Andrew Jackson’s Policies on Banking and Tariffs
Andrew Jackson’spolicies on banking and tariffs were significantly different from those of his predecessors. He was the first president to actively pursue a pro-American economy and pro-American people agenda (Girard, 2019). Jackson was a strong proponent of tariffs, which he believed would help protect the American economy and industry from being taken over by foreign nations.
His policies on banking and tariffs were largely controversial and far-reaching. As a proponent of hard money, Jackson believed that the nation’s currency should be backed by gold and silver rather than paper money or government bonds (Girard, 2019). This policy, known as the Specie Circular, required that all federal land purchases be made in gold and silver (Girard, 2019). Such a policy was beneficial for the nation’s economy, as it helped to ensure a stable currency and prevent inflation.
As far as tariffs were concerned, Jackson strongly supported tariffs to protect American industry. He held that imposing high tariffs on European imports would give American manufacturers a better chance to succeed in the international market (Girard, 2019). Moreover, the money collected from these tariffs would finance the federal government.
Economic Impact of Jackson’s Policies
Generally, Jackson’s policies on banking and tariffs had a beneficial effect on the American economy. They stabilized the currency and provided American manufacturers with protection from foreign competitors. Nevertheless, certain detractors maintained that Jackson’s policies were too restrictive and would lead to more costly goods for shoppers.
Jackson’s policies on banking and tariffs had a positive impact on the American economy. His policies helped to stabilize the currency, protect American businesses from foreign competition, and generate revenue for the federal government. While some of his policies may have led to higher prices for consumers, the overall positive impact on the economy helped the country become one of the leading economic powers in the world.
Reference
Girard, J. P. (2019). Presidents and presidencies in American history: A social, political, and cultural encyclopedia and document collection. ABC-CLIO.