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DanAllosso

DanAllosso

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400 Years Of Freethought
Samuel Porter Putnam
Thomas Jefferson: The Art of Power
Jon Meacham
Fairy Tales from the Brothers Grimm: A New English Version
Philip Pullman, Jacob Grimm
Doubt: A History: The Great Doubters and Their Legacy of Innovation from Socrates and Jesus to Thomas Jefferson and Emily Dickinson
Jennifer Michael Hecht
The Kingdom of Matthias: A Story of Sex and Salvation in 19th-Century America
Paul E. Johnson, Sean Wilentz

Banks and Politics in America from the Revolution to the Civil War

Banks and Politics in America from the Revolution  to the Civil War - Bray Hammond This is the text that economic historians complain is the only thing most mainstream historians have ever read about banking. Hammond focuses on Andrew Jackson’s bank war and specie circular, which he blames for the Panic of 1837. The Second Bank, he says, was a prototype of central banking, which regulated credit and kept the state banks honest. Jacksonians used the rhetoric of agrarianism, Hammond says, to break up the central bank for their own political gain:“The Jacksonians were unconventional and skillful in politics. In their assault on the Bank they united five important elements, which, incongruities notwithstanding, comprised an effective combination. These were Wall Street’s jealousy of Chestnut Street, the business man’s dislike of the federal Bank’s restraint upon bank credit, the politician’s resentment at the Bank’s interference in states’ rights, popular identification of the Bank with the aristocracy of business, and the direction of agrarian antipathy away from banks in general to the federal Bank in particular.” (329) The effect of Jackson’s policies was that “it left the poor agrarian as poor as he had been before and it left the money power possessed of more money and more power than ever.” Since these were the results of the policy, shouldn’t we investigate whether the winners were in any way behind the policy?