USA HISTORY

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: -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-3: -Impact of Jackson’s Veto The Bank’s charter gave the institution too much power over the nation’s financial markets, he argued-power that enabled it to generate huge profits for its stockholders, most of whom were “foreigners” and “our own opulent citizens.”

Detailed explanation-4: -In his 1830 and 1831 annual messages, Jackson reiterated his opposition to the Bank. He proposed in its stead a wholly government institution-in name a bank, but in effect an arm of the Treasury, without power to make loans, acquire property, or issue notes. In 1832, Congress acted, but not as Jackson recommended.