He knew that it was a generator of inflation which hurt the weakest in society, widows and orphans.
Using the term 'Democrat' as a pejorative is not correct for that day, since the Democrats of that day were advocates of small government and sound currency
The BUS was 'supported' because it corrupted everything, and when it couldn't stop Jackson, it called in it's loans to cause a recession.
Jackson was correct on the limitations of the Supreme Court, it is not the deciding branch of Government on what is constitutional, although it claims that power.
Jefferson feared that we would be ruled by a judicial oligarchy
Jackson wasn't responsible for the Tariff, if I am not mistaken, didn't Calhoun introduce it thinking it wouldn't get passed?
Then Calhoun tried to pull the nonsense that South Carolina would not obey the laws and Jackson informed Calhoun that he would hang those who advocated treason.
So, Calhoun backed down.
The panic of 1837 was caused by the Central Bank with it's boom bust inflationary lending.
Taken in balance Jackson left the nation stronger then when he first took office.
No. That’s what I thought when I began my book. No, he was a petty guy, a big-government guy, who was totally wrapped up in corruption in the party.
No, the evidence is NOT that the BUS was “corrupted.” Local banks and merchants liked it because it standardized money from one region to another, making ALL their bank notes stronger. Calling in the loans did NOT cause the recession, either. The shrinking of Mexican silver and Britain raising the interest rates did-—this has been proven beyond a doubt now.
No, you are absolutely wrong on the Panic of 37. This was the view of 50 years ago, but economists have “followed the money.” It was 100% due to Mexico and British interest rate changes. Jackson is off the hook for that one.
No, Jackson was wrong on the Supreme Court. He personally allowed Georgia to violate a sacred treaty just so he could reward his cronies.
What Jefferson thought is irrelevant about what JACKSON did about the Court.
The tariff was indeed passed by the DEMOCRATS (his party) thinking that it would be so high the Whigs would reject it. They didn’t. Then Calhoun tried to back out of his own bill. Yes, Jackson was right enforcing the tariff.
But this was the very tariff that allowed him to pay off the debt-—it sure wasn’t him “controlling” government because it grew, absolutely and relatively under Jackson. So hard to praise him for ending the debt under a tariff bill passed under Adams that gave him the revenue to do so.