USA HISTORY

Detailed explanation-1: -Jackson was among those who blamed the bank for this crisis and the general collapse of the American economy that persisted through the next two years. He made it known that he saw the bank as a corrupt institution and that he did not wish to renew the bank’s charter when it became due in 1836.

Detailed explanation-2: -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-3: -Andrew Jackson hated the National Bank for a variety of reasons. Proud of being a self-made “common” man, he argued that the bank favored the wealthy. As a westerner, he feared the expansion of eastern business interests and the draining of specie from the west, so he portrayed the bank as a “hydra-headed” monster.