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 supported it
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He vetoed a bill that would have rechartered it
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He placed his own money in the national bank
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He asked foreign nations to invest money in it
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Detailed explanation-1: -In 1832, Jackson vetoed a bill to recharter the Bank, and began a campaign that would eventually lead to its destruction. For decades afterward, the U.S. treasury system would go through several iterations until the Federal Reserve was created in 1914.
Detailed explanation-2: -Andrew Jackson vetoed the bill re-chartering the Second Bank in July 1832 by arguing that in the form presented to him it was incompatible with “justice, ” “sound policy” and the Constitution.
Detailed explanation-3: -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-4: -Shortly after the election, Jackson ordered that federal deposits be removed from the second National Bank and put into state banks. Although Jackson’s order met with heavy criticism from members of his administration, most of the government’s money had been moved out of the Bank by late 1833.
Detailed explanation-5: -In his 1830 and 1831 annual messages, Jackson reiterated his opposition to the Bank. He proposed in its stead a wholly government institution-in name a bank, but in effect an arm of the Treasury, without power to make loans, acquire property, or issue notes.