JACKSONIAN DEMOCRACY 1825 1850
JACKSONIAN AMERICA
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
should be supported at all costs
|
|
|
unfairly favored poor people
|
|
|
unfairly favored wealthy people
|
|
|
was corrupt
|
Detailed explanation-1: -President Andrew Jackson, like Thomas Jefferson before him, was highly suspicious of the Bank of the United States. He blamed the bank for the Panic of 1819 and for corrupting politics with too much money. After congress renewed the bank charter, Jackson vetoed the bill.
Detailed explanation-2: -The bank’s charter was unfair, Jackson argued in his veto message, because it gave the bank considerable, almost monopolistic, market power, specifically in the markets that moved financial resources around the country and into and out of other nations.
Detailed explanation-3: -He “killed” the National Bank by removing all federal funds and placing them in “pet banks.” This combined with rampant speculation in western lands ended up destabilizing the banking system so much so that in 1836, Jackson ordered that western land could only be paid for in gold or silver.