Inauguration

The Mob

 Not Elite

“Farmer Presdident”First president not from East Coast Elite

 Friend of the Ordinary Citizen

Strict constructionistSelf made manRespect for God’s wordKitchen cabinet.

 Concerns over a Central BankRechartered in 1816Had great influence over other banksNo constitutional checks and balances.Jackson insisted the idea of national bank violated the Constitution & free enterprise system.Original purpose of national bank was to keep nations money stable and on the gold standard.Western banks had to borrow at hight rates - people demanded Jackson do something.Sold stock to investor (many british)Jackson warned against foreign control Jackson vs. Nicholas BiddleBranch officesNational bank lent to congressmen in exchange for favorsJackson vetoes Bank Charter Bill in 1832Withdrew nations money from National BankBiddle called in private loans causing the Panic of 1837Tried to blame that on JacksonNational bank lost charter - Biddle lost power.  Land SpeculatorsBorrowing money, buy land sell for higher price (Gov selling land)Western banks, paper money not backed by gold.Inflation making it near impossible for common man to buy land.Specie CircularAll public lands be paid for in gold and silver.  Temporary financial panic but long term stabalization.During two terms1) Championed sound money backed by gold2) Did away with a strong central bank that controlled the nations money supply.