemies. Gormley, Ken. The Presidents and the Constitution: A living history. New York: New York U Press, Print. A book with information on how each president interpreted the constitution. I used this book for information on Jackson's argument that a central bank was unconstitutional. Hill, Andrew. "The Second Bank of the United States - A detailed essay on an important event in the history of the Federal Reserve." Federal Reserve History. N.d. Web. 20 Feb A website containing information on the history of the Second National Bank of the United States. I used this website to learn about the creation of the Second National Bank, Andrew Jackson's personal history with banks, the removal of funds from the Second National Bank, and the creation of the Federal Reserve. Lane, Carl. A Nation Wholly Free: The Elimination of the national debt in the Age of Jackson. Yardley: Westholme, Print. A book detailing actions Andrew Jackson took the end the national debt. I used this book to learn about the duties of the Second National Bank. I also took information about accusations against John Quincy Adams during the 1828 election from this book.

21 20 Office of the Comptroller of the Currency. "Office of the Comptroller of the Currency: A Short History." US Department of the Treasury Web. 03 Mar This paper explains the history of the Office of the Comptroller of the Currency. I used this paper to learn about the National Banking Act and when it was created. Powell, Jerome. America's Central Bank: The History and Structure of the Federal Reserve Federal Reserve. 28 Mar Web. 3. Apr The text of a speech given by Federal Reserve Governor Powell, which shows the history of the Federal Reserve. I used this to gain information on the design of the Federal Reserve System. "Rachel Andrew Jackson's Wife and Love of His Life." The Hermitage. N.d. Web. 03 Mar A website containing a biography of Rachel Jackson. I used this website to learn about Rachel Jackson's Illness and death. Rolnick, Arthur and Warren Weber. Free Banking, Wildcat Banking, and Shinplasters Federal Reserve Bank of Minneapolis Quarterly Review. vol.6, No.3. Fall Web. 3 Apr This study challenges the commonly held notion that fraud and abuse were the causes of the free-banking era s problems. I used this study to learn about potential reasons for banking problems during the free-banking era. Rolnick, Arthur and Warren Weber. The Free Banking Era: New Evidence on Laissez-Faire Banking Federal Reserve Bank of Minneapolis Research Report 80. May Web. 3 Apr This study critically examines common views of the free-banking era, by examining data from four different states with free-banking laws. I used this to show statistics about the failure rates of banks during the free-banking era. Selgin, George. The theory of free banking: money supply under competitive note issue. Lanham: Rowman & Littlefield Publishers, Web. 03 Mar A book about how a system of free banking could work. I used this book for information about the implementation of "Free banking" laws in America. Smith, Vera. The Rationale of Central Banking and the Free Banking Alternative. Indianapolis: Liberty Press, Web. 03 Mar A book on how a free banking system would work and the history of various banking systems. This book described the "free banking" era, and I used it to learn about the system of Decentralization without Freedom".

22 21 Wallis, John. "The Concept of Systematic Corruption in American Political and Economic History." National Bureau of Economic Research (2004): Web. 03 Mar A paper containing information on political corruption throughout American History. I took information about the corruption of state banks/state governments from this paper and about Van Buren s use of bank charters for political gain. Wells, Donald. "Banking Before the Federal Reserve: The U.S. and Canada Compared" Foundation for Economic Education. 1 Jun Web. 03 Mar An article comparing the banking systems of the United States and Canada before I used this article to learn about the different regulations placed on state banks during the free-banking era.