The bank crisis of 1829
The changes made to the Banking system during the banking crisis of 1829 changed the way banks operated and gave us the options for banking we have today.
As we all have learned Andrew Jackson, aka “Old Hickory” was our 7th President of the United States of America. This topic is over, The Bank War that started in 1829; a war that no lives were lost or guns were fired. President Jackson was against the 2nd Bank of America and the President of the bank Nicholas Biddle. President Jackson believed that this bank had too much political power. In 1832 Jackson placed a veto on a bill to extend the banks charter and he also moved all the government deposits from Federal banks to State banks which caused a financial panic. As Biddle tried to fight back and cease existing loans, his plan back fired, most of the deposits were made in specie, or gold and silver. The state banks began to overextend there credit. This reminds me of the mortgage crisis common day America is going through now. Specie Circular stated that land and resources could only be purchased with silver or gold. President did not like the idea of paper money. By this time the widespread panic had leveled out. President Jackson implemented a new coin press and it made him look like he had restored economic stability to America.
http://www.youtube.com/watch?v=Knf8KA5aAjw&feature=related Accessed 3/6/2011
http://www.youtube.com/watch?v=Tuh957f7I4A&NR=1 Accessed 3/6/2011
Information obtained http://www.let.rug.nl/usa/E/bankwar/bankwar11.htm Accessed 3/5/2011
Image. Retrieved from http://www.flickr.com/photos/swanksalot/211332277/
Image. Retrieved from http://www.flickr.com/photos/swanksalot/211332277/
Research done by Shawn A.