Sure. The First & Second Banks of the United States performed useful functions. The Second, especially, helped police “wildcat banks” that printed more paper money than they could back with specie (gold and silver). The downside of sound money is that it restricts credit, making it harder for people of modest means to borrow. Wildcat banks lend funny money more liberally, but unsound money causes inflation and invites runs on banks. Democratic cronies ran many wildcat banks, so Jackson’s crusade against the 2nd Bank of the US can be understood as a battle between centralized Whig financial regulation and decentralized unregulated Democratic finance.

History, politics, education, music, culture. Award-winning high school teacher, former principal. College instructor. Seahawks Diehard. Twitter: @brian_mrbmkz

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