JACKSONIAN DEMOCRACY 1825 1850
DEMOCRACY IN AMERICA BY ALEXIS DE TOCQUEVILLE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the Great Depression
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the impeachment of Andrew Jackson
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the construction of the Third Bank of the United States
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the Panic of 1837
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Detailed explanation-1: -Andrew Jackson vetoed the bill re-chartering the Second Bank in July 1832 by arguing that in the form presented to him it was incompatible with “justice, ” “sound policy” and the Constitution.
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explanation-3: -To weaken the Bank before its charter ran out, Jackson ordered that all U.S. government deposits be withdrawn and deposited in various state-chartered banks.
Detailed explanation-4: -The lack of a central bank to regulate fiscal matters, which President Andrew Jackson had ensured by not extending the charter of the Second Bank of the United States, was also key. This ailing economy of early 1837 led investors to panic – a bank run ensued – giving the crisis its name.