In this episode, I consider the leadership lessons which can be drawn from our 7th President, Andrew Jackson. I focus largely on the crisis surrounding the Second National Bank of the United States charter, which played out over 5 years from 1831 to 1836. This conflict pitted Jackson against most of the nation’s political and financial elites, most prominently Nicolas Biddle, the President of the Bank. However, the great politicians of the day, including Henry Clay and Daniel Webster, were also lined up against President Jackson.
The crisis came to a head in the summer of 1832 when the House and Senate passed a bill renewing the Charter of the Second Bank of the US early. Not only did Jackson veto the bill and give one of the most memorable veto addresses of any President, he then took on Biddle directly by removing the first removing persons in the administration and government who were pro-Bank and pro-Biddle. In the coup de grace for the Bank, Jackson, the gold species from the Bank, moved into state banks across the country. Jackson won the battle completely. His actions were not without consequence, as the distribution of the species across the country led to rampant inflation and the Panic of 1837. However, by that time, Jackson had departed the Presidency, and the fallout was left to his successor Martin Van Buren.
