JACKSONIAN DEMOCRACY 1825 1850
PRESIDENT ANDREW JACKSON
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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He thought it benefited the rich over the farmers and workers.
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He thought the leaders were stealing from the government.
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He thought foreign countries were depositing too much money.
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He thought farmers and workers were borrowing too much money.
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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: -He “killed” the National Bank by removing all federal funds and placing them in “pet banks.” This combined with rampant speculation in western lands ended up destabilizing the banking system so much so that in 1836, Jackson ordered that western land could only be paid for in gold or silver.
Detailed explanation-3: -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-4: -He thought farmers and workers were borrowing too much money.