USA HISTORY

Detailed explanation-1: -But the real evil of the Bank, Jackson claimed, was its creation of a privileged class of Americans with too much money and political power. “It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes, ” he wrote.

Detailed explanation-2: -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-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.