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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That he could destroy the other smaller banks
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That he was a libertarian
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That Jackson wasn’t even the son of Jack, so he is a liar
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That He was the most powerful man in the nation
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Detailed explanation-1: -Meanwhile, in Philadelphia, Biddle responded to Jackson’s action by announcing that the Bank would (or could) not respond to the loss of government deposits by attracting new private deposits or raising new capital. Instead, the Bank would limit credit and call in loans.
Detailed explanation-2: -As president of the bank, Biddle sponsored policies that restrained the supply of credit to the country’s banks; stabilized the investment, money, and discount markets; regulated the money supply; and safeguarded government deposits.
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-To hasten the end of the bank, Jackson ordered the U.S. government deposits (20 percent of its funds) be withdrawn and deposited in state banks so the state banks could make the loans the Bank had stopped making. This pro-Jackson political cartoon from 1833 applauds the removal of the deposits.
Detailed explanation-4: -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.