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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They controlled land speculators
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They could demand payment in specie from local banks
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They were not communist
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They were liked better by the people
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Detailed explanation-1: -It would act as fiscal agent for the federal government-holding its deposits, making its payments, and helping it issue debt to the public-and it would issue and redeem banknotes and keep state banks’ issuance of notes in check.
Detailed explanation-2: -By 1832 the Second Bank of the United States, holding 30 branches, had become the most important financial institution in the nation. Operated by Philadelphia’s Nicholas Biddle, the bank became very powerful by assigning investment roles for each of its branches.
Detailed explanation-3: -President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank, on September 10, 1833. He then used his executive power to remove all federal funds from the bank, in the final salvo of what is referred to as the “Bank War."
Detailed explanation-4: -The Bank acted as the federal government’s fiscal agent, collecting tax revenues, securing the government’s funds, making loans to the government, transferring government deposits through the bank’s branch network, and paying the government’s bills.