WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
WESTWARD EXPANSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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He vetoed it.
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He approved it.
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He ignored it.
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He didn’t have any position on the 2nd national bank.
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Detailed explanation-1: -On September 10, 1833, Jackson removed all federal funds from the Second Bank of the U.S., redistributing them to various state banks, which were popularly known as “pet banks.” In addition, he announced that deposits to the bank would not be accepted after October 1.
Detailed explanation-2: -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-3: -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-4: -When Congress voted to extend the Second Bank’s charter in 1832, Jackson vetoed the bill. To explain his decision to the nation, Jackson issued this veto message on July 10, 1832.