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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.
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Who want to create national bank?
wanted*** and Alexander Hamilton wanted to create a national bank because he thought it would solve debt earier.
Why did Andrew Jackson want to remove American Indians from their homeland in the 1830's?
Andrew Jackson wanted the Native Americans out of the south because they were on fertile land. Also they heard that the Native Americans had gold so the Americans wanted their gold.
What caused the panic of 1837?
Speculative fever.Economic policies of JacksonEvery bank stopped payment in gold and silver coinsthat's summing it up but if you want more information Jackson had caused the panic of 1837. By taking funds out of the bank and put them in state banks which the state banks used to give credit to land buyers. But since more people were expanding it caused inflation. Jackson tried to slow it down by ordering Americans to use gold and silver to buy land. But still it did not help national economy and open the door to economic troubles. *so basically Jackson was messing up pretty bad and a hard time fixing it * :D
Why did Jackson's veto of the bank recharter appeal so strongly to the masses?
The bank was a part of the east coast establishment. It received deposits from the federal government but otherwise operated like a private bank, making loans to individuals at its own discretion. It favored people from old rich families and did not want to loan money to people in the western states and if it did , it charged them higher rates of interest. It also had become a political arm of the anti-Jackson forces , making low interest loans to Congressmen who were in opposition to Jackson. So, supporters of Jackson in general were happy to support him in his battle against the bank. After the bank was ended, federal money was placed in state banks , including those in western states, giving them more money to lend out thus helping the economy there instead of only in the East.
What was Andrew Jackson's plan for reconstruction?
His idea for reconstruction was to bury the south. The north was bitter and they did not want to give the south a chance to rise back up.Andrew Jackson's Reconstruction Plan was an initiative to reunite the Northern and Southern states. Jackson's plan was different than Lincoln's in that he granted pardons where Lincoln wanted those from the South punished.
Andrew Jackson fought against a national what while in office?
The word you want is "bank".
Who did not want a centralized Bank of the US?
Andrew Jackson was noted as being a foe of the Second Bank of the US.
What did Andrew Jackson and Nicholas Biddle fight over?
they fought over the second bank of the united states. biddle was president of the bank and jackson didnt want it, so he vetoed the bank. this made biddle mad.
Do you have to bank with First National Bank?
Only if you want First National Bank to be your bank.
Why did George Washington not run for president in 1796?
In my opinion, Andrew Jackson chose not to run for presidency in 1836 since he had failed enough. From weakening the Second National Bank of the United States to trying to stop the inflation.
What did an Andrew Jackson dollar coin look like?
It has Andrew Jackson's face engraved in the middle, his name written at the top and the time he was president for on the bottom. If you want to see for yourself, type in "Andrew Jackson dollar coin" on Google images.
Did Andrew Jackson want to secede?
Yes, look up why to find out why he wanted to :)
Did congress want president Andrew Jackson to end reconstruction?
Outlawing the Black Codes.
What was Franklin Pierce's inspiration for presidency?
Pierce was an admirer of President Andrew Jackson. Even though he did not particularly want to be president, he must have had been inspired by Andrew Jackson's example of what a president could be.
You want ask how you can open the banka count in first national bank south-africa?
You want ask how you can open the banka count in first national bank south-africa?
What model did the federalists want to use for the country?
A National Bank.
What is the swift code for the Philippine national bank?
i want to know the swift code of Philippine national bank, general Santos city branch..
