Was Andrew Jackson A Good Pres

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in a land speculation with partners who went bankrupt. Fortunately for him, he escaped debtors prison. He retained a lifelong distrust of banks, and paper money, which was involved in the transaction (Morris, Section 3). In an episode of Jackson’s presidency, he was at war with the Bank of the United States. The Bank of the United States held a monopoly on the deposits of the federal government, which owned one-fifth of the Bank’s stock. The bank provided credit to growing enterprises, issued bank notes which served as a dependable medium of exchange throughout the country, and it exercised a restraining effect on the less well manages state banks. Nicholas Biddle, who ran the Bank, tried to put the institution on a sound and prosperous basis. But Andrew Jackson was always determined to destroy it (Brinkley, 249). The Bank had two opposition groups: the “soft-money” faction and the “hard-money” faction. Soft money advocates objected to the Bank of the United States because it ...

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