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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It gave money to the rich
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It was constitutional
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It was not constitutional
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It gave money to the poor
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Detailed explanation-1: -To hasten the end of the bank, Jackson ordered the U.S. government deposits (20 percent of its funds) be withdrawn and deposited in state banks so the state banks could make the loans the Bank had stopped making.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-2: -The Bank’s charter gave the institution too much power over the nation’s financial markets, he argued-power that enabled it to generate huge profits for its stockholders, most of whom were “foreigners” and “our own opulent citizens.”
Detailed explanation-3: -The Bank War was a political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) during the presidency of Andrew Jackson (1829–1837). The affair resulted in the shutdown of the Bank and its replacement by state banks.