jacksonslegacy

__**Andrew Jackson's Legacy**__



President Andrew Jackson noticed the trend of people not being able to pay the banks after purchasing land, so he ordered that all land purchases to be paid in silver or gold. Jackson was very favorable to the state banks because they were loyal members of the democratic party so he felt he had to help them. But this made all people trade in their paper currency for gold and silver. After some time the banks stopped accepting paper money, sending people completely bankrupt and putting more than a third of the population out of jobs. People were not able to use any of their paper money, it was worthless. This struct the Panic of 1837, closing banks and made the credit system crumble. This legacy put the states in a difficult place, esspecially for Van Buren. Van Buren tried to decrease federal spending and set up the independent treasury to only make coins out of silver and gold but this only made things worse.

Imformation Provided by: Danzer, Gerald A., et al. //The Americans//. N.p.: Houghton Mifflin Harcourt Publishing Company, 2012. Print.

Image by: "Andrew Jackson." //Newberry Library//. N.p., n.d. Web. 21 Aug. 2013. .