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Why did Jackson's veto of the bank recharter appeal so strongly to the masses?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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