USA HISTORY

JACKSONIAN DEMOCRACY 1825 1850

AGE OF THE COMMON MAN

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
How did President Andrew Jackson view the Bank of the United States?
A
Jackson supported the Bank and signed a bill to renew its charter
B
Jackson viewed the Bank as a monopoly that favored wealthy Easterners and limited western growth
C
Jackson was responsible for creating the bank to hold federal government’s money and control the nation’s money supply.
D
Jackson believe that federal government money should be held in foreign banks.
Explanation: 

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: -The Bank War was the political struggle that ensued over the fate of the Second Bank of the United States during the presidency of Andrew Jackson. In 1832, Jackson vetoed a bill to recharter the Bank, and began a campaign that would eventually lead to its destruction.

Detailed explanation-3: -The bank’s charter was unfair, Jackson argued in his veto message, because it gave the bank considerable, almost monopolistic, market power, specifically in the markets that moved financial resources around the country and into and out of other nations.

There is 1 question to complete.