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President Jackson and the Veto of the Second National Bank

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President Jackson and the Veto of the Second National Bank U.S. HISTORY LESSON 3.5 President Jackson and the Veto of the Second National Bank reform human capital debt safety net trade-off GDP deficit priorities spending Medicare mandatory budget Social Security revenue health care governance discretionary baby boomers economic growth infrastructure ESSENTIAL DILEMMA Could the conflict over the Second National Bank have been resolved in a way that supported the values advocated by both President Jackson and Congress? INTRODUCTION Get money out of government. —Occupy Wall Street poster (Callari, 2012) It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. —President Andrew Jackson, 1832 message to Congress explaining his veto of a bill to recharter the Second Bank of the United States (Peters & Woolley, 2012) Although made 180 years apart, the statements above both reflect a sentiment that goes back to the earliest years of the Republic—allowing monied interests to influence government is a bad idea. But just as not everyone agrees with the Occupy Wall Street protestors, some Americans thought Andrew Jackson was wrong. Those on both sides of the Bank War—the battle between President Jackson and supporters of the Second Bank of the United States in and out of Congress—had strong views on what was right for the United States and its people; both also had political motivations. The following pages provide a review of key events in the run-up to the battle. UNDERSTANDING FISCAL RESPONSIBILITY | 1 U.S. History | Lesson 3.5 1791: The First Bank of the United States was chartered. The Bank was supported by Alexander Hamilton, who believed in a strong national government and thought the Bank would help shore up the new government’s finances. Thomas Jefferson opposed it; he favored states’ rights and an economy based on agriculture over a strong federal government and an economy dominated by industry and bankers. 1792: New Hampshire became the first state to allow males who did not own property to vote. 1800: Kentucky joined the Union, with no property requirements for voting. Other new states followed suit. By now, political parties were firmly established. 1811: Jeffersonians controlled Congress and stopped the rechartering of the First Bank. 1816: Congress chartered a Second Bank of the United States because of financial problems, including increased national debt and inflation; the charter would last for 20 years. The Bank handled the finances of the U.S. government, controlled the federal currency, and operated as a commercial bank, making loans to businesses and individuals. 1816–1819: The Second Bank engaged in fraud and questionable lending that led to land speculation and an economic bubble. When it began calling in loans, it set off a panic. 1819: The Supreme Court held that Congress had the authority to establish a national bank that could not be taxed by the state (McCullough v. Maryland). 1820–1830: Better management of the Bank did away with the early problems. By the late 1820s, the Bank was widely regarded as a useful institution that contributed to the nation’s economic stability. 1824: Andrew Jackson ran for president, but lost when the race was decided in the House of Representatives (1825). 1828: Andrew Jackson was elected president. From the beginning, Jackson disagreed with those who saw the Bank as a useful institution. He saw the Bank as part of a system of powerful elites that included Congress and that catered to the wealthy. As a national financial institution with considerable power to shape the economy, the Bank flew in the face of Jackson’s belief that U.S. democracy should serve the common man. Following Jackson’s election, more states eliminated the property requirement for voting, expanding participation in democracy. 1829: Nicholas Biddle, president of the Second Bank, met with President Jackson in an unsuccessful effort to persuade him of the Bank’s importance. 1829: President Jackson sent his first annual message to Congress. Members of Congress reacted negatively to Jackson’s message. 1832: The bill to recharter the Bank (introduced 4 years earlier than necessary in an effort by Biddle to corner Jackson into signing it instead of using a controversial veto just before his re-election) passed both houses of Congress, but was vetoed by Andrew Jackson. Nicholas Biddle and Henry Clay, who would be Jackson’s opponent in his reelection bid, had believed Jackson would be forced to sign the recharter bill because it was an election year. Although his opponents were infuriated, and convinced that Jackson wanted to turn the presidency into the most powerful branch of government, Congress did not overturn the veto and Jackson was subsequently reelected. UNDERSTANDING FISCAL RESPONSIBILITY | 2 U.S. History | Lesson 3.5 1833: Jackson withdrew the government’s funds from the Second Bank, a tactic that (along with some moves by Biddle) eventually led to the Bank’s demise. The issue of rechartering the Second Bank of the United States was debated as if it was only about conflicting principles of governance. Those who supported the rechartering believed the government had a role to play in assuring the economic stability of the nation. They also believed that Jackson overreached as President and acted as if he had more power than the legislature or the judiciary. For his part, Jackson defended his actions as being driven by what was best for the common man and by states’ rights. Although the differences in principles were important, political jockeying also played an important role in the dispute, and likely made compromise impossible. For students living in an era when compromise is increasingly difficult, considering whether the two sides in the Bank War could have forged an agreement that would have supported the values of both sides should be instructive. This lesson is designed for use in a U.S. history class during study of the Jackson era. KEY TERMS The following terms and concepts are used in this lesson and appear in the online glossary: Banknotes, Charter, Land speculators, National bank, Panic, Veto STUDENTS WILL UNDERSTAND The sequence of events that led to President Jackson’s veto of the bank bill. The philosophical arguments for and against rechartering the Second Bank of the United States. The political considerations that influenced actions taken during the Bank War. STUDENTS WILL BE ABLE TO Use evidence and critical thinking to sequence events chronologically. Identify arguments made by historical figures and the values underlying those arguments. Take and defend a position on a historical issue. UNDERSTANDING FISCAL RESPONSIBILITY | 3 U.S. History | Lesson 3.5 RELATED CURRICULUM STANDARDS Common Core State Standards (CCSS) Initiative1 CCSS.ELA-Literacy.CCRA.R.7. Integrate and evaluate content presented in diverse media and formats, including visually and quantitatively, as well as in words. CCSS.ELA-Literacy.RI.9-10.8. Delineate and evaluate the argument and specific claims in a text, assessing whether the reasoning is valid and the evidence is relevant and sufficient; identify false statements and fallacious reasoning. CCSS.ELA-Literacy.RH.11-12.6. Evaluate authors’ differing points of view on the same historical event or issue by assessing the authors’ claims, reasoning, and evidence. The College, Career, and Civic Life (C3) Framework for Social Studies State Standards2 D2.His.1.9-12. Evaluate how historical events and developments were shaped by unique circumstances of time and place as well as broader historical contexts. D2.His.2.9-12. Analyze change and continuity in historical eras. NCSS’s National Curriculum Standards for Social Studies3 2. Time, Continuity, and Change. Social studies programs should include experiences that provide for the study of the past and its legacy. 5. Individuals, Groups, and Institutions. Social studies programs should include experiences that provide for the study of interactions among individuals, groups, and institutions. 6. Power, Authority, and Governance. Social studies programs should include experiences that provide for the study of how people create, interact with, and change structures of power, authority, and governance. 7. Production, Distribution, and Consumption. Social studies programs should include experiences that provide for the study of how people organize for the production, distribution, and consumption of goods and services. 1. National Governors Association Center for Best Practices, Council of Chief State School Officers.Common Core State Standards. Washington, DC. Copyright 2010. 2. National Council for the Social Studies (NCSS). The College, Career, and Civic Life (C3) Framework for Social Studies State Standards: Guidance for Enhancing the Rigor of K-12 Civics, Economics, Geography, and History. Silver Spring, MD. Copyright 2013. 3. National Council for the Social Studies (NCSS). National Curriculum Standards for Social Studies: A Framework for Teaching, Learning, and Assessment. Silver Spring, MD. Copyright 2010. UNDERSTANDING FISCAL RESPONSIBILITY | 4 U.S. History | Lesson 3.5 National Center for History in the Schools’ Historical Thinking Standards4 3.B. Historical Analysis and Interpretation. Consider multiple perspectives of various peoples in the past by demonstrating their differing motives, beliefs, interests, hopes, and fears. 4.C. Historical Research Capabilities. Interrogate historical data by uncovering the social, political, and economic context in which it was created; testing the data source for its credibility, authority, authenticity, internal consistency and completeness; and detecting and evaluating bias, distortion, and propaganda by omission, suppression, or invention of facts. 5.A. Historical Issues. Identify issues and problems in the past and analyze the interests, values, perspectives, and points of view of those involved in the situation. National Center for History in the Schools’ United States History Content Standards4 Era 4: Expansion and Reform (1801–1861), Standard 3A. The student understands the changing character of American political life in “the age of the common man.” LIST OF LESSON RESOURCES The following resources are used in this lesson and can be downloaded online: 1.
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