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The Market Economy in Jacksonian America. Did it benefit or hurt america

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This mammoth was the bank of the United States of America and Jackson’s defeat of the bank and its president, Biddle, was among the most important legacies of his presidency.The bank of the United States had been formed in the year 1791. It was chartered by the federal government, its stock was owned jointly by private investors and the government. It served as the bank of the government- center of tax revenues were being deposited in it and it paid the government bills. It also served as a convenient source of short-term loans for the government when tax collections didn’t meet spending wants. The bank also had other clients and it received credits and extended loans to citizens who were private as well as the federal government.The bank had been debatable since it was found and some people questioned its constitutionality. This issue had been answered by the Supreme Court in the year 1819. In Maryland, the court ruled that the congress processed the authority under the constitution which was to charter the Bank. After the decision, the bank remained debatable and Jackson was among its critics who were really harsh.For the understanding of Jackson Andrew position to the bank, we need to appreciate the nostalgia that underlay his economic vision. Just like Thomas Jefferson 50 years earlier, Andrew idealized an economy of small farmers and artists as he understood these sorts of economic pursuits encouraged independence and benefit. He subsequently opposed most of the dominant tendencies within America’s emerging market economy during the time he served as a president. He worried so much about the new large manufacturing centers and the upcoming numbers of corporations in the country. Most of all he was worrying about the concentrations of capital and economic power that created them.Jack’s economic nostalgia explains more than his opposition to the bank. This also explains his bill of veto in the year 1830. The Washington, Maysville, Paris and Lexington road company was a corporation chartered by Kentucky to build a sixty mile road across the states portion. Eventually, the company planned to connect their road with the national road stretching westward from Cumberland, Maryland. In order to support the project, congress approved the purchase of 50,000 dollars’ worth of stock in the company. The decision was
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