29 of 32 people found the following review helpful:
5.0 out of 5 stars
A gem of a book, October 7, 2002
This review is from: Andrew Jackson and the Bank War (Norton Essays in American History) (Paperback)
After reading Bray Hammond's "Banks and Politics in America" and his trenchant critique of the Jacksonian assault on the Second Bank of the United States (BUS), I was interested to learn how Robert Remini, a historian known for his pro-Jackson tilt, responded to that attack on the Old Hero.
The answer is: he responded with a crisp, cogent and remarkably fair and insightful history of the struggle over the BUS.
The BUS had a profound political, economic, and social impact on American life during its short life (1816-1836). In his book, however, Remini seeks to address just one side of the controversy: the political. He concedes that there was much good in the BUS from a strictly economic perspective and destroying it without a concrete plan to replace the monetary institution undoubtedly did harm to the American economy as a whole. But, Remini argues, it was the political implications of the War - not the Panic of 1837 or the subsequent failure to adopt central banking in the US for nearly a century - that had the more far-reaching consequences.
It has been argued that Jackson was the first modern president. It is undeniable that the power of the presidency took a giant leap forward during Jackson's two-terms and Remini shows that those monumental gains in power came mostly during and because of the Bank War.
In particular, Remini argues that the Bank War is directly responsible for three areas of enhanced presidential power: 1) the use of the veto to reject legislation for purely political rather than constitutional reasons, thus inserting the president into the legislative process and, in effect, making his opinion count for two-thirds of both Houses of Congress; 2) even though Remini believes that the majority of Americans didn't support the president's stance on the BUS, Jackson made the election of 1832 a referendum on the bank issue and claimed henceforth that he represented the will of the people and was there one representative; and 3) Jackson's sacking of Secretary of the Treasury Duane for his refusal to remove the government deposits from the BUS exerted the president's right to remove Cabinet members at will, further strengthening the executive's grip over the government.
In short, there is stunning agreement between Remini and Hammond on a number of issues. For instance, Remini concedes that Jackson's veto of the BUS re-charter in July 1832 was pure demagogic class baiting with indefensible charges against the BUS's operations. He also rejects the notion that Jackson's re-election was a popular show of support for his attack on the BUS and he credits Nicolas Biddle with running an efficient, although by no means perfect, central banking organization. Thus, on economic grounds, Remini really sides with Hammond. But, Remini maintains, the economics of the issue was a distant second to the politics of issue. The cause of the War was political - namely, Jackson's refusal to bend or even appear to bend to a political challenge - and the most significant results of the War were political. Remini's case is sound.
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11 of 13 people found the following review helpful:
3.0 out of 5 stars
Author not sympathetic to hard money, June 26, 2008
This review is from: Andrew Jackson and the Bank War (Norton Essays in American History) (Paperback)
Remini comes to the conclusion that the Bank was not all bad, it was simply a political struggle between Jackson and Biddle. I don't agree. It's a good detailed acount of the events, and I'd recommend it for such, but if you're a supporter of hard money (the Jackson position) you may consider looking elsewhere or complementing this reading. I'd recommend Murray Rothbard. He addresses some of the authors (mis)information on hard money in "A History of Money and Banking in the US."
It's great to read a book about the President actually checking the power of the Congress and Court in a struggle over what's authorized in the Constitution. A President disagrees with a Supreme Court ruling, and actually challenges it. Not something that happens anymore, and that's unfortunate.
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5 of 6 people found the following review helpful:
2.0 out of 5 stars
Missing critical information on Central Banking's relation to Inflation., July 8, 2010
This review is from: Andrew Jackson and the Bank War (Norton Essays in American History) (Paperback)
Today, most folks are getting a glimpse of what happens when banks and governments inflate the currency. As banks began to fail and/or were bailed out by the government, folks began to withdraw their money and once again put it under their mattress. Jackson's dealing with the banks was an important lesson in how to deal with today's economic problems. History does repeat itself and Remini, I believe in part because of when this was written, seems oblivious to the crimes committed by Central banks. Those crimes do in fact far outweigh any good coming from them. The public will be compelled to learn this the hard way. Today's economic bubbles are just the tip, of the tip of the tip of the iceberg. Students that left comments such as "boring" will be the first ones shocked when the cash become worthless. They should pay closer attention to this debate. I would hope that even Remini knows better by now. I suggest reading, The Creature from Jekyll Island by G. Edward Griffin for a better understanding of what goes on with Central Banks and why we should do away with them and the forced acceptance of U.S. currency in trade. While Jackson stopped the Second Bank of the United States, we must also remember that it was during his administration that the budget was balanced and the U.S. was in the black. Central banking was unconstitutionally reintroduced and we have never, not once, been in the black since. Instead, we have charged our waste and extravagance to all the children and grand children. We are just now starting to see the system unravel. Few Americans know what to do about it. The answer is harsh. Quit borrowing money. If you do, the dollar will become more valuable and things will cost far less than they do today, even foreign goods seeking those valuable dollars.
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