Title: An uncertain Economy 1820-1860 < A Historical Perspective on the American Economy < Economy 1991 < American History From Revolution To Reconstruction and beyond
Headings: 
An uncertain Economy 1820-1860
Content: Americans of this era shared a common desire to better themselves through economic participation. People who held differing opinions about how to achieve the same ends fought many of the political and economic struggles of the 19th century. The results of those struggles underscore the importance of both individualism and a degree of government involvement. When Andrew Jackson became president in 1829, many who were poor or newly rich idealized him as an individualist in their own likeness because he had started life in a log cabin in frontier territory. President Jackson opposed the new Federal Bank of the United States, chartered in 1816; he believed it favored the entrenched interests of the East against the West. When he was reelected for a second term, Jackson opposed renewing the Bank's charter, which was due to expire in 1836. Congress supported him in 1833, effectively killing the second National Bank. Jackson preferred putting the U.S. government's deposits in the state banks controlled by his political allies. Jackson's actions helped precipitate the sharp business panics that occurred in 1834 and 1837.