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What two reasons did Andrew Jackson have for being against having a National bank?
Jackson's reputation as the champion of the common man was unharmed, and it showed that he was committed to safeguarding the public's interests from the threat of private weal…th and an ever-larger central government..
Andrew Jackson fought to destroy the second national bank, and eventually succeeded.
He criticized the banks because of many reasons the following are just a few- - he believed it was unconstitutional - he believed it concentrated an excessive …amount of the nation's financial strength into a single institution - he believed it exposed the government to control by "foreign interests" - he believed it exercised too much control over members of the Congress - he believed it favored Northeastern states over Southern and Western states - he believed its goal was to make the rich people richer
Jackson killed it by campaigning against the renewal of its charter and when that effort succeeded, he sped its death by ordering federal funds to be withdrawn from it. …He became president and took back all of the government loans, so then the bank had no money. which killed the bank
Andrew Jackson did not like the National Bank because the bankers would not let poor people borrow money, but they would let wealthy people. (Andrew Jackson was poor.) … He thought it was unconstitutional and nothing would get done. stabilizing force in the national economy - novanet/gradpoint
No. Andrew Jackson destroyed it by ordering withdrawal of all US funds from the bank. The problem with the Second Bank of the United States (SBUS) basically stemmed from the… fact that the US Treasurer was required to deposit US funds in this bank. This huge deposit base gave the bank extraordinary power control interest rates , expand or shrink the money supply and make loans at its discretion. It could and did bribe politicians, manipulate interest rates, manipulate foreign exchange rates, and affect local economies, It had long-standing ties with the Northeast business establishment and favored it with its loans to the detriment of the Western frontier states. 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: * He thought it was unconstitutional because he was a "strict Constitutionalist" (its charter rested on the elastic clause) * 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 exercised too much control over members of the Congress * it favored Northeastern states over Southern and Western states Jackson 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 feeding an expansion of credit and speculation; the commercial progress of the nation's economy was noticeably dented by the resulting failures. However, it is questionable whether Jackson could have done anything to prevent this financial turmoil, because of the extent of the financial pyramid scheme existing since before Jackson was in office.
Jackson believed with quite a bit of evidence that the bank, which in those days could make loans, was acting as a political agency, loaning money to people who shared its pol…itical views and shutting out the Jackson people. There is little question that most of the bank's loans went to wealthy people living in the coastal states and not many western frontiersmen could get loans.
He thought it would only benifit merchants and bankers.
He ordered the Treasury to put the money in state banks.(:
He felt that it was unconstitutional and that it favored the wealthy.
He thought it would only benefit merchants and bankers.
In Jackson's own words: "The Bank, Mr. Van Buren, is trying to kill me, but I will kill it!" And kill it he did. In 1832, the Bank had to be re-chartered, and because Jackson'…s intentions were known, the Bank became a major election issue. But when the time came, Jackson vetoed the charter and disbanded the bank. The funds went to local banks and western "pet banks."
President Andrew Jackson distrusted the national bank, and believed it to be part of a conspiracy to take away states rights, and abolish slavery. As a result, in ways man…y historians believe was overstepping his authority as president, he took all of the government's money out of the national bank, and put it in state banks. This literally caused the national bank to shut its doors, and it was dismantled.
To know which change Andrew Jackson did not make someone will need to know what the changes are. Without knowing what the answer choices are it is hard to know which is co…rrect.
Jackson decided to destroy the bank by transferring about $10 million in government deposits to state banks. Without this money the national bank struggled to survive. Before …this Jackson had protested against national banks vehemently and refused to renew the Second Bank's charter. He had also vetoed the bank (well known as the "Bank Veto).
As it was constituted in Jackson's day, the National Bank held undue influence over members of Congress; it concentrated America's finances in the hands of a few influential p…eople, and it favored he interest of people, and businesses, of the North and East over the South and West.