JACKSONIAN DEMOCRACY 1825 1850
PRESIDENT ANDREW JACKSON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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He ordered the Supreme Court to declare the Bank unconstitutional.
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He encouraged common and poorer citizens to attack and destroy the Bank.
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He refused to sign a new charter for the Bank.
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He had all the Bank’s officers arrested for financial crimes.
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Detailed explanation-1: -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-2: -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.
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.
Detailed explanation-4: -Jackson’s opponents ridiculed these “pet banks” as a source of corruption, but to no avail. 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-5: -After congress renewed the bank charter, Jackson vetoed the bill. The following was the message he gave to congress after issuing his veto. Jackson’s decision was controversial. Some Americans accused him of acting like a dictator to redistribute wealth.