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Banker
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In addition to steering the judiciary and local politicians toward
policies that furthered land development, John Overton helped charter
the Nashville branch of the Bank of Tennessee. The bank allowed
land speculators to obtain easy credit for land purchases. During
the early 1800s, citizens were divided over the benefits of big
banks. Banks crafted their policies for the wealthy elite, possessed
unregulated control over the nation’s economy, and were instrumental
in causing the nation-wide economic depression of 1819. Tennessean
and future President of the United States, Andrew Jackson, was convinced
that banks needed to be reformed, which caused a rift between he
and Overton. Overton even briefly considered throwing his political
support behind Jackson’s greatest rival, Senator Henry Clay
of Kentucky, for the 1824 presidential campaign. But Jackson’s
soaring popularity among voters convinced Overton that Jackson could
not be beat. Federal reforms, mismanagement, and economic depression
eventually led to the failure of the Overton banks. |
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Law Student |
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Tax Collector |
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Land Speculator |
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Judge |
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Memphis Founder |
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Banker |
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Husband |
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Advisor |
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Planter |
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