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 disagreed with giving loans to the poor
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He felt it preferred the wealthy
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He felt national banks were better than national banks
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He wanted more help for farmers
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Detailed explanation-1: -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-2: -Impact of Jackson’s Veto The Bank’s charter gave the institution too much power over the nation’s financial markets, he argued-power that enabled it to generate huge profits for its stockholders, most of whom were “foreigners” and “our own opulent citizens.”
Detailed explanation-3: -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.