HISTORY OF AMERICAN CAPITALISM Assignment Example | Topics and Well Written Essays - 250 words

HISTORY OF AMERICAN CAPITALISM - Assignment Example Because of the American culture; our teaching methods and the fact, the winner holds the reins few if any one realizes that the South is still under reconstruction; is still at war and still at the mercy of the North. A very famous Southerner before he died said, â€Å"Surrender means the history of this heroic struggle will be written by the enemy that our youths will be taught by Northern School teachers learn from Northern school books THEIR version of the war†. 3. What was the background to the creation of the 2nd Bank of the United States? What was the main responsibility of the bank? What role did Nicolas Biddle play? What were his main policies? What was Andrew Jackson’s policy concerning the bank? In the early 1800s, the United States government did not print paper money but instead minted gold and silver coins called specie. The value of these coins was determined by the value of the metal in the coins themselves. People wanted a safe place to keep their savings of gold and silver coins, so they stored them in banks, which had strong vaults and other measures of security. One area of particular concern among bankers, businessmen, and government leaders was banking on the frontier. Frontier land was cheap, and speculators would buy large tracts expecting the price to go up as settlers entered the region. In order to finance their investments, speculators borrowed as much as they could from â€Å"wildcat† bank that sprang up to cater to this demand (Mansel and Kerr, 17-26). Jackson’s presidential term ended in 1836. Popular with the people to the end, his immediate economic legacy was fiscal instability for the country, which resulted in the Panic of 1837 during his successor, Martin Van Buren’s, presidency. His unshakable opinion remained, however, that over the long term an immensely powerful national bank held in private hands was a danger to democracy. Revenue Tariff for revenue pays interest on debts and funds within the government while