USA HISTORY

Detailed explanation-1: -Among those who distrusted the Second Bank of the United States was Andrew Jackson, the Tennessee war hero who was elected president in 1828.

Detailed explanation-2: -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-3: -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-4: -Nicholas Biddle, the third and last president of the Second Bank of the United States, became President Andrew Jackson’s nemesis during the “Bank War.” During the election campaign of 1832, Jackson’s opponents organized a new political party, the National Republicans, under Henry Clay.

Detailed explanation-5: -On one side was Andrew Jackson, Old Hickory, and his supporters who claimed the Bank was a threat to the republic due to its economic power. State bankers felt the central bank’s influence frustrated their ability to function.