Should We have a National Bank?

A detailed Summary of Should We have a National Bank?

During the 1830's the ghosts of John Winthrop and James Madison became entangled in an intense debate. Each believed that his own ideas had formed the backbone of American society as it emerged in the fourth decade of the nineteenth century. While both believed that their own ideas should be the ideas that all Americans followed, two addresses were given that were worthy of both, Winthrop and Madison to inspect. These addresses being: William Lloyd Garrison's "Address to the American Colonization Society" and Andrew Jackson's message to Congress vetoing the bill to recharter the Bank of the United States. I feel that John Winthrop would have opposed both documents. He would have agreed with the Christian morals that Garrison put forth, but would have opposed his idea of abolition. Winthrop would have completely opposed Andrew Jackson's attempt to veto the idea of a National Bank.

Even before John Winthrop set foot on North American soils, he believed in hierarchy as the basis of society. He believed that all men were created equal, but those who have risen to the top should be the people

Andrew Jackson also gave a speech that Winthrop would have opposed. In 1832 on the Fourth of July, Andrew Jackson gave a speech, which opposed the idea of a National Bank. To understand how Winthrop would have digested this speech it is necessary to understand how a National Bank affects a nation. A National Bank regulates the currency and commerce of a country. A National Bank would unite every state regardless of their individual needs. Jackson states in his speech, "The entire control of the institution would necessarily fall into the hands of a few citizen stockholders." This exact idea is why Jackson opposes the National Bank; he feels each state should govern themselves. On the other hand, this exact idea is why Winthrop would have approved the idea of a National Bank, because with it those on top would continue to rule the nation. A National Bank compliments a hierarchical government. And therefore Winthrop would not have agreed with Jackson's speech.

John Winthrop craved power. Once he attained it, he did not want to lose it. Therefore he believed in a society in which there

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Approximate Word count = 743
Approximate Pages = 3 (250 words per page double spaced)

Category: History

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Should We have a National Bank?

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