ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Jackson’s distrust of the Bank was also political, based on a belief that a federal institution such as the Bank trampled on states’ rights. In addition, he felt that the Bank put too much power in the hands of too few private citizens–power that could be used to the detriment of the government.

Detailed explanation-2: -On one side was Andrew Jackson, Old Hickory, and his supporters who claimed the Bank was a threat to the republic due to its economic power. State bankers felt the central bank’s influence frustrated their ability to function.

Detailed explanation-3: -Jackson, the epitome of the frontiersman, resented the bank’s lack of funding for expansion into the unsettled Western territories. Jackson also objected to the bank’s unusual political and economic power and to the lack of congressional oversight over its business dealings.

Detailed explanation-4: -The Bank’s most powerful enemy was President Andrew Jackson. In 1832 Senator Henry Clay, Jackson’s opponent in the Presidential election of that year, proposed rechartering the Bank early.

Detailed explanation-5: -Andrew Jackson’s Veto Message Against Re-chartering the Bank of the United States, 1832. President Andrew Jackson, like Thomas Jefferson before him, was highly suspicious of the Bank of the United States. He blamed the bank for the Panic of 1819 and for corrupting politics with too much money.