Jackson moves against the Bank of United States

Historical Context Essay

Robert Clark (The Literary Encyclopedia)

The Literary Encyclopedia. Volume 3.2.2: American (US) Writing and Culture: The Nineteenth Century, 1783-1900.
Vol. editors: Emory Elliott (University of California, Riverside), Stephen E. Meats (Pittsburg State University)

Domains

Banking

Dates

Date of occurrence 1833-03-02-1836

Places

United States (Location)

The infant United States would remain deeply divided about the creation of a central bank until well into the twentieth century. Fears of a centralised and oligopolistic state led Thomas Jefferson and the Democratic-Republicans to oppose the Bank, whilst Alexander Hamilton and the Federalists argued that the entire country needed such an institution to act – as had the Bank of England since 1694 – as a funder of public debt, an issuer of a national currency, and a guarantor of the health of the nation's finances. Hamilton won the argument in 1791, and the country benefited considerably from the Bank's regulation of currency and ability to attract European investment which it could lend to state banks and individuals to fund …

Please log in to consult the article in its entirety. If you are a member (student of staff) of a subscribing institution (see List), you should be able to access the LE on campus directly (without the need to log in), and off-campus either via the institutional log in we offer, or via your institution's remote access facilities, or by creating a personal user account with your institutional email address. If you are not a member of a subscribing institution, you will need to purchase a personal subscription. For more information on how to subscribe as an individual user, please see under Individual Subcriptions.

649 words

Citation: Clark, Robert. "Jackson moves against the Bank of United States". The Literary Encyclopedia. First published 02 December 2007 [https://staging.litencyc.com/php/stopics.php?rec=true&UID=577, accessed 23 November 2024.]

Save this article

If you need to create a new bookshelf to save this article in, please make sure that you are logged in, then go to your 'Account' here

Jackson moves against the Bank of United States

Domains

Dates

Places

Save this article

Leave Feedback