JACKSONIAN DEMOCRACY 1825 1850
PRESIDENT JOHN QUINCY ADAMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It was a symbol of the privilege of the wealthy
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It was used to store government money
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He hated the bank’s president, Nicholas Biddle
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Rich got richer at the expense of the poor
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Detailed explanation-1: -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-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. In 1832, Congress acted, but not as Jackson recommended.
Detailed explanation-4: -To hasten the end of the bank, Jackson ordered the U.S. government deposits (20 percent of its funds) be withdrawn and deposited in state banks so the state banks could make the loans the Bank had stopped making. This pro-Jackson political cartoon from 1833 applauds the removal of the deposits.