THE VIRGINIA DYNASTY 1801 1825
JAMES MADISON AFTER THE WAR OF 1812 THE ERA OF GOOD FEELINGS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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be mostly privately owned, but supervised by the Federal government.
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have the power to act as the federal government’s financial agent.
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be a welfare agency for wealthy politicians that should have its charter revoked.
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not be allowed to exist due it going against the constitution.
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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 felt he had received a mandate from the public to close the bank once and for all. In 1833, Jackson removed all the federal funds from the second Bank and redistributed them to various state banks. Jackson had succeeded in destroying the bank; its charter officially expired in 1836.
Detailed explanation-3: -Jackson vetoed the legislation that would renew the bank. He weakened the bank’s power by moving most of its funds to state banks. Banks used the funds to offer easy credit terms to people buying land. This led to inflation.