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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a second nullification crisis.
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the election of Martin Van Buren.
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banknotes of uncertain value flooding the economy.
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the formation of the Whig Party.
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Detailed explanation-1: -The Bank’s notes, backed by substantial gold reserves, gave the country a more stable national currency. By managing its lending policies and the flow of funds through its accounts, the Bank could-and did-alter the supply of money and credit in the economy and hence the level of interest rates charged to borrowers.
Detailed explanation-2: -Jackson, the epitome of the frontiersman, resented the bank’s lack of funding for expansion into the unsettled Western territories. Jackson also objected to the bank’s unusual political and economic power and to the lack of congressional oversight over its business dealings.
Detailed explanation-3: -The Bank War had a profound effect on the future of the United States. The destruction of the Second National Bank lead to the panic of 1837 and all that lead up to it, and a change in the American Political Party System.
Detailed explanation-4: -What happened to the funds that were in the Second Bank of the United States? A. They were seized by the federal government and used to offset cuts in tariffs.