Explain how the Federal Bank's role in the economy became a political issue when andrew jackson was president.

Question

ok so i am doing history homework in 8th grade and i forgot my book so please help me with this question i have a few others posted for the same reason so yeah help please oh and this isnt for the bank being made but after it was made and why Andrew Jackson didnt like it

Answer 1

~If you "forgot" your book, try Wikipedia or some other on line resource. AJ was not unique or even original. Go all the way back to Hamilton and Jefferson and read the debates.

Answer 2

jackson felt the bank was a monopoly, had too much foreign influence, and had too much power in gov't affair. the only good thing about it in his opinion was the hard money. but anyways- so jackson hated the bank and "killed" it by withdrawng gov't revenue (that is, money the gov't collected from the ppl in, mostly, the form of taxes) and depositing the money in various state bank vaults. these banks became known as jackson's "pet banks" b/c of thier loyalty to him. i am in APUS History in high skool so i have recently studied this and i also just wrote an essay on all this, so it's pretty fresh in my mind. good luck!!