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1301 Lecture 39 Andrew Jackson Part 4 — Transcript

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0:02hey hey what do you say 1301 here we go
0:04with andrew jackson again there's a a
0:06really big issue with him andrew jackson
0:10and the bank of the united states
0:12remember the bank of the united states
0:14was part of the american system
0:16established in 1806 though the second
0:18bank of the united states was
0:19established in 1816
0:21as part of the american system
0:23depository for federal funds
0:27tariff money going into the bank can be
0:29used to fund
0:30internal improvements and tariff money
0:33going into the bank
0:34can be used as loans to expand american
0:37business and industry
0:39well the bank has become very powerful
0:41and another thing it controls
0:43the smaller what are called state banks
0:45now these state banks aren't necessarily
0:48banks that are owned by the states
0:49they're banks that are in the states
0:53and then they can be private banks
0:55existing within states
0:57so the the bank of the united states is
0:58controlling these
1:00smaller private state banks well
1:04andrew jackson did not like banks
1:08page 456 your book down the last
1:10paragraph
1:11he called bankers vipers and thieves
1:15pipers and thieves uh he didn't like
1:18banks
1:19uh when he was a young adult my
1:21understanding
1:22he went into business with a partner
1:24they took out a loan from a bank
1:27uh the business went under
1:31the partner skipped out on jackson and
1:34the bank came after
1:35jackson to pay back the loan and ever
1:38since then he didn't like banks how dare
1:40the bank
1:40come to jackson and say pay us the loan
1:42that you owe us
1:44oh all right he hates banks and he
1:46particularly hates the bank of the
1:48united states he called the bank of the
1:50united states quote
1:52the monster the monsters like godzilla
1:55out there coming after you
1:57all right the president of the bank of
1:59the united states is nicholas bill
2:06now even nicholas biddle admitted that
2:08well maybe the bank
2:09does have a little too much power but he
2:12is willing to work with jackson on this
2:14however things begin to happen
2:18uh henry our old buddy henry clay
2:23remember henry clay he's basically the
2:24author of the american system
2:30the bank charter when the bank was
2:33second bank was chartered in 1816
2:35it was given a charter for 20 years
2:371816-1836
2:401832 our old buddy henry clay who was
2:44political enemies with andrew jackson
2:48comes to nicholas biddle and he urges
2:51nicholas biddle to apply for a new bank
2:54charter four years early
2:57instead of waiting until 1836 apply for
3:00a new bank charter in 1832
3:03four years early clay tells biddle
3:06we have the votes in congress to pass a
3:09new bank
3:10charter who knows what the makeup of
3:13congress will be in 1836
3:15so let's do this now when we have the
3:17votes in congress
3:18to do it now here's something
3:22andrew jackson has already said if
3:25congress
3:25passes a new bank charter he
3:28will veto it and henry clay
3:32knows this henry clay has something else
3:33going on here henry clay
3:35is planning to run for president in the
3:391832
3:40presidential election he wants biddle to
3:43apply for the bank charter early
3:46so that jackson will veto it
3:50and then clay will use that against
3:53jackson
3:54in his presidential campaign of 1832
3:58all right now so 1832
4:02uh let's see i'll give you a date here
4:16hang on
4:24well i'm not finding what i'm looking
4:26for
4:28and i'll leave it's here
4:35ah yes so bill applies for a new charter
4:39in 1832 and according to the book on
4:42page 458
4:44early in the summer of 1832 both houses
4:47of congress
4:48passed the bank recharter bill
4:52it also says that nicholas fiddle the
4:53bank president used bribes to win votes
4:55well already
4:57but anyway so summer of 1832 congress
5:00passes a new bank chart and then on
5:06july 10 1832
5:09july 10 1832 jackson as promised
5:13vetoed the bank recharter bill
5:17he uh later learned that
5:21bank money jackson later learns that
5:24bank money
5:25is being used to help pay for henry
5:27clay's presidential campaign
5:29now that would be illegal today but it
5:31was not back then
5:33andrew jackson reportedly told his uh
5:36secretary of state martin van buren the
5:38bank is trying to kill me
5:41but i will kill the bank now it's become
5:44a personal issue for jackson
5:45it's personal it was personal before
5:48when this bank back in his younger days
5:50dared to ask him to repay his loan now
5:53it's personal
5:54the bank is trying to kill me by giving
5:57henry clay
5:58campaign money but i will kill the bank
6:00he's challenging the bank of the united
6:02states
6:02to a duel and he's very good at duels
6:06well so he charters the bank but he
6:08vetoes the bank chart
6:09but he can't just come out and say i am
6:11vetoing the bank charter because
6:13i hate banks no can't do that
6:17he has to come up with a legal idea he
6:20publicly he says i am vetoing the bank
6:23because it is
6:24unconstitutional unconstitutional
6:28now way back in 180 something whatever
6:32it was
6:321803 whatever it was the supreme court
6:36ruled that the bank of the united states
6:38was
6:39constitutional was constitutional
6:42here's another example of andrew jackson
6:45oh
6:45when the constitution is on his side he
6:48is mr constitution
6:49but when the constitution goes against
6:51what he wants the hell with the
6:53constitution ooh can i see that
6:55the hades with the constitution
6:58all right so now the 1832 election
7:02occurs
7:04and it is between
7:09andrew jackson and
7:14henry clay
7:17and the bank is one of the big issues of
7:19the campaign
7:21well
7:24jackson wins and it's not even close
7:30jackson gets 219 electoral votes clay
7:33amir
7:3449 jackson wipes out clay
7:37in this election now since clay made the
7:40bank
7:43the central issue of this campaign
7:46jackson takes this big big victory
7:50as a mandate from the american people
7:54to destroy the bank of the united states
7:56now all he has to do is wait until 1836
7:59the bank charter the original bank
8:01charter from 1816 will run out
8:03the bank will die but he doesn't want to
8:06do that
8:07he believes he has a mandate from the
8:08people to kill the bank and
8:10kill the bank now don't wait till 1836
8:15kill it now so
8:18this is how he does it this is how he
8:20kills the bank
8:22he orders his secretary of the treasury
8:26to remove all the government money from
8:29the bank of the united states remember
8:30the bank in the united states is a
8:32depository of
8:34federal funds money coming into the
8:36federal government from tariffs
8:38land sales taxes whatever it happens to
8:40be gets deposited
8:41into the bank of the united states he
8:44orders his secretary
8:46of the treasury to remove
8:49all the u.s government money from
8:52the bank of the united states
8:57and to put that money ain't going to say
9:08find it here
9:12right and to put that money into 23
9:16western state banks that are called
9:19jackson's pet banks so jackson picks out
9:22these 23 state banks
9:26to remove the government money from the
9:28bank of the united states and put them
9:30into these 23 state banks they're called
9:33jackson's pet banks this is on page 468
9:43jackson's secretary of the treasury
9:44refused to do this he thought it was
9:46very unsound financially to do it
9:49jackson fire
9:51appointed somebody else to do it my
9:54understanding that guy
9:56said no it's financially unsound jackson
9:59fires him
10:00he's like donald trump before donald
10:02trump get fired he finally appoints
10:04somebody else to do it
10:06roger tommy
10:10you appoint roger tony to do this roger
10:12tony is a jackson yes man
10:14he'll do whatever jackson tells him he
10:16he's he's a butt kisser
10:18a brown hoser a cow tower cow tower
10:21whatever whatever expression you like
10:24he's a jackson yes man
10:26and he starts removing the money from
10:28the banks
10:29from from the bank of the united states
10:30and putting it into the pet banks
10:33and also he said tony and jackson say
10:36the money that's coming into the into
10:38the country into the into the federal
10:40government through all those taxes and
10:42land sales
10:43that money also goes into the pet banks
10:46so
10:47any money coming into the federal
10:48government from tariffs taxes
10:51land sales etc that's going into the
10:53banks and
10:54tani as the new secretary of the
10:56treasury he removes
10:58the money that is already in the bank of
11:00the united states and transfers that
11:02money
11:02to these 23 pet banks and by depriving
11:06the bank of the united states of money
11:10he killed the bank now nicholas biddle
11:13did not take this sitting down he has to
11:14get money somewhere so nicholas biddle
11:16starts calling in loans
11:18from people that have taken loans out
11:20from the bank of the united states
11:22and all of a sudden you get a letter
11:23saying uh please pay up the remainder of
11:25your loan
11:26you go to see necklace biddle uh but mr
11:28biddle i've paid
11:29my loan off monthly i've even paid extra
11:32per month
11:33why did i get this letter well we're
11:34asking you to pay the rest of it now we
11:36need the money
11:37and this just reinforced in a lot in the
11:40minds of a lot of people
11:42that the bank was indeed a monster
11:45and they supported jackson in doing this
11:48so by depriving the bank
11:50of money jackson killed the bank of the
11:53united states now you know technically
11:55it still went on until 1836 but
11:59it was no longer really a valid bank
12:02so the bank war was over jackson wins he
12:06challenged the bank to a duel
12:07and he won jackson personalized this
12:11whole issue
12:12and like i said i don't care what the
12:14supreme court said about the bank of the
12:16united states being constitutional
12:18i say it is unconstitutional and i veto
12:20it
12:21and i am going to kill it and he did
12:25thank you andrew jackson now this is
12:28going to have some unintended
12:36consequences
12:39and
12:45all right the economy of the united
12:48states at this time is
12:491834-36 was doing very very well
12:53the the the economy is expanding uh
12:57cotton southern cotton is getting high
12:59prices overseas
13:01new cotton land is opening up in the
13:02south new industries are being created
13:05in the north thanks to the to the
13:07american system
13:09and land speculation becomes a big
13:11business landscape
13:12government surveyors land speculation
13:14the government surveyors are going out
13:16west
13:16surveying the land dividing up into the
13:18townships and the sections
13:20and people are buying the land so land
13:23speculation people go out and they buy
13:25you know they'll go to these auctions
13:27and they'll bid on land they'll build a
13:29bid on a you know on a township
13:31and they'll get and they'll buy that
13:32township and then the speculators will
13:35then
13:35sell resell the land that they bought
13:38at a profit of course you know uh
13:41individual farmers don't need that much
13:43land they just need smarter land so the
13:45speculators are willing to sell it in
13:46smaller lots
13:48government land sales were skyrocketing
13:53now with the destruction of the bank of
13:56the united states
13:57people are going to these small state
13:59banks that begin popping up remember one
14:01of the
14:02jobs of the bank of the united states
14:03was to control those little state banks
14:06well now that the bank of the united
14:07states is gone that control is also gone
14:10and these little state banks start
14:12popping up all over the place
14:14and most and a lot of them issue their
14:16own what are called bank notes
14:18you go to a state bank you go to one of
14:20these little state banks it may be in
14:21somebody's backyard
14:23in somebody's kitchen and then you say i
14:27need a loan i want to buy some land
14:28sure we can give you a loan we need a
14:30thousand dollars
14:32the bank this little state bank in the
14:34guy's kitchen does not give you a
14:36thousand dollars cash
14:37he gives you a one thousand dollar bank
14:40note
14:41for that bank now that bank is supposed
14:44to have a thousand dollars to back up
14:45the note
14:46but they don't these banks have given
14:49out these notes
14:50these bank notes left and right and they
14:52don't have the cash to back them up
14:54so you go to the land auction and you
14:57buy the land
14:58for a thousand dollars and you pay with
14:59your bank note and then you start paying
15:02back that little state bank well but see
15:05somebody else
15:06and now that that thousand dollar bank
15:08note that you bought the land with
15:09that gets deposited into one of
15:11jackson's pet banks
15:13so now somebody else goes to that pet
15:14bank and says oh i need a thousand
15:16dollars i want to
15:17start a business that pet bank will give
15:19you that same thousand dollar bank note
15:22and then you pay for it with your bank
15:24note well eventually along
15:26the line somebody decides hey i'm going
15:29to cash in this banknote you know when
15:31another bank gets it and they need a
15:33thousand dollars so they say oh let's
15:35cash in this bank note
15:37so they go to the original little pet
15:38bank in the guy's kitchen
15:40and they say we have your bank
15:44note it says pay bearer on demand one
15:46thousand dollars
15:47we are the bearer we are demanding a
15:49thousand dollars
15:50uh yeah sure i get the thousand dollars
15:53over the barn yeah right no he doesn't
15:56he's trying to skip out but you're too
15:57smart you catch him so
15:59and all of a sudden this whole system
16:02begins to collapse
16:04there's nobody's paying cash for these
16:05things well yeah
16:07nobody's paying cash for these things
16:08don't pay with these bank notes
16:10and the banks don't have the cash to
16:12back up their notes these little pet
16:14banks
16:15so uh and and then to make things worse
16:17to make things worse and
16:18it's grab your jackson sheet every
16:20jackson sheet number six
16:23uh with this with the with with all
16:26these little
16:27state banks popping up issuing all these
16:30little basically worthless bank notes
16:33jackson issues what's called number six
16:35the species circular
16:37species by the way is hard money hard
16:40money coins gold
16:41silver coins hard money gold and silver
16:44coins
16:45as opposed to paper money
16:48under the species circular issued by
16:50andrew jackson government land offices
16:52would accept
16:53only gold or silver from those buying
16:55land so now if you go to a government
16:57land auction
16:59you have to pay for the land with gold
17:01or silver
17:02coins or a combination no more of those
17:06bank
17:06notes well a lot of people didn't have
17:09the gold and the silver
17:11to pay for the land they've been
17:12borrowing money from these
17:14state bank notes and so now this whole
17:17system
17:18collapse on government land sales
17:20government land sales
17:22plummet they plummet
17:26which of course land sales land sales
17:30one of the prime incomes of the federal
17:34government along with the tariff
17:35so land sales plummet government income
17:38plummets
17:40many of those little dinky state banks
17:42that pop up
17:43were forced to close they went bankrupt
17:45they couldn't pay they couldn't pay
17:46these bank notes that they wound out
17:49so they're forced to close all right
17:52this brings us to the presidential oh by
17:54the way by the way
17:55remember i said a little while earlier
17:58jackson was re-elected president in 1832
18:00he defeats henry clay 219 votes to 49.
18:04elektra waltz anybody remember what i
18:07said about andrew jackson
18:09and the longest you should hold a
18:11government job anybody remember that
18:13think a little bit think a little bit
18:14think a little bit if you don't recall
18:16it
18:17according to andrew jackson the longest
18:19you should serve in a government job
18:21was four years four years
18:25just happened to coincide with the
18:26presidential term
18:28but jackson gets re-elected for another
18:33four years
18:34so apparently uh the only exception
18:37to jackson's rule that the longest you
18:40just serve in a government job is four
18:41years the only exception to that
18:43andrew jackson himself he is a
18:46hypocrite a blatant hypocrite all right
18:49now this brings us to the presidential
18:51election of 1836
18:53jackson is not going to run for a third
18:55term instead
18:56his vice president martha van buren
19:03right now there are two new political
19:05parties
19:06the democratic party basically founded
19:08by andrew jackson
19:11and the wake party which is the
19:13opposition
19:16to jackson now van buren very popular
19:19because of jackson no jackson you like
19:21me vote for my buddy van buren
19:22he will continue my policies all right
19:25the whigs realize the wait party this
19:27new weak party
19:28realizes they can't out jackson jackson
19:31so they come up with an interesting
19:32strategy for this election
19:34instead of running just one candidate
19:36just one candidate
19:37they won three candidates from the north
19:45they run daniel webster who's from
19:46massachusetts
19:49from the south
19:55they run hugh white i believe is from
19:57tennessee
19:58and from the west
20:04they run general william henry harrison
20:05what they're hoping here
20:07is that they will deny martin van buren
20:09the majority of the electoral votes to
20:11be needed to win the presidency
20:13you know they're hoping webster will win
20:15in the north white will win in the south
20:16harrison will win in the west
20:18and according to the constitution if
20:20nobody gets a majority of electoral
20:22votes
20:22the election will be decided into the in
20:24the house of representatives
20:25by the top three candidates well that
20:28will guarantee
20:29that the waves will get at least two
20:32into the runoff and maybe they'll get
20:33all three
20:35you know it'll be the top three vote
20:36getters so they're guaranteed two
20:38in this scenario they may even get all
20:40three so they're trying to deny
20:42van buren a majority of the electoral
20:44vote and throw the election into the
20:46house
20:46well it's an interesting strategy it
20:48doesn't work
20:51van buren gets
20:56174 electoral votes
21:01and all these others combined get 124.
21:06so mark van buren is elected the next
21:09president of the united states and
21:12well he walks smack
21:15dab into a growing financial crisis
21:18but we'll take that up next time so see
21:21you then
21:22remember andrew jackson hypocrite
21:25closest thing this country has had to a
21:27dictator see you next time bye

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