why did andrew jackson support HARD MONEY (gold, silver) if he wanted to give opportunities to the low class?

Question

why didn't he want the easy credit system? he was all about the common people and doesnt easy money help lower class citizens to get credit more easily?

Answer 1

This is a very good question that has made me wonder too. What I have gathered is that he did NOT trust bankers and banking systems with credit which Jackson felt could be manipulated by dishonest, greedy bankers for their own benefit.

I don't think he understood the benefits of finance and credit. He was a man of the common people, so you are right - he should have favored easy loans for the less wealthy people trying to get started. As we understand now, people who have the hard cash don't generally need loans to buy land or start businesses.

Answer 2

Gold is constant in value. An ounce of gold is always an ounce of gold. Unlike paper money that is susceptible to inflation. inflation is devastating to the poor and the common man. Gold money is a guarantee against inflation.

Answer 3

Because of the banks giving people money they didn't have(like checks but they had a different name i forgot it), so he wanted to make sure that when people are buying land they did have the money to buy it.