USA HISTORY

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THE VIRGINIA DYNASTY 1801 1825

JAMES MADISON AFTER THE WAR OF 1812 THE ERA OF GOOD FEELINGS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Should its [the National Bank’s] influence become concentered [concentrated] . . . in the hands of a selfelected directory whose interests are identified with those of the foreign stockholders, will there not be cause to tremble for the purity of our elections in peace and for the independence of our country in war?-Andrew Jackson, Veto of the Bank of the United States Recharter Bill, 1832 Based upon the quote, what was one reason President Andrew Jackson opposed the existence of the National Bank?
A
He argued that the bank’s power might inflict harm on the country.
B
He believed that the bank limited economic growth in the northern states.
C
He saw the bank as an extension of British politics into the new nation
D
He determined that the bank enabled the expansion of slavery in the South
Explanation: 

Detailed explanation-1: -The bank’s charter was unfair, Jackson argued in his veto message, because it gave the bank considerable, almost monopolistic, market power, specifically in the markets that moved financial resources around the country and into and out of other nations.

Detailed explanation-2: -Not everyone agreed with Hamilton’s plan. Thomas Jefferson was afraid that a national bank would create a financial monopoly that might undermine state banks and adopt policies that favored financiers and merchants, who tended to be creditors, over plantation owners and family farmers, who tended to be debtors.

Detailed explanation-3: -Although the power to charter a national bank is not specifically mentioned in the Constitution, it is one of the implied powers that the Necessary and Proper Clause grants Congress. The bank is a “necessary and proper” way for Congress to conduct the financial affairs of the country.

There is 1 question to complete.
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