JACKSONIAN DEMOCRACY 1825 1850
PRESIDENT ANDREW JACKSON
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
It led to the closure of several banks and the Nullification Crisis.
|
|
|
It led to Jackson’s reelection and the Panic of 1837.
|
|
|
It led to the closure of several banks, and it hurt Jackson’s reelection efforts.
|
|
|
It led to Jackson’s reelection and a reversal of the Supreme Court’s decision about national banks.
|
Detailed explanation-1: -The removal of the government’s deposits crippled the federal bank, and it dissolved in 1836. The next year, another financial panic, the Panic of 1837, swept the country.
Detailed explanation-2: -In 1832, Andrew Jackson ordered the withdrawal of federal government funds from the Bank of the United States, one of the steps that ultimately led to the Panic of 1837. The Panic of 1837 was a financial crisis that had damaging effects on the Ohio and national economies.
Detailed explanation-3: -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-4: -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.