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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President Jackson thought it was too powerful.
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bank officials were caught stealing funds.
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it had to be supported with taxpayers’ money.
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President Jackson was angry that the Bank would not loan the Democratic party money.
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Detailed explanation-1: -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-2: -By the 1830s the Bank had become a volatile political issue. Some, especially in the trans-Appalachian West, were suspicious of banks because they distrusted the paper money issued by them and because banks controlled credit and loans.
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: -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.