What Were Andrew Jackson's Policies On Banking And Tariffs How Did They Evolve Do You Think Those – Coursework Example
Andrew Jackson’s Policies on Banking and Tariffs Banking and tariffs were two critical issues that almost every president had to deal with, during the early years of the post-colonial America. From the time of his election as the president in 1829, Jackson strongly opposed the idea of central national bank. He cited bank’s monopoly in concentrating the nation’s financial strength in under a single institution, and likelihood for loss of government’s sovereignty to foreigners. He also accused s of serving the interests of the rich, at the expense of the poor, as well as regional biasness. However, Jackson supported the tariff system that he claimed was in good spirit to support the growth of America’s young industries (Adams 137). This, he believed, would draw from high tax levies put on foreign imports.
Even long before his election into office, Jackson was famous for relentlessly fighting for the economically marginalized citizens in America. Besides citing political threat from the bank, he also saw his moves as those that could better the lives of the poor by liberating them from oppressive monopolistic financial institutions that promoted capitalism to the advantage of the rich. At some point, however, it was purely of political gain other than pro-poor benefit.
It is arguable whether Jackson’s policies hurt America economy or not. First, the banking policy he advocated for during his tenure kept instilling fear of economic sabotage and depression among the public. Frequent threats of financial service withdrawal issued to the public by the national bank, as counter effect on Jackson’s proposals sabotaged economic security in most low-income neighborhoods that were dependent on bank loans for development. Second, his strong support for imposition of tariffs on foreign imports assisted the American economy. For the country’s sustainable economic growth and development, it was imperative to control influx of foreign products into the country’s market to promote homemade consumption and enhance industrial development.
Adams, Sean. A Companion to the Era of Andrew Jackson. New York: Blackwell Pub, 2013. Print.