VoyForums
[ Show ]
Support VoyForums
[ Shrink ]
VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, [3] ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 20:51:40 10/17/02 Thu
Author: Jo
Subject: Ch9 - Biddle's Instituton

I. Biddle's Institution
A. Nicholas Biddle
1. President of Bank of United States
2. Aristocrat; not politician
a. However, was smart enough to make financial favors for men who were influential and could help his bank
b. Cultivated a friendship with Daniel Webster
i. Heavy borrower form BUS so naturally supported Biddle
ii. Webster also helped win support of other powerful men like Henry Clay
B. Hard and Soft Money
1. Soft money faction wanted more currency in circulation and believed then more bank notes without gold and silver backup was the fastest and easiest way to do so
a. Didn't like the Bank of United States because it didn't let state banks from giving out notes all over the dang place
b. Believed in rapid economic growth and speculation
2. Hard money faction thought that backing up notes with gold and silver was the only way to be successful
a. They didn't like any bank that issued bank notes, even the Bank of the US
b. Liked "public virtue" and didn't like expansion or speculation
c. Jackson supported hard money
i. Had gotten really poor from the Panic of 1797 and distrusted banks and paper currency
ii. He also didn't want to go against his soft money supporters
iii. To appease both, he stated that he would not re-charter the Bank of the US
C. Jackson's Veto
1. Clay and Webster convinced Biddle to apply for a re-charter to Congress four years ahead of the time it was to expire, causing it to become a major issue in the 1832 national elections
2. Congress passed the re-charter bill
3. Jackson vetoed it
4. The bank's supporters in Congress failed to override the veto
D. Clay ran for president
1. Unanimous choice of the National Republicans
2. Lost to Jackson and Van Buren by a landslide

[ Next Thread | Previous Thread | Next Message | Previous Message ]
[ Contact Forum Admin ]

Forum timezone: GMT-8
VF Version: 3.00b, ConfDB:
Before posting please read our privacy policy.
VoyForums(tm) is a Free Service from Voyager Info-Systems.
Copyright © 1998-2019 Voyager Info-Systems. All Rights Reserved.