1. Jackson was remembered as one of the most popular presidents who did a lot to strengthen the US. Nevertheless in order to achieve this goal he used undemocratic methods of government. Jackson's presidency began with great success in the economy but war with the banks was a major issue of Jackson's presidency. He approved the transfer of government funds from the accounts of the Second Bank of the United States in more robust credit institutions. Second Bank actually reduced the amount of money in circulation, demanded to return of all loans and refused to issue new ones. Jackson’s decision led to panic in the financial markets and deep economic depression. Also Jackson insisted on the adoption of tariff laws, which many southern states considered as excessive and even ruinous. The new tariff law raised taxes on foreign imports to unprecedented levels. High tariffs have led to countermeasures by foreign trading partners, which, in turn, have introduced their own high tariffs against US exports. Disadvantages of Jackson’s presidency included his tendency to autocracy that forced US policymakers to further carry out more thorough system of "checks and balances" of all branches of government.
2. Living in 1834 I would have shared Davy Crockett's anger because in fact, Jackson destroyed the central banking in the United States for political reasons, rather than due to the true principles of his supporters. During Jackson's presidency were reduced wages, prices and unemployment rose sharply, many companies went bankrupt. I agree that "country deranged and destroyed and the whole commercial community oppressed and distressed ." (Crockett). Banks in all states issued their own money, so the United States had no central clearinghouse or control. His laws ultimately led to the financial panic when creditors demanded repayment of loans and the borrowers did not have enough money to pay them.
Works Cited
Crockett, David. "Digital History". Digitalhistory.uh.edu. N.p., 2017. Web. 20 Jan. 2017.
