JACKSONIAN DEMOCRACY 1825 1850
JACKSONIAN AMERICA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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sectional banks
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federal banks
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state banks
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Bank of America
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Detailed explanation-1: -Jackson decided to kill the National Bank early. He ordered the Secretary of the Treasury to take the money out of the national bank and put it in “pet banks, ” state banks that were friends of Jackson. These pet banks lent out money to poor farmers, who could not pay the money back.
Detailed explanation-2: -On September 10, 1833, Jackson removed all federal funds from the Second Bank of the U.S., redistributing them to various state banks, which were popularly known as “pet banks.” In addition, he announced that deposits to the bank would not be accepted after October 1.
Detailed explanation-3: -Jackson’s distrust of the Bank was also political, based on a belief that a federal institution such as the Bank trampled on states’ rights. In addition, he felt that the Bank put too much power in the hands of too few private citizens–power that could be used to the detriment of the government.