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Date Posted: 20:59:09 10/17/02 Thu
Author: Jellybean
Subject: Ch9 - The "Monster" Destroyed

I.The “Monster” Destroyed
A. "Monster"-Bank of US-weakiening of the bank
1. Jackson removes gov. $ from the US bank
a. jackson fires 2 secretaries because they won't follow along
b.hires att. general Roger B. Tandy-gives ok to $ withdrawl
2. Taney deposits $ into "pet" banks
a. "pet" banks are banks independently owned by states
B. "czar" Nicholas Biddle
1. Biddle retaliates to $ withdrawl
a.calls in loans and raises interest rates
b. his actions caused finacial distress
c.calls a short recession, hoping Congress will recharter the bank
(this whole fiasco becomes a political battle between Jackson and Biddle)
C. Worsening finacial conditions
1.supporters of the US bank blame Jackosn for the recession
a.they organize meetings, send petitions toward rechartering the bank
2. Biddle contracts too much credit
a. his actions begin to threaten his clients' interest $$
b. Biddle finally reverses hisself to appeasethe business community
i. begins to grant credit on reasonable terms
ii. loses his chance at rechartering the bank
3. Jackson wins a large political victory at a great cause
a. economy is shot for another century

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