Planet Money Summer School 4: Banker vs president and the birth of the dollar
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Jul 31, 2024 
Sharon Murphy, a professor of early American financial history, dives into the foundational years of the U.S. economy. She explores the fierce clash between President Andrew Jackson and Bank of the United States president Nicholas Biddle, shedding light on their opposing views of economic power. The discussion also reveals the chaotic landscape of early American currency, illustrating the shift from countless forms of money to the introduction of a standardized dollar during the Civil War, and why economic panics continue to haunt us today.
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Early US Economic System
- Early U.S. feared centralized economic power after negative experiences with colonial and revolutionary paper money.
- They prioritized coining money and regulation but not paper currency or bank creation in the Constitution.
Jackson vs. Biddle
- Andrew Jackson, a poor orphan who killed a man in a duel, became president.
- Nicholas Biddle, a wealthy poet and schemer, headed the Bank of the United States.
Differing Views on Banking
- Jackson, known as a man of the people, disliked banks and paper money.
- Biddle, after a cordial meeting, dismissed Jackson's banking ideas as well-intentioned but misguided.