Jackson Bank War?

Question

Could someone please explain the reasons Jackson was against the National Bank? And what the National Bank was actually soing bad?

1837 bank war with president Andrew Jackson

Answer 1

A lot of it had to do with the fact that Jackson, as a Westerner, suspected that the bank was set up to profit only the Eastern elite, as well as foreign investors. Also, he had himself been involved with some land speculation earlier in his career... and been burned. So he did not trust the banks.
http://en.wikipedia.org/wiki/Andrew_Jackson#Opposition_to_the_National_Bank

Jackson did advance arguments for opposing the bank on Constitutional grounds as well --basically, that the Constitution did not provide for Congress to authorize such a national bank. In fact, the "Republican" party of Jefferson, Madison, etc., had made the same argument against Hamilton and the FIRST National Bank back in the 1790s. Then Madison, after letting it lapse, found that he NEEDED such an institution to finance the War of 1812 and ended up chartering the Second National Bank. The Supreme Court had also decided there was no Constitutional problem with it. Henry Clay's reponse to Jackson's veto of the bank's rechartering actually rehearses this whole history (explaining how he himself had at one time opposed the bank).
http://alpha.furman.edu/~benson/docs/clay.htm

For more details on the controvery and how it developed check these links:
http://en.wikipedia.org/wiki/Second_Bank_of_the_United_States#Controversy
http://www.whitehousehistory.org/04/subs/04_b_1832.html
http://www.digitalhistory.uh.edu/database/article_display.cfm?HHID=640

Incidentally, it is STILL debated whether Jackson's actions to destroy the Second National Bank (including his moving of federal funds into "pet banks", for which he was censured by Congress [though a later Democratic Congress rescinded this]) was responsible for the depression that Martin VanBuren inherited. Though there were other problems, I tend to agree with those who argue that the loss of this bank, at the very least, left the government in a very poor position to deal with economic hard times.

Answer 2

Andrew Jackson Bank War

Answer 3

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