This website uses cookies to ensure you have the best experience. Learn more

Andrew Jackson & The 20 Dollar Bill

3958 words - 16 pages

The American Lion ! Strong-willed and sharp-tempered, a fierce patriot and rabid partisan, Andrew Jackson was always controversial both as a general and as President. He personalized disputes and demonized opponents. He was the defender of the Union, the conqueror of nullification, the hero of democracy. Andrew Jackson was President of the United States during a crucial period of decision making that not only affected Americans, but particularly the economy involving the Second Bank of the United States. Jackson opposed all banks, believing that they only made the rich more wealthy and corrupted government. Although Jackson’s main concern was to give lower social classes the same ...view middle of the document...

The colonies had no factories to produce goods for export, no means of manufacturing arms or ammunition, and no credit abroad. On May 10, 1775, before the Declaration of Independence, the Continental Congress authorized an issuance of currency and made it legal tender (Moore 175). All of the North American colonies followed by making this “Continental” currency their legal tender. Congress appealed to the colonies to make the bills legal tender and to call in their own bills; neither of which stopped counterfeiting or assured acceptance of the bills. Consequently, in May of 1781, Congress caused the Continental bills to be refunded. At this time the country had three types of currency: notes issued by the Congress called “old tenor”, notes issued by the states, and notes issued by the states and Congress called “new tenor” notes. The threat of fines, imprisonment, loss of ears, and being outlawed did not make citizens accept the new types of money being presented to them that had no gold or silver backing. The attempt by a government to impart intrinsic value to a product that had none in the commercial world failed as it always had and always will. The Bank of North America was established in 1781 by Congress (Moore 178). The Bank of North America was the first bank to be incorporated into the country and obtained a capital of $400,000. It’s charter was perpetual and a number of states granted it a charter in correspondence. Shortly after the Bank of North America was founded, in 1784 the Bank of New York, New York City, and Massachusetts Bank, Boston were organized (Moore 179). These banks issued currency that was backed by the resources of the banks and it was readily accepted and circulated. Alexander Hamilton was a controlling influence in the Bank of New York and drew its charter. The Banks of New York, New York City, and Massachusetts, Boston were a few of the most important because they gave the new nation its first stable currency and was an enormous aid to giving business the ability to operate efficiently and with confidence. The newly framed United States Constitution took note of the difficulties of issuing currency and included in Article 1 the following: “The Congress shall have borrow money on the credit of the United coin money, regulate the value thereof, and of foreign coin,” also, “No state shall...coin money, emit bills of credit, make anything but gold and silver coin a tender in payment of debts, pass impairing the obligation of contracts” (Moore 185). This wording suggests at least that the framers of the Constitution intended that Congress not have the power to issue paper currency with legal tender attributes. After Article 1 was adopted into the United States Constitution, the issuing of paper currency by banks became an accepted means of providing a medium of exchange measure and a store of value. Establishment of the Bank of the United States on February 25, 1791, despite objections...

Other assignments on Andrew Jackson & The 20 Dollar Bill

Case #7 Essay

662 words - 3 pages Bill Young was new an all-around mechanic and electrician that were recently hired by the hospital. He had no supervisor experience at all, but he did have 15 years’ experience in at his craft. As soon as he was hired a maintenance helper position became available. Young asked Human resource for help on finding candidates for the job. Being that Young he had little experience interviewing, his chief supervisor officer decided to sit in on the

Research On Currency Of Bangladesh Essay

4139 words - 17 pages ASSIGNMENT TWO | Research on the currency of Bangladesh | | GROUP MEMBERS:IFTESHAM ARA JAHAN 082604030FARIHA NOWSHIN HAQUE 1020276030MINHAZUR RAHMAN 081314030MUSA HABIB KISHAN 0930442030NUSRAT MINALLAH SHOSHI 0910283030SIDRATUL MUNTAHA KHAN 0920517530 | Table of Contents Analysis of Bangladeshi Taka (BDT) against US Dollar($) 3 Factors that influences BDT 5

Medical Marijuana

1187 words - 5 pages purported relationship to be spurious. The original relationship is usually found to derive not from the chemical effects of the drug but from the operation of social and cultural variables unrelated to either the drug or its use. ( Reference Bill Frist, MD Former US Senator (R-TN) Correspondence to Oct. 20, 2003 Joycelyn Elders, MD Former US Surgeon General

Civil Rights Diary

1717 words - 7 pages rushed at the protesters and attacked them. One of the protesters with Vivian, Jimmie Lee Jackson, fled the scene with his mother to hide in a nearby café. Alabama State Trooper, Corporal James Bonard Fowler, followed Jackson into the café and shot him as he tried to protect his mother. Jackson died eight days later, of an infection resulting from the gunshot wound, at Selma's Good Samaritan Hospital.[8] Jackson was the only male wage-earner of his


865 words - 4 pages named eastern Oaklahoma and Weastern Arkansas, although this was not known at the time. A White man by the the name of President Andrew Jackson signed the Indian removal act in 1830. Jackson, who had been trying to remove us from our land for a great many year’s had been and often had been successful in removing our tribe and many other’s from their land and homes, even prior to him becoming president. Often he was brutal in his attempts and had put


949 words - 4 pages C5 Economic Environment of Business Assignment 1(20% weightage) INSTRUCTIONS a) This assignment covers Unit 1 and Unit 2 of the course materials. b) This assignment contains Part A Case Scenario and Part B application questions. Answer ALL questions in Assignment 1. c) This assignment contributes 20% towards final grading for this course. d) This is an individual assignment. No duplication of work will be tolerated. Any plagiarism or collusion

We Are

1382 words - 6 pages helped fend off heavy Confederate fire with his rifle. Another critical moment in Medal of Honor history occurred on 29 September 1864, when, during the Battle of New Market Heights in Virginia, thirteen black soldiers earned the award for their valor in leading the charge against Confederate fortifications after many of their officers were killed or wounded. The last Civil War soldier to be honored with the medal was Sergeant Andrew Jackson Smith

Oregon Bottle Bill

978 words - 4 pages containers; ♦ Retailers may refuse to accept and pay refunds for excessively dirty empty containers or more than 144 containers from one person per day; ♦ Anyone may establish a redemption center to represent one or more retailers; and ♦ There are potential criminal and administrative penalties for violation of the law. Effects of the Bottle Bill Beverage Containers in Litter 40% 30% 20% 10% 0% 1971 1973 1979 When passed by

Flirting With Risk

940 words - 4 pages financial affairs of their family. Mary, like many spouses of their generation, preferred to focus on other family matters. It was only after Ralph’s passing on that Mary realized how unprepared she was for the complex decisions that have to be made when managing one’s wealth. Upon the advice of her close friend, Agnes, Mary decided to call the broker’s office and requested that her account be turned over to Bill May, the firm’s senior financial

Reading Journal

374 words - 2 pages drawn was Bill Hutchinson, which created a commotion with his wife, Tessie Hutchinson and the other villagers. She was upset that his name was drawn and stated that it was an unfair because she believed that Bill didn’t have enough time to select the paper. So, Mr. Summers puts five slips of paper back into the box and makes the Hutchinson’s all draw from it again. This time Tessie got the slipped and the villages stoned her with the stones that the

Econs Paper

2673 words - 11 pages assets from abroad. The demand for dollars comes from foreigners who want to buy from the United States.’ As said, when there is a high demand, the dollar price increases and the supply of the dollar decreases. Meanwhile, when there is a low demand for dollars, the dollar price decreases and the supply increases. A currency’s purchasing power is an indicator of the relative worth of currency. For an example given there is a nation called ABC

Similar Documents

Abortion Essay

687 words - 3 pages law called the Tariff of Abominations, Adams implemented a high tariff to fund internal improvements such as road-building, and a national bank to form and national currency and productive enterprise. Foreign Policies - Adams strongly opposed any entanglement in European affairs, He was the primary author of the Monroe Doctorine. 7. Andrew Jackson – Served 8 years as president. Andrew was Democratic when he took office but the year before he

A R Rehman Essay

1521 words - 7 pages ] frequently using the Czech Film Orchestra and the Chennai Strings Orchestra. In 1999, Rahman partnered with choreographers Shobana and Prabhu Deva and a Tamil film-dancing troupe to perform with Michael Jackson in Munich, Germany at his Michael Jackson and Friends concert.[74] In 2002 he composed the music for his first stage production, Bombay Dreams, which was commissioned by Andrew Lloyd Webber.[75] The Finnish folk-music band Värttinä collaborated with Rahman on the Toronto production of The Lord of the Rings, and in 2004[76] he composed "Raga's Dance" for Vanessa-Mae's album Choreography (performed by Mae and the Royal Philharmonic Orchestra).[77]

American Romanticism Essay

278 words - 2 pages American Romanticism Defining American Romanticism: * Literature written between 1830s and 1865 (Civil War). * Considered the first illustration of American literary genius. * Birth of the American novel * Gothic Lit Frankenstein, Supernatural, Grotesque * Romanticism: Nature over the city , Individual over society ,Emotion over Reality * Jacksonian democracy * Andrew Jackson * ‘democracy’ as defined today

Seminoles Essay

2411 words - 10 pages coveted Indian land, the threat of a savage tribe becoming a magnet for escaped slaves was an excellent excuse for an invasion” (Grunwald 2006, 31). Thus, the position of the American government became increasingly militant. The Treaty of 1832 offered the Seminoles the option of removing west of the Mississippi or staying in Florida. Those that remained waged war against a vastly superior American force, led by Andrew Jackson, in the Second