February 28, 2017

Homework Help: history

Posted by meme on Wednesday, May 27, 2009 at 3:30pm.

What is the significance of the bank war and why did it and justify the two-party system?

my reponse for part a is Jackson was a democrat and he advocated for the small farmers, planters and workers. The Bank was in the best interests of the Businessmen and those farmers who relied on the bank for credit. President Jackson removed all federal funds from the bank which led to the Bank War ending with the annihilation of The Second Bank of the United States. The failure of the bank was in the best interest of the people he represented; however, Jackson also issued the Specie Circular, which decreed that the government would accept only specie for the purchase of public land. The failure of the bank caused the Panic of 1837 then depression. When Jackson removed the bank he destabilized the country's credit and financial stance.

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