National Banks. The purposes of this bank were to regulate the flow of currency, control credit, and perform essential banking services for the Department of Treasury. The existence of the bank was based on the idea of Alexander Hamilton, the nations first secretary of the treasury, with the idea that the bank would cooperate between commercial interest and the government, to assure a strong national economy. With the removal of government funds, it made it difficult of banks to be reliable, yet it was Jackson decision to do so. It is true that the BUS needed to be the bank for the people and not for the very rich, yet at the same time it did not need to be completely destroyed. Jackson eliminated something with mass potential for the country because of minor problems. He deprived the Nation of a sound central bank just as it was entering an era of rapid industrialization. (p. 291) By not allowing for one strong reliable bank, which was not in the fear of bankruptcy, Jackson created thousands of weak local banks that were undercapitalized and poorly managed. The people of the United States lost precious money to these companies. Americans paid a stiff economic price for this wide-open system, as Jacksons reforms left a heartbreaking century-long legacy of thousands of bank failures. (p.292) While Jackson played the role as a leader of the common people into politics, it was his political party that made him who he was. It was the demand for change, and Jackson just happening to be running at the time when the rules were being changed. It was not him that made improvements in electing process of president or the increase of citizens voting. It was his political party that demanded changes. It was not Jackson, who prevented South Carolina from seceding, it was Henry Clay. In short, Jackson played the role as a symbol of the new American dream, but did not really do anything on his own that prospered the United States.Andrew Jackson can ...
