The Bank War Card Game!!

Explanation of Game and Instructions: Students will act out some of the main controversies surrounding the Bank war and the monetary crises of the 1830s. The point of this game is to show how international factors, as well as the personality traits of elite politicians, can affect the day-to-day existence of average farmers.

Note: This dialogue is not based on direct quotes, but bears some resemblance to actual events, as based on both primary and secondary research conducted by Stephen Campbell. Though some of the characters are fictional, and some of the dialogue is dramatized, much of the material has a legitimate historical basis.

You will need:

Playing Cards:

Ace of Spades is a BUS note

10 of clubs is a note from the Farmers and Mechanics Bank in New York City

5 of Hearts represents the loan from the Merchants’ Bank in Columbia, Missouri

Gambling Chips (this is specie, or gold and silver)

Assume that playing cards represent bank notes and gambling chips represent specie (coins)

If you have a $20 bill with Andrew Jackson on it, you can use this, too!

- remember, the definition of “irony” is Andrew Jackson on a central bank note

Historical Context: In the 1830s, there was no uniform currency like our Federal Reserve notes of today. Money consisted of a paper notes and coins. The different types of bank notes and coins were legion. Bank notes were used as a means of exchange and trade. They were merely promises to pay on demand, meaning that one could redeem “soft money” (bank notes) for “hard money” (gold and silver). Many individuals (e.g. Andrew Jackson and his political clique) considered the value of paper money to be suspect, believing that only gold and silver coins contained any real monetary value.

Cast of Characters: Choose one student to play each character

Andrew Jackson, President of the United States

Nicholas Biddle, President of the Bank of the United States (aka National Bank or BUS)

United States Senator Henry Clay of Kentucky

Vice President Martin Van Buren

Attorney General Roger Brooke Taney (pronounced TAW-NEE)

Newspaper Editor Hezekiah Niles

Ken Lewis, president of the Merchants’ Bank in Columbia, MO

Merchant Mark

Farmer Joe

Scene 1: Inside the Merchants’ Bank, Columbia, Missouri, January 1831

Farmer Joe to Banker Ken Lewis: How ya doin, Ken? I’d like to take out a loan.

Banker Ken Lewis: Okay, Joe. May I ask what it’s for?

Joe: Yeah, I need some credit to buy farm equipment and new land. I’m looking to buy some property north of the Missouri river, in Boone County. It has always been my life dream, ever since I was a boy in Virginia, to grow tobacco and make a living. I’ll need some cash to buy some shovels, hoes, seeds, and fertilizer. The rest of the money should go to buying the property. I hope to sell tobacco on the world market so that I may pay back this loan and eventually make a profit.

Lewis: That sounds like a great plan! I can offer you an initial loan of $500. Now I know your family and I know your name, so I have complete faith that you will repay the loan. But the best rate I can give a farmer with no credit history is 7% interest. The loan will be due five years from now, in 1836. (Banker gives 5 of hearts to Joe)

Joe: Sounds good to me. I sure hope things work out.

Lewis: I’m sure they will. If these banks continue to hand out loans, there will be a lot of paper money in circulation. This will make it easier to pay off your loans, raise the value of your property, and give you high prices for your crops.

Scene 2: On an island in the Mississippi River, near St. Louis, Missouri, February 1831

Farmer Joe to Merchant Mark: Sir, I’d like to market my tobacco. Are there customers abroad who will buy this product?

Merchant Mark: Yes, we have plenty of customers in England. Ever since the 1600s, the English have had a voracious taste for tobacco.

Joe: How will I be paid?

Mark: When your crop of tobacco is harvested in the spring, I will ship it all the way down the Mississippi River and eventually to London or Liverpool. Depending on how much money I make, I will take my own cut as a middle man, and then pay you in bank notes. You will then have to go to the Merchants’ Bank in Columbia to redeem your bank notes in specie (gold and silver). Specie is what you want, right?

Joe: yes, indeed, sir. Specie is the only tangible money that I respect. It’s better than that paper trash that’s been floating around lately.

Scene 3: Main Branch Office of the Bank of the United States, Chestnut Street, Philadelphia, Pennsylvania, July 1831

US Senator Henry Clay: Mr. Biddle, I have great ambitions of becoming president. Although there is still five years remaining on the Bank’s charter, I believe that we need to apply for recharter early. I feel that if we can get enough votes in Congress to pass a bill, President Jackson cannot possibly veto it. Presidents do not normally exercise the veto power and the first six presidents of our nation’s history has used the veto power, collectively, less than ten times. If he vetoes, he will commit political suicide and I shall secure the executive.

Bank President Nicholas Biddle: Mr. Clay, I am reluctant to get involved in American politics. Remember, it is best to keep banks separated from all political concerns. I have a responsibility to the nation’s currency and federal revenues. These responsibilities should not be tangled up in capricious and mercurial political trends.

Clay: Yes, I know. But Jackson and Kendall have mobilized their allies against us. They are spewing anti-Bank rhetoric throughout all of the nation’s newspapers. As long as we keep it secret, I believe we can work out a quid pro quo that can benefit both of us. I will secure the Bank’s recharter in Congress and you can spread friendly coverage in the newspapers by direct loans to newspaper editors. Remember, I used to be Speaker of the House and I have plenty of friends in both houses of Congress.

Biddle: Allright, though I think Mr. Jackson is not one to be cornered. He seems to possess an irrational fear of all banks and has campaigned relentlessly against my esteemed institution. The common masses and sheep of America seem to love him deeply. He’s an Indian hater, slave owner, and dueler. Quite a savage fellow if you ask me. But the people seem to love him. I fear that even if we pass the bill, the Bank will be finished since we do not have the 2/3 majority in Congress to overturn Jackson’s potential veto.

Clay: Yes, but if we wait until 1836 when the charter runs out, Jackson, or someone of his ilk, will still occupy the presidency. He will likely veto any bill to recharter because reelection will not be a possibility. He can do whatever he wants in his last years of office. But if we apply for recharter now, it may put his reelection in jeopardy and increase our chances of political success. You leave those details up to me.

Scene 4: The White House, Oval Office, Washington City, June 1832

Vice President Martin Van Buren: Mr. President, Biddle and his allies in Congress have secured the votes for recharter.

Andrew Jackson: The Bank, Mr. Van Buren, is trying to kill me. And now I will kill it!

Van Buren: It could be risky, sir.

AJ: Tell Kendall, Taney, and Blair to write my veto message. Base my arguments on states’ rights, class warfare, opposition to England, and anti-monopolism. Then I want you to make sure that our party organ, the Washington Globe, has plenty of subscribers. Make sure that most of our federal patronage and printing contracts support this paper. You can use the perks of all executive departments at your disposal. Tell our friends in the Post Office to deliver our papers faster than our enemies’ papers. We are competing against unlimited funding from an evil corporation, so we have to use all of our weapons. Winning the battle over public opinion is key to defeating the Bank. I want to be a president with a legacy. I want to be known as a man of the people.

Scene 5: White House, West Wing, Washington City, March 1833

Andrew Jackson: Mr. Taney, Treasury Secretary William Duane has refused to remove the Bank’s federal deposits, and thus, I have fired his ass! I am now placing you in charge. Will you now do the hard work of removing the Bank’s federal deposits? I can only defeat the Monster Bank with the help of the Treasury Secretary. Remember, I appointed you as attorney general and rescued you from obscurity. In a few years there will be vacancies on the Supreme Court and I need a good states’ rights person like you on the federal bench to offset those radical abolitionists and aggressive nationalists. Will you do what I ask?

Attorney General Roger Brooke Taney: I will be a loyal soldier, sir.

AJ: Good, that’s my boy!

Scene 6: Office of Senator Henry Clay, Washington City, April 1833

Biddle: Mr. Clay, President Jackson has made an unbelievable mistake. He’s going after our federal funds. He’s accusing me of using the Bank’s funds to put out pro-Bank propaganda. He now wants to remove our deposits. But now I’ll show him. I will make him pay!

Clay: What are you going to do?

Biddle: I’m going to call in loans and cause a panic. Vast suffering will ensue, which will bring Andrew Jackson to his knees. Only then will he realize the great utility of the National Bank! Newspaper editors will undoubtedly blame President Jackson for causing the crisis.

Scene 7: Boondocks, Port of Baltimore, Maryland

Merchant Mark: Biddle is calling in loans. I’m not sure why he’s doing this. This means I can’t market my crops in England. I was hoping to sell tobacco in England before I paid off my loans. Now I’ve got to stop everything and pay him off. I used to be a supporter of Biddle. Now I’m against him.

Editor Hezekiah Niles: I know what you mean. This panic (recession) is clearly Biddle’s fault. Apparently Jackson was right all along. The Bank has too much control over the economy. I used to be critical of Andrew Jackson and support Biddle. But now I can no longer support the Bank president in good conscience.

Scene 8: On an island in the Mississippi River, near St. Louis, Missouri, August 1835

Merchant Mark: Boy, two years ago really was a scare. Thankfully we got out of it and now times are good. I just spoke to my creditor in Louisville. He was telling me that we’ve come along way since ’33. With Jackson going after Bank, Biddle abdicated his responsibility of managing the currency. This means the national Bank can no longer control the loaning practices of smaller banks. Now, it seems, I can get credit from anywhere. State banks, commercial banks, property banks, private merchants – they all seem willing to lend.

Farmer Joe: so what else did he say?

Mark: Well, he gave a reason why there’s so much lending. Apparently we’ve had a lot of specie coming into our country. The English like the fact that we’ve paid off our national debt and they seem willing to invest in our internal improvement companies. This means that we can build roads, canals, and widen rivers like never before. The British also have an influx of specie because of their Opium Wars in China. On top of all of this, tariffs, land sales, and specie from Mexico have bolstered our supply of gold and silver. With all of this specie on hand, banks can lend like never before. We’ve also seen the creation of scores of new banks in the last few years. Everyone is jumping on the bandwagon. There’s a money train for sure.

Joe: so what does this mean for me?

Mark: It means that you’re in very good shape. The English are paying $500 a pound for tobacco in the London Mercantile Exchange. Your property in Columbia is worth $800 an acre. This should make it easy to pay off your loans. Heck, with credit as easy as it is, you could take out even more loans and use your current property as collateral. You could even buy slaves if you wish.

Joe: sounds like a good idea. I’ve always wanted to own slaves since my days as a yeoman farmer in Virgina. I think I’ll take out another loan. I have a good feeling that tobacco prices will continue to rise.

Mark: Yeah, I think that’s a good prediction!

Scene 9: White House, January 1836

Andrew Jackson: This is not what I envisioned! Instead of producing an economy based on gold and silver, this paper trash is more extensive than ever. Inflation is devaluing our currency.

Martin Van Buren: so what do you want me to do?

AJ: Talk to your friends in Congress. Tell them that we need to stop this over-lending. Why don’t we make it so that that we can only buy land in the West with specie. This will put more gold into circulation. We should call this bill the Specie Circular.

Van Buren: Sounds like a good idea. Of course, this might screw over farmers in the West.

AJ: No matter, I’ve been reelected. I no longer need to secure votes from average farmers.

Van Buren: okay.

Scene 10: Back in St. Louis, April 1837

Farmer Joe: So where do we stand now?

Merchant Mark: Bad news!

Joe: what do you mean?

Mark: Well, there’s been a curtailment of loans in England. The Bank of England has seen their reserves dwindle. They’ve now raised interest rates and frozen credit. On top of this, there have been numerous runs on banks. As investors pull their money out of banks and redeem their notes in specie, banks are faced with dwindling capital reserves. They must put pressure on other banks to acquire specie. This, in turn, makes investors worry even more and the vicious cycle repeats. To make matters even worse, the cotton market, which had been booming for a while, has now collapsed. You can feel the fear in the air among investors.