Why did President Jackson oppose the National Bank?

Question

A.He felt th bank benefited rich easterners and harmed poorer westerners.
B.He considered the bank to be unconstitutional exercise of federal powers.
C.He accused the bank using its lending power to influence legislation.
D.All bove

Answer 1

In Jackson's veto message (written by George Bancroft), the bank needed to be abolished because:

It concentrated an excessive amount of the nation's financial strength into a single institution
It exposed the government to control by "foreign interests"
It served mainly to make the rich richer
It exercised too much control over members of the Congress
It favored Northeastern states over Southern and Western states

He felt the bank improved the fortunes of an "elite circle" of commercial and industrial entrepreneurs at the expense of farmers and laborers. After a titanic struggle, Jackson succeeded in destroying the bank by vetoing its 1832 re-charter by Congress and by withdrawing U.S. funds in 1833.

Answer 2

D. He felt the rich get richer and land more expensive to acquire from poorer westerners. He believed the National Bank was too powerful influence in the Senate and the Bank exercised unconstitutional powers by having too much power and financial interests over the people.

Answer 3

Opposition to the National Bank

As president, Jackson worked to take away the federal charter of the Second Bank of the United States (it would continue to exist as a state bank). The Second Bank had been authorized, during James Madison's tenure in 1816, for a 20 year period. Jackson opposed the national bank concept on ideological grounds. In Jackson's veto message (written by George Bancroft), the bank needed to be abolished because:


Democratic cartoon shows Jackson fighting the monster Bank. "The Bank," Jackson told Martin Van Buren, "is trying to kill me, but I will kill it!"It concentrated an excessive amount of the nation's financial strength into a single institution
It exposed the government to control by "foreign interests"
It served mainly to make the rich richer
It exercised too much control over members of the Congress
It favored Northeastern states over Southern and Western states
Jackson followed Jefferson as a supporter of the ideal of an "agricultural republic" and felt the bank improved the fortunes of an "elite circle" of commercial and industrial entrepreneurs at the expense of farmers and laborers. After a titanic struggle, Jackson succeeded in destroying the bank by vetoing its 1832 re-charter by Congress and by withdrawing U.S. funds in 1833.

The bank's money-lending functions were taken over by the legions of local and state banks that sprang up. This fed an expansion of credit and speculation. At first, as Jackson withdrew money from the Bank to invest it in other banks, land sales, canal construction, cotton production, and manufacturing boomed.[13] However, due to the practice of issuing notes that were not backed by gold or silver reserves, there was soon rapid inflation and mounting debts by the states.[14] Then, in 1836, Jackson issued the specie circular, which required that government lands be bought in hard specie. Because banks lacked hard specie to issue in return for notes, many of them collapsed.[15] This was a direct cause for the Panic of 1837, which threw the national economy into a deep depression. The commercial progress of the nation's economy was noticeably dented by the resulting failures, and it took years to recover from the damage.


1833 Democratic cartoon shows Jackson destroying the devil's BankThe U.S. Senate censured Jackson on March 27, 1834 for his actions in defunding the Bank of the United States; the censure was later expunged when the Jacksonians had a majority in the Senate.

Answer 4

He was an uneducated hick.