James Madison's Presidency: A Long Recitation Of Executive Weaknesses

The Bank Recharter Bill of 1832 was a bill designed to renew the corporate charter of the Second Bank of the United States. Although Congress passed the bill, Andrew Jackson vetoed it a week later. President Andrew Jackson opposed the Second Bank of the United States because he believed that it held too much power without accountability and that it was unconstitutional.The bank was heavily biased toward business interests and had no congressional oversight. This bias led the bank to not support western expansion, which Jackson favored. Jackson also felt that the bank was too powerful, both politically and economically.

The Bank War was the name given to the campaign begun by President Andrew Jackson in 1833 to destroy the Second Bank of the United States. The Second Bank had been established in 1816, as a successor to the First Bank of the United States, whose charter had been permitted to expire in 1811. In the veto message, President Jackson eagerly rejects a bill that leased the Bank of the United States. He argues that the Bank gives privilege and unfair advantage to a wealthy few at the expense of the public, and he opposes foreign ownership of Bank stock. The President claims the same right to interpret the Constitution as Congress and the Supreme Court when he questions the constitutionality of the Bank. The bank’s charter was unfair, Jackson argued in his veto message, that the bank was given significantly to much market power, specifically in the markets that moved financial properties from place to place in the country and into and out of additional nations. That market power enlarged the bank’s revenues and consequently its stock price, “which operated as a gratuity of many millions of dollars to the stockholders,”. Jackson proposed that it would be reasonable to the majority of

To build a nation, you need a good economic base. So, Alexander Hamilton proposed a national bank. The first National Bank started in Philadelphia in 1791. The bank was profitable and helped us get out of debt, but the people had concerns. A major portion of stock was held by the British and people believed that the bank was holding back economic growth. Because of these concerns, the bank closed in

President Andrew Jackson’s involvement in the Bank War helped to define his two terms in office. He first presented the case to congress and when they did not agree with him, he took matters into his own hands. He vetoed the new charter for the bank and he distributed the funds to state banks and finally shut down the bank for the good of the common man. He caused an economic depression and his opposers formed a new political party. The Bank War and Andrew Jackson greatly affected the United States government and the

The Bank of the United States had the most power out of all the banks in America and it was the primary depository for the funds of the Washington government. Although, it controlled and minted much of the nation’s gold and silver, it did not distribute paper money. Unlike many smaller banks, the national bank was stable in value and vital to expanding the nations economy. However, the Bank of the United States was a private institution, not accountable to the people rather just to its wealthy moneyed investors. Nicholas Biddle, the banks president, held an immense and unconstitutional amount of power over the nations financial affairs. Some, including Jackson believed that the bank’s existence was against the equality advocated through American democracy. The Bank War began in 1832, when Daniel Webster and Henry Clay presented Congress with a bill to renew the Bank’s charter, even though it was not set to expire until 1836. Clay’s motive for pushing the bill four years earlier was to cause an election issue, however many had the same views on the bank as Jackson. The bill was passed and immediately vetoed by Jackson. His veto message resonated with constitutional consequences and increased the power of presidency, yet Jackson vetoed this bill because he believed the federal government did not have the power to control the nations

The war in Europe dominated James Madison's Presidency. The previous policy of the Embargo Act had failed, and Madison repealed it with the Non-Intercourse Act, which allowed trade with any country except the belligerents. When this became unenforceable, the Macon Bill, stating that the United could trade with any country agreeing to respect US neutrality, replaced it. Napoleon agreed to this stipulation, the British refused, so the United States began trading with France but not with Great Britain. This led to increased tension with the British, manifested both in the continued impressment of American sailors by the British and an increasingly hostile Indian population in the Northwest supposedly incited by the British.

Jackson’s reelection convinced him that his opposition to the bank won all of the national support. The Second Bank was established in 1816, as a success from the First Bank of the United States, whose charter was permitted to expire in 1811. The name “The Bank War” was given to the campaign, started by President Andrew Jackson in 1833, to destroy the Second Bank of the United States, this was the start to a very hateful Bank War.

The First Bank of the United States was established in 1791 by Alexander Hamilton to serve as a central bank for the country to store government funds, to collect taxes, and to issue a standard form of currency. The bank was also established because of the enormous debt from the Revolutionary War. The Second Bank of the United States was chartered in 1816 by the Congress and was supplied one-fifth of its funds of $35 million with the same responsibilities and powers as the First Bank. However, the Second Bank did not enjoy the limited success of the First Bank. The Second Bank was put with poor management. The Bank was supposed to maintain a currency principle, but instead the ratio moved around between 12 and 65 percent. It also quickly divided

James Madison, Jr. was one of the most influential leaders in the ratification effort of the U.S. Constitution. Known to many as the “Father of the Constitution”, Madison was instrumental in the writing of the Federalist Papers, an 85 page collection of newspaper articles and essays encouraging the ratification of the Constitution. These papers helped explain how Madison intended the Constitution to defend against tyranny. Madison describes how factions can ruin governments, concluding “There are two methods of curing the mischiefs of faction: the one, by removing its causes; the other, by controlling its effects” (Madison, Federalist 10). He also claims tyranny can be avoided with a republic, with a governmental structure of both national

This act increased the president’s power greatly. The bill Jackson disliked was the recharter of the Bank of the United States. He disliked the bank because he believed it had too much power. With this personal opinion, Jefferson made a decision that created financial havoc. During Jackson’s presidency the Bank of the United States’ charter bill was due to expire in 1832, and Henry Clay was trying to pass a recharter. The recharter passed in Congress and then was passed on to Jackson to sign. When Jackson received the recharter, he vetoed it. This meant that the bank only had a few more years until it would be closed. Despite this, Jefferson did not think it was enough, he thought that Nicholas Biddle might be able to get another charter passed so Jefferson took matters into his own hands. Jefferson took the money that funded the Federal government out of the bank of America and put the money into state banks that did not have as much power as the Bank of the United Sates. This, in itself, almost destroyed the Bank of the United States and prevented the nation’s oversight of

     The United States government in 1816 chartered the Second Bank of the United States. It had a 20-year charter, which was to expire in 1836. Despite this, the Bank was privately owned and during the age of Jackson, the president was Nicholas Biddle. The Bank was large in comparison to other banks, being

Hamilton’s creation of the first bank in the United States continues to exist in today’s economic environment. However, at that time Hamilton’s proposal was met with widespread resistance from individuals such as James Madison and Thomas Jefferson who considered the creation of a federal bank as unconstitutional. The analysis made by Gordon in his book is consistent with arguments made by to have a bank that would be effective in order to implement the powers authorized by the government as it was implied in the constitution

James Madison, (1751-1836), 4th President of the United States of America. Although he served eight years each as a member of the U.S. House of Representatives, as secretary of state, and as president, Madison's principal contribution to the founding of the United States was as "Father of the Constitution."

The First Bank of the United States lasted until 1811. In 1804, President Jefferson, who despised the bank, removed any money that the government had from its vaults. When the issue of

The United States government in 1816 chartered the Second Bank of the United States. It had a 20-year charter, which was to expire in 1836. Despite this, the Bank was privately owned and during the age of Jackson, the president was Nicholas Biddle. The Bank was large in comparison to other banks, being