TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
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Day 3 Group A
1. The Jacksonian Period (1824-
1848)
by Isaac McDermott, Matt
McCormick, and Aimee Meller
2. To what extent did the period live up
to its characterization as the era of the
โcommon manโ?
โข Consider the following factors:
โ Economic development
โ Politics
โ Reform movements
3. Thesis
Andrew Jacksonโs Presidency ushered in an era
of the โcommon manโ in America through his
uncommon upbringing, his gifts of government
service to his supporters, and his actions against
the national bank.
4. A Unique President
โข Jackson was the first President from outside the
Thirteen Colonies (Tennessee).
โข He was a war hero, remembered for leading
America to victory at New Orleans in the War of
1812.
โข Grew up as an orphan, in the backwoods of the
Carolinas.
โข These characteristics gave the American people
new motivation that anybody, not just the rich
and the privileged, could be President.
5.
6. The War Against the Bank
โข Jackson is remembered for his war against the Bank of the United
States, led by Nicholas Biddle.
โข The BUS was harsh on the Westerners (wouldnโt give out lenient
credit for land), and very corrupt.
โ Biddle used the Bankโs money for bribes and to lend his friends.
โ But, it was a pretty solid bank otherwise.
โข In 1832, Henry Clay introduced a bill to re-charter the Bank.
โ Jackson realized that this was a battle between the power of the West
vs. the East: the East wanted the bank, but the West didnโt.
โข Jackson showed that the West was more powerful by vetoing the
bank bill, and later drained it of its wealth.
โข This move showed that Jackson wanted to align himself with the
well-being of the common man, and that centralized, corrupt
government economics was not the answer.
7.
8. The Spoils System
โข Jackson rewarded many of his most avid supporters with political
positions.
โข He believed that loyalty was more important than experience in this
situation.
โข Only 1/5 of all the men given positions were kicked out, and he
made a couple of clean sweeps of the offices later.
โข Those who wanted positions hounded Jackson continuously, and
those who got kicked out went mad and suicidal.
โข One supporter, Samuel Swartwout, embezzled one million dollars
from the Port of New York.
โข Despite these, Jackson wanted to bring the possibility of political
office closer to the common people, rather than the
wealthy, educated folk.