JACKSONIAN DEMOCRACY 1825 1850
AGE OF THE COMMON MAN
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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President Jackson believed that the national back was a constitutional exercise of governmental powers.
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President Jackson supported the Second Bank of the United States.
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President Jackson vetoed the bill to recharter the Second Bank of the United States and withdrew all funds from it.
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President Jackson renewed the charter of the Second Bank of the United States.
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Detailed explanation-1: -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.
Detailed explanation-2: -In 1832, Jackson vetoed a bill to recharter the Bank, and began a campaign that would eventually lead to its destruction. For decades afterward, the U.S. treasury system would go through several iterations until the Federal Reserve was created in 1914.
Detailed explanation-3: -To hasten the end of the bank, Jackson ordered the U.S. government deposits (20 percent of its funds) be withdrawn and deposited in state banks so the state banks could make the loans the Bank had stopped making.