Chapter 39 Summary and Analysis

Biddle has the wherewithal to bring the American economy to its knees, but hopes not to have to do so. The president could order the Treasury to withdraw its deposits and cripple the bank, but at the risk of disrupting business and inconveniencing the government and the people. Biddle smugly believes that Jackson would not dare such a "declaration of war," but learning about the bank's "designs against democracy," planning over the next two years to fortify itself by calling in its responsibilities and withholding bills to cause a run on all banks, thereby making people demand the bank's re-chartering, Jackson is adamant. He knows little about currency questions, but this is what he expects from bankers and the Eastern elite.

To test the validity of his ideas and his cabinet members' loyalty, Jackson presents options: charter a new bank within...