{"id":2443,"date":"2021-03-09T06:47:07","date_gmt":"2021-03-09T06:47:07","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/?post_type=chapter&#038;p=2443"},"modified":"2022-08-03T19:53:47","modified_gmt":"2022-08-03T19:53:47","slug":"the-bank-war-and-the-whigs","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/chapter\/the-bank-war-and-the-whigs\/","title":{"raw":"The Bank War","rendered":"The Bank War"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Explain the \"Bank War\" and its political significance<\/li>\r\n<\/ul>\r\n<\/div>\r\n<section id=\"fs-idm189845920\" data-depth=\"1\">\r\n<h2 data-type=\"title\">The Bank War<\/h2>\r\nAndrew Jackson\u2019s first term was full of controversy. For all of his reputation as a military and political warrior, however, the most characteristic struggle of his presidency was financial. In his second term, he waged a \u201cwar\u201d against the Bank of the United States.\r\n<p id=\"fs-idm204476480\">Congress established the Bank of the United States in 1791 as a key pillar of Alexander Hamilton\u2019s financial program, but its twenty-year charter expired in 1811. Congress, swayed by the majority\u2019s hostility to the bank as an institution catering to the wealthy elite, did not renew the charter at that time. In its place, Congress approved a new national bank\u2014the Second Bank of the United States\u2014in 1816. It too had a twenty-year charter, set to expire in 1836.<\/p>\r\n<p id=\"fs-idm78591824\">The Second Bank of the United States was created to stabilize the banking system. More than two hundred banks existed in the United States in 1816, and almost all of them issued paper money. In other words, citizens faced a bewildering welter of paper money with no standard value. In fact, the problem of paper money had contributed significantly to the Panic of 1819.<\/p>\r\n<p id=\"fs-idm196612592\">In the 1820s, the national bank moved into a magnificent new building in Philadelphia. However, despite Congress\u2019s approval of the Second Bank of the United States, a great many people continued to view it as tool of the wealthy, an anti-democratic force. President Jackson was among them; he had faced economic crises of his own during his days speculating in land, an experience that had made him uneasy about paper money. To Jackson, hard currency\u2014that is, gold or silver\u2014was the far better alternative. The president also personally disliked the bank\u2019s director, Nicholas Biddle.<\/p>\r\nAn astute reader of public sentiment, Jackson used the debate over a centralized bank to promote his own view of presidential powers. Departing from the idea that Congress represented the will of the people, the president maintained that he was the symbolic representation of the electorate. In keeping with this conviction, Jackson made his case regarding the dangerous power of the bankers directly to the people, effectively bypassing Congress. While he may have read the public mood more accurately than his Whig adversaries, his sweeping decentralization of America's banking system ultimately led to state banks issuing far too much paper currency. With prices rising and real incomes falling, the speculative balloon eventually deflated and harmed the very \"farmers, mechanics, and laborers\" that Jackson claimed to be championing.[footnote]Eric Foner, Give Me Liberty: an American History (New York: W.W. Norton &amp; Co., 2011) 401-403.[\/footnote]\r\n<p id=\"fs-idm150485200\">A large part of the allure of mass democracy for politicians was the opportunity to capture the anger and resentment of ordinary Americans against what they saw as the privileges of a few. One of the leading opponents of the bank was Thomas Hart Benton, a senator from Missouri, who declared that the bank served \u201cto make the rich richer, and the poor poorer.\u201d Also, The self-important statements of director Biddle, who claimed to have more power than President Jackson, helped fuel sentiments like Benton\u2019s.<\/p>\r\n\r\n<h2>Jackson Vetos the Bank<\/h2>\r\nIn the reelection campaign of 1832, Jackson\u2019s opponents in Congress, including Henry Clay, hoped to use their support of the bank to their advantage. In January 1832, they pushed for legislation that would recharter it, even though its charter was not scheduled to expire until 1836. When the bill for rechartering passed and came to President Jackson, he used his executive authority to veto the measure.\r\n\r\n[caption id=\"attachment_688\" align=\"aligncenter\" width=\"788\"]<a href=\"http:\/\/www.americanyawp.com\/text\/wp-content\/uploads\/Bank-War.jpg\"><img class=\"wp-image-688 \" src=\"http:\/\/www.americanyawp.com\/text\/wp-content\/uploads\/Bank-War-1000x700.jpg\" alt=\"Political cartoon, The Downfall of Mother Bank.\" width=\"788\" height=\"551\" \/><\/a> <strong>Figure 1<\/strong>. \u201cThe bank,\" Andrew Jackson told Martin Van Buren, \"is trying to kill me, but I will kill it!\" That is just the unwavering force that Edward Clay depicted in this lithograph, which praised Jackson for terminating the Second Bank of the United States. Clay shows Nicholas Biddle as the Devil running away from Jackson as the bank collapses around him, his hirelings, and speculators.[\/caption]\r\n\r\n<\/section>In his veto message, Jackson called the bank unconstitutional and \u201cdangerous to the liberties of the people.\u201d The charter, he explained, didn\u2019t do enough to protect the bank from its British stockholders, who might not have Americans\u2019 interests at heart. In addition, Jackson wrote, the Bank of the United States was virtually a federal agency, but it had powers that were not granted anywhere in the Constitution. Worst of all, the bank was a way for well-connected people to get richer at everyone else\u2019s expense. \u201cThe rich and powerful,\u201d the president declared, \u201ctoo often bend the acts of government to their selfish purposes.\u201d[footnote]Andrew Jackson, veto message regarding the Bank of the United States, July 10, 1832, Avalon Project, Yale Law School. http:\/\/avalon.law.yale.edu\/19th_century\/ajveto01.asp.[\/footnote]\u00a0Only a strictly limited government, Jackson believed, would treat people equally.\r\n\r\n[caption id=\"\" align=\"aligncenter\" width=\"390\"]<img src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/883\/2015\/08\/23202433\/CNX_History_10_03_Monster.jpg\" alt=\"A political cartoon depicts President Jackson using a cane marked \u201cVeto\u201d to battle a many-headed snake representing state banks. Battling alongside Martin Van Buren and Jack Downing, Jackson addresses the largest head, that of Nicholas Biddle, the director of the national bank: \u201cBiddle thou Monster Avaunt!! . . .\u201d\" width=\"390\" height=\"316\" data-media-type=\"image\/jpeg\" \/> <strong>Figure 2<\/strong>. In General Jackson Slaying the Many Headed Monster (1836), the artist, Henry R. Robinson, depicts President Jackson using a cane marked \u201cVeto\u201d to battle a many-headed snake representing state banks, which supported the national bank. Battling alongside Martin Van Buren and Jack Downing, Jackson addresses the largest head, that of Nicholas Biddle, the director of the national bank: \u201cBiddle thou Monster Avaunt [go away]!! . . .\u201d[\/caption]<section id=\"fs-idm189845920\" data-depth=\"1\">\r\n<p id=\"fs-idm218266672\">The defeat of the Second Bank of the United States demonstrates Jackson\u2019s ability to focus on the specific issues that aroused the democratic majority. Jackson understood people\u2019s anger and distrust toward the bank, which stood as an emblem of special privilege and top-down government. He skillfully used that perception to his advantage, presenting the bank issue as a struggle of ordinary people against a rapacious elite class who cared nothing for the public and pursued only their own selfish ends. As Jackson portrayed it, his was a battle for small government and ordinary Americans. His stand against what bank opponents called the <strong>monster bank<\/strong>\u00a0proved very popular, and the Democratic press lionized him for it. In the election of 1832, Jackson received nearly 53 percent of the popular vote against his opponent Henry Clay.<\/p>\r\n\r\n<section id=\"fs-idm27229664\" data-depth=\"1\">\r\n<div class=\"textbox examples\">\r\n<h3>Watch It<\/h3>\r\nWatch the video below to better understand Andrew Jackson's rationale for opposing a centralized bank. How do the historians' accounts shed light on Jackson's political priorities and sympathies? What did he think was at stake if private finance operated a putatively \"public\" national bank?\r\n\r\n<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=6790517&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=ud2NxUBAvD4&amp;video_target=tpm-plugin-hxiodkd8-ud2NxUBAvD4\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n\r\nYou can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/WM-US+History\/thewaragainstthebank.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cThe War Against the Bank\u201d here (opens in new window)<\/a>.\r\n\r\n<\/div>\r\n<\/section>\r\n<div><\/div>\r\n\r\n[caption id=\"attachment_692\" align=\"aligncenter\" width=\"544\"]<a href=\"http:\/\/www.americanyawp.com\/text\/wp-content\/uploads\/JacksonAssassinationAttempt.jpg\"><img class=\"wp-image-692 \" src=\"http:\/\/www.americanyawp.com\/text\/wp-content\/uploads\/JacksonAssassinationAttempt.jpg\" alt=\"A man attempting to shoot Jackson.\" width=\"544\" height=\"375\" \/><\/a> <strong>Figure 3<\/strong>. In 1835, Jackson became the first US President on whom an assassination attempt was carried out. While unsuccessful, it became another moment for Jackson to establish his persona as impulsive and passionate when, after the assassin\u2019s gun misfired twice, Jackson beat the man senseless with a cane.[\/caption]\r\n<p id=\"fs-idp18648336\">Jackson\u2019s veto was only one part of the war on the \u201cmonster bank.\u201d In 1833, the president removed the deposits from the national bank and placed them in state banks. Biddle, the bank\u2019s director, retaliated by restricting loans to the state banks, resulting in a reduction of the money supply. The financial turmoil only increased when Jackson issued an executive order known as the <strong>Specie Circular<\/strong>, which required that western land sales be conducted using gold or silver only (specie is the term for money in the form of coins rather than paper). Unfortunately, this policy proved a disaster when the Bank of England, the source of much of the hard currency borrowed by American businesses, dramatically cut back on loans to the United States. Without the flow of hard currency from England, American depositors drained the gold and silver from their own domestic banks, making hard currency scarce. Adding to the economic distress of the late 1830s, cotton prices plummeted, contributing to a financial crisis called the Panic of 1837. This economic panic would prove politically useful for Jackson\u2019s opponents in the coming years and Van Buren, elected president in 1836, would pay the price for Jackson\u2019s hard-currency preferences.<\/p>\r\n\r\n<div class=\"textbox tryit\">\r\n<h3>Understanding Speculation and the Bank Crisis<\/h3>\r\n<iframe title=\"What is a speculative bubble?\" src=\"https:\/\/lumenlearning.h5p.com\/content\/1291406106608142458\/embed\" width=\"1088\" height=\"637\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><script src=\"https:\/\/lumenlearning.h5p.com\/js\/h5p-resizer.js\" charset=\"UTF-8\"><\/script>\r\n\r\n<\/div>\r\n<div class=\"textbox exercises\">\r\n<h3>Link to learning<\/h3>\r\nExplore a <a href=\"http:\/\/loc.harpweek.com\/LCPoliticalCartoons\/IndexPeopleSearchList.asp?IndexText=Jackson%2C+Andrew%2C+presidency\" target=\"_blank\" rel=\"noopener\">Library of Congress<\/a> collection of 1830s political cartoons from the pages of <em data-effect=\"italics\">Harper\u2019s Weekly<\/em> to learn more about how Andrew Jackson was viewed by the public in that era.\r\n\r\n<\/div>\r\n<\/section>\r\n<div>\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\n<p class=\"p1\">https:\/\/assess.lumenlearning.com\/practice\/500f9d85-57f5-4d98-a788-b031b9f04cff<\/p>\r\n\r\n<\/div>\r\n<div>\r\n<div class=\"bcc-box bcc-info\">\r\n<h3>Review Question<\/h3>\r\nWhy did the Second Bank of the United States make such an inviting target for President Jackson?\r\n[reveal-answer q=\"894185\"]Show Answer[\/reveal-answer]\r\n[hidden-answer a=\"894185\"]Many people saw the Second Bank of the United States, the \u201cmonster bank,\u201d as a tool for the privileged few, not for the public good. To Jackson, who saw himself as a spokesman for the common people against a powerful minority elite, it represented the elites\u2019 self-serving policies. Fighting to dismantle the bank increased his popularity among many American voters.[\/hidden-answer]\r\n\r\n<\/div>\r\n<\/div>\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Glossary<\/h3>\r\n<strong>monster bank:\u00a0<\/strong>the term Democratic opponents used to denounce the Second Bank of the United States as an emblem of special privilege and top-down government\r\n\r\n<strong>Specie Circular<\/strong>: Jackson's executive order requiring that western land sales be transacted using gold or silver instead of paper notes\r\n\r\n<\/div>\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Explain the &#8220;Bank War&#8221; and its political significance<\/li>\n<\/ul>\n<\/div>\n<section id=\"fs-idm189845920\" data-depth=\"1\">\n<h2 data-type=\"title\">The Bank War<\/h2>\n<p>Andrew Jackson\u2019s first term was full of controversy. For all of his reputation as a military and political warrior, however, the most characteristic struggle of his presidency was financial. In his second term, he waged a \u201cwar\u201d against the Bank of the United States.<\/p>\n<p id=\"fs-idm204476480\">Congress established the Bank of the United States in 1791 as a key pillar of Alexander Hamilton\u2019s financial program, but its twenty-year charter expired in 1811. Congress, swayed by the majority\u2019s hostility to the bank as an institution catering to the wealthy elite, did not renew the charter at that time. In its place, Congress approved a new national bank\u2014the Second Bank of the United States\u2014in 1816. It too had a twenty-year charter, set to expire in 1836.<\/p>\n<p id=\"fs-idm78591824\">The Second Bank of the United States was created to stabilize the banking system. More than two hundred banks existed in the United States in 1816, and almost all of them issued paper money. In other words, citizens faced a bewildering welter of paper money with no standard value. In fact, the problem of paper money had contributed significantly to the Panic of 1819.<\/p>\n<p id=\"fs-idm196612592\">In the 1820s, the national bank moved into a magnificent new building in Philadelphia. However, despite Congress\u2019s approval of the Second Bank of the United States, a great many people continued to view it as tool of the wealthy, an anti-democratic force. President Jackson was among them; he had faced economic crises of his own during his days speculating in land, an experience that had made him uneasy about paper money. To Jackson, hard currency\u2014that is, gold or silver\u2014was the far better alternative. The president also personally disliked the bank\u2019s director, Nicholas Biddle.<\/p>\n<p>An astute reader of public sentiment, Jackson used the debate over a centralized bank to promote his own view of presidential powers. Departing from the idea that Congress represented the will of the people, the president maintained that he was the symbolic representation of the electorate. In keeping with this conviction, Jackson made his case regarding the dangerous power of the bankers directly to the people, effectively bypassing Congress. While he may have read the public mood more accurately than his Whig adversaries, his sweeping decentralization of America&#8217;s banking system ultimately led to state banks issuing far too much paper currency. With prices rising and real incomes falling, the speculative balloon eventually deflated and harmed the very &#8220;farmers, mechanics, and laborers&#8221; that Jackson claimed to be championing.<a class=\"footnote\" title=\"Eric Foner, Give Me Liberty: an American History (New York: W.W. Norton &amp; Co., 2011) 401-403.\" id=\"return-footnote-2443-1\" href=\"#footnote-2443-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a><\/p>\n<p id=\"fs-idm150485200\">A large part of the allure of mass democracy for politicians was the opportunity to capture the anger and resentment of ordinary Americans against what they saw as the privileges of a few. One of the leading opponents of the bank was Thomas Hart Benton, a senator from Missouri, who declared that the bank served \u201cto make the rich richer, and the poor poorer.\u201d Also, The self-important statements of director Biddle, who claimed to have more power than President Jackson, helped fuel sentiments like Benton\u2019s.<\/p>\n<h2>Jackson Vetos the Bank<\/h2>\n<p>In the reelection campaign of 1832, Jackson\u2019s opponents in Congress, including Henry Clay, hoped to use their support of the bank to their advantage. In January 1832, they pushed for legislation that would recharter it, even though its charter was not scheduled to expire until 1836. When the bill for rechartering passed and came to President Jackson, he used his executive authority to veto the measure.<\/p>\n<div id=\"attachment_688\" style=\"width: 798px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.americanyawp.com\/text\/wp-content\/uploads\/Bank-War.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-688\" class=\"wp-image-688\" src=\"http:\/\/www.americanyawp.com\/text\/wp-content\/uploads\/Bank-War-1000x700.jpg\" alt=\"Political cartoon, The Downfall of Mother Bank.\" width=\"788\" height=\"551\" \/><\/a><\/p>\n<p id=\"caption-attachment-688\" class=\"wp-caption-text\"><strong>Figure 1<\/strong>. \u201cThe bank,&#8221; Andrew Jackson told Martin Van Buren, &#8220;is trying to kill me, but I will kill it!&#8221; That is just the unwavering force that Edward Clay depicted in this lithograph, which praised Jackson for terminating the Second Bank of the United States. Clay shows Nicholas Biddle as the Devil running away from Jackson as the bank collapses around him, his hirelings, and speculators.<\/p>\n<\/div>\n<\/section>\n<p>In his veto message, Jackson called the bank unconstitutional and \u201cdangerous to the liberties of the people.\u201d The charter, he explained, didn\u2019t do enough to protect the bank from its British stockholders, who might not have Americans\u2019 interests at heart. In addition, Jackson wrote, the Bank of the United States was virtually a federal agency, but it had powers that were not granted anywhere in the Constitution. Worst of all, the bank was a way for well-connected people to get richer at everyone else\u2019s expense. \u201cThe rich and powerful,\u201d the president declared, \u201ctoo often bend the acts of government to their selfish purposes.\u201d<a class=\"footnote\" title=\"Andrew Jackson, veto message regarding the Bank of the United States, July 10, 1832, Avalon Project, Yale Law School. http:\/\/avalon.law.yale.edu\/19th_century\/ajveto01.asp.\" id=\"return-footnote-2443-2\" href=\"#footnote-2443-2\" aria-label=\"Footnote 2\"><sup class=\"footnote\">[2]<\/sup><\/a>\u00a0Only a strictly limited government, Jackson believed, would treat people equally.<\/p>\n<div style=\"width: 400px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/883\/2015\/08\/23202433\/CNX_History_10_03_Monster.jpg\" alt=\"A political cartoon depicts President Jackson using a cane marked \u201cVeto\u201d to battle a many-headed snake representing state banks. Battling alongside Martin Van Buren and Jack Downing, Jackson addresses the largest head, that of Nicholas Biddle, the director of the national bank: \u201cBiddle thou Monster Avaunt!! . . .\u201d\" width=\"390\" height=\"316\" data-media-type=\"image\/jpeg\" \/><\/p>\n<p class=\"wp-caption-text\"><strong>Figure 2<\/strong>. In General Jackson Slaying the Many Headed Monster (1836), the artist, Henry R. Robinson, depicts President Jackson using a cane marked \u201cVeto\u201d to battle a many-headed snake representing state banks, which supported the national bank. Battling alongside Martin Van Buren and Jack Downing, Jackson addresses the largest head, that of Nicholas Biddle, the director of the national bank: \u201cBiddle thou Monster Avaunt [go away]!! . . .\u201d<\/p>\n<\/div>\n<section id=\"fs-idm189845920\" data-depth=\"1\">\n<p id=\"fs-idm218266672\">The defeat of the Second Bank of the United States demonstrates Jackson\u2019s ability to focus on the specific issues that aroused the democratic majority. Jackson understood people\u2019s anger and distrust toward the bank, which stood as an emblem of special privilege and top-down government. He skillfully used that perception to his advantage, presenting the bank issue as a struggle of ordinary people against a rapacious elite class who cared nothing for the public and pursued only their own selfish ends. As Jackson portrayed it, his was a battle for small government and ordinary Americans. His stand against what bank opponents called the <strong>monster bank<\/strong>\u00a0proved very popular, and the Democratic press lionized him for it. In the election of 1832, Jackson received nearly 53 percent of the popular vote against his opponent Henry Clay.<\/p>\n<section id=\"fs-idm27229664\" data-depth=\"1\">\n<div class=\"textbox examples\">\n<h3>Watch It<\/h3>\n<p>Watch the video below to better understand Andrew Jackson&#8217;s rationale for opposing a centralized bank. How do the historians&#8217; accounts shed light on Jackson&#8217;s political priorities and sympathies? What did he think was at stake if private finance operated a putatively &#8220;public&#8221; national bank?<\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=6790517&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=ud2NxUBAvD4&amp;video_target=tpm-plugin-hxiodkd8-ud2NxUBAvD4\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p>You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/WM-US+History\/thewaragainstthebank.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cThe War Against the Bank\u201d here (opens in new window)<\/a>.<\/p>\n<\/div>\n<\/section>\n<div><\/div>\n<div id=\"attachment_692\" style=\"width: 554px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.americanyawp.com\/text\/wp-content\/uploads\/JacksonAssassinationAttempt.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-692\" class=\"wp-image-692\" src=\"http:\/\/www.americanyawp.com\/text\/wp-content\/uploads\/JacksonAssassinationAttempt.jpg\" alt=\"A man attempting to shoot Jackson.\" width=\"544\" height=\"375\" \/><\/a><\/p>\n<p id=\"caption-attachment-692\" class=\"wp-caption-text\"><strong>Figure 3<\/strong>. In 1835, Jackson became the first US President on whom an assassination attempt was carried out. While unsuccessful, it became another moment for Jackson to establish his persona as impulsive and passionate when, after the assassin\u2019s gun misfired twice, Jackson beat the man senseless with a cane.<\/p>\n<\/div>\n<p id=\"fs-idp18648336\">Jackson\u2019s veto was only one part of the war on the \u201cmonster bank.\u201d In 1833, the president removed the deposits from the national bank and placed them in state banks. Biddle, the bank\u2019s director, retaliated by restricting loans to the state banks, resulting in a reduction of the money supply. The financial turmoil only increased when Jackson issued an executive order known as the <strong>Specie Circular<\/strong>, which required that western land sales be conducted using gold or silver only (specie is the term for money in the form of coins rather than paper). Unfortunately, this policy proved a disaster when the Bank of England, the source of much of the hard currency borrowed by American businesses, dramatically cut back on loans to the United States. Without the flow of hard currency from England, American depositors drained the gold and silver from their own domestic banks, making hard currency scarce. Adding to the economic distress of the late 1830s, cotton prices plummeted, contributing to a financial crisis called the Panic of 1837. This economic panic would prove politically useful for Jackson\u2019s opponents in the coming years and Van Buren, elected president in 1836, would pay the price for Jackson\u2019s hard-currency preferences.<\/p>\n<div class=\"textbox tryit\">\n<h3>Understanding Speculation and the Bank Crisis<\/h3>\n<p><iframe loading=\"lazy\" title=\"What is a speculative bubble?\" src=\"https:\/\/lumenlearning.h5p.com\/content\/1291406106608142458\/embed\" width=\"1088\" height=\"637\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><script src=\"https:\/\/lumenlearning.h5p.com\/js\/h5p-resizer.js\" charset=\"UTF-8\"><\/script><\/p>\n<\/div>\n<div class=\"textbox exercises\">\n<h3>Link to learning<\/h3>\n<p>Explore a <a href=\"http:\/\/loc.harpweek.com\/LCPoliticalCartoons\/IndexPeopleSearchList.asp?IndexText=Jackson%2C+Andrew%2C+presidency\" target=\"_blank\" rel=\"noopener\">Library of Congress<\/a> collection of 1830s political cartoons from the pages of <em data-effect=\"italics\">Harper\u2019s Weekly<\/em> to learn more about how Andrew Jackson was viewed by the public in that era.<\/p>\n<\/div>\n<\/section>\n<div>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p class=\"p1\">\t<iframe id=\"assessment_practice_500f9d85-57f5-4d98-a788-b031b9f04cff\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/500f9d85-57f5-4d98-a788-b031b9f04cff?iframe_resize_id=assessment_practice_id_500f9d85-57f5-4d98-a788-b031b9f04cff\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<div>\n<div class=\"bcc-box bcc-info\">\n<h3>Review Question<\/h3>\n<p>Why did the Second Bank of the United States make such an inviting target for President Jackson?<\/p>\n<div class=\"qa-wrapper\" style=\"display: block\"><span class=\"show-answer collapsed\" style=\"cursor: pointer\" data-target=\"q894185\">Show Answer<\/span><\/p>\n<div id=\"q894185\" class=\"hidden-answer\" style=\"display: none\">Many people saw the Second Bank of the United States, the \u201cmonster bank,\u201d as a tool for the privileged few, not for the public good. To Jackson, who saw himself as a spokesman for the common people against a powerful minority elite, it represented the elites\u2019 self-serving policies. Fighting to dismantle the bank increased his popularity among many American voters.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"textbox learning-objectives\">\n<h3>Glossary<\/h3>\n<p><strong>monster bank:\u00a0<\/strong>the term Democratic opponents used to denounce the Second Bank of the United States as an emblem of special privilege and top-down government<\/p>\n<p><strong>Specie Circular<\/strong>: Jackson&#8217;s executive order requiring that western land sales be transacted using gold or silver instead of paper notes<\/p>\n<\/div>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-2443\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Speculative Bubble Interactive. <strong>Authored by<\/strong>: Scott Barr for Lumen Learning. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>US History. <strong>Provided by<\/strong>: OpenStax. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/openstax.org\/books\/us-history\/pages\/10-3-the-nullification-crisis-and-the-bank-war\">https:\/\/openstax.org\/books\/us-history\/pages\/10-3-the-nullification-crisis-and-the-bank-war<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Access for free at https:\/\/openstax.org\/books\/us-history\/pages\/1-introduction<\/li><li>The Bank War. <strong>Provided by<\/strong>: The American Yawp. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/www.americanyawp.com\/text\/09-democracy-in-america\/#footnote_22_79\">http:\/\/www.americanyawp.com\/text\/09-democracy-in-america\/#footnote_22_79<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>The War Against the Bank. <strong>Provided by<\/strong>: NBC News Learn. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ud2NxUBAvD4\">https:\/\/www.youtube.com\/watch?v=ud2NxUBAvD4<\/a>. <strong>License<\/strong>: <em>Other<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">Public domain content<\/div><ul class=\"citation-list\"><li>1832bank1. <strong>Authored by<\/strong>: Edward W. Clay. <strong>Provided by<\/strong>: Wikimedia Commons. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/commons.wikimedia.org\/wiki\/File:1832bank1.jpg\">https:\/\/commons.wikimedia.org\/wiki\/File:1832bank1.jpg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/pdm\">Public Domain: No Known Copyright<\/a><\/em><\/li><li>JacksonAssassinationAttempt. <strong>Provided by<\/strong>: Wikimedia Commons. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/commons.wikimedia.org\/wiki\/File:JacksonAssassinationAttempt.jpg\">https:\/\/commons.wikimedia.org\/wiki\/File:JacksonAssassinationAttempt.jpg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/pdm\">Public Domain: No Known Copyright<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-2443-1\">Eric Foner, Give Me Liberty: an American History (New York: W.W. Norton &amp; Co., 2011) 401-403. <a href=\"#return-footnote-2443-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><li id=\"footnote-2443-2\">Andrew Jackson, veto message regarding the Bank of the United States, July 10, 1832, Avalon Project, Yale Law School. http:\/\/avalon.law.yale.edu\/19th_century\/ajveto01.asp. <a href=\"#return-footnote-2443-2\" class=\"return-footnote\" aria-label=\"Return to footnote 2\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":23592,"menu_order":9,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"US History\",\"author\":\"\",\"organization\":\"OpenStax\",\"url\":\"https:\/\/openstax.org\/books\/us-history\/pages\/10-3-the-nullification-crisis-and-the-bank-war\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Access for free at https:\/\/openstax.org\/books\/us-history\/pages\/1-introduction\"},{\"type\":\"cc\",\"description\":\"The Bank War\",\"author\":\"\",\"organization\":\"The American Yawp\",\"url\":\"http:\/\/www.americanyawp.com\/text\/09-democracy-in-america\/#footnote_22_79\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"The War Against the Bank\",\"author\":\"\",\"organization\":\"NBC News Learn\",\"url\":\"https:\/\/www.youtube.com\/watch?v=ud2NxUBAvD4\",\"project\":\"\",\"license\":\"other\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"original\",\"description\":\"Speculative Bubble Interactive\",\"author\":\"Scott Barr for Lumen Learning\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"pd\",\"description\":\"1832bank1\",\"author\":\"Edward W. Clay\",\"organization\":\"Wikimedia Commons\",\"url\":\"https:\/\/commons.wikimedia.org\/wiki\/File:1832bank1.jpg\",\"project\":\"\",\"license\":\"pd\",\"license_terms\":\"\"},{\"type\":\"pd\",\"description\":\"JacksonAssassinationAttempt\",\"author\":\"\",\"organization\":\"Wikimedia Commons\",\"url\":\"https:\/\/commons.wikimedia.org\/wiki\/File:JacksonAssassinationAttempt.jpg\",\"project\":\"\",\"license\":\"pd\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"1147ed03-21ce-44ac-ada4-86b266929fce,949a14d9-9bba-4049-a65f-6a71ed8121e3","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-2443","chapter","type-chapter","status-publish","hentry"],"part":296,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/pressbooks\/v2\/chapters\/2443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/wp\/v2\/users\/23592"}],"version-history":[{"count":32,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/pressbooks\/v2\/chapters\/2443\/revisions"}],"predecessor-version":[{"id":8489,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/pressbooks\/v2\/chapters\/2443\/revisions\/8489"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/pressbooks\/v2\/parts\/296"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/pressbooks\/v2\/chapters\/2443\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/wp\/v2\/media?parent=2443"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/pressbooks\/v2\/chapter-type?post=2443"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/wp\/v2\/contributor?post=2443"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory1\/wp-json\/wp\/v2\/license?post=2443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}