He viewed it as a blow to congressional authority.
He viewed it as a blow to congressional authority
It was one of the most powerful banks in the country , therefore President Javkson disliked it because it had so much power .
Jackson's veto message for the bill to re-charter the bank (written by George Bancroft), listed the following objections against the bank:
He vetoed it on constitutional grounds, but he had long opposed the bank. The bill to re-charter was a power play, instigated by the bank president Nicholas Biddle and his supporters in Congress. It was passed in advance of the need to renew the charter in order to make the bank a campaign issue or else to scare Jackson into backing down and signing bill. The ploy backfired when Jackson won re-election handily.
More explanation
The national bank had become a political entity. In those days it made personal loans and it would curry favor by making attractive loans to certain Congressmen. It gave favorable treatment to businesses in the East and did little to help the farmers in the West.
One big problem with the Bank stemmed from the fact that the US Treasurer was required to deposit all US funds in this bank. Therefore the bank could lend out money without having to keep the reserves needed by private banks. It had the power to appreciably increase the money supply and inflate the currency as the federal reserve does today, but without the control of the President and Congress.
There was also a personal conflict. The bank president, Nicholas Biddle, was a member of the old Eastern establishment that had run the country from its beginning. Jackson was a westerner and the son of immigrants and did not belong to the old guard ,so they became political enemies. The bank had become in effect an arm of the anti-Jackson party.
How the Bank could increase the money supply and cause inflation To understand why SBUS had this power, consider the following scenario: If Bob owed 100 ounces of gold in tariffs to the US, he could either have paid in gold or in SBUS credits, (which could be in the form of SBUS banknotes or SBUS checks). While the SBUS credits are technically in terms of gold, since the US Treasurer must deposit them with the SBUS, the SBUS is never required to produce the gold for the US. Therefore the SBUS has wide-ranging powers to issue credit without a proper backing. Essentially, the US Treasury deposit allowed SBUS to issue unbacked gold and silver certificates, since SBUS would never have to fear a bank run from the US, like it might with its smaller depositors. In addition, there was legal precedent in the US for forcing bank depositors to never withdraw gold and silver from unhealthy banks.
Therefore, by discretely issuing unsound money, the SBUS could bribe politicians, manipulate interest rates, manipulate foreign exchange rates, and cause recessions. (To verify that the SBUS had these four powers, the reader should look up the Austrian School of Economics.) It is likely that the SBUS did all four of these things, which would have impoverished many Americans. Allegations of this sort of corruption is why Jackson campaigned on a platform of destroying the SBUS.
Jackson's veto message for the bill to re-charter the bank (written by George Bancroft), listed the following objections against the bank:
He viewed it as a blow to congressional authority
He felt the banks polices favored too much wealthy people, and hurt an average person.
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He viewed it as a blow to congressional authority.
I don’t know
He viewed it as a blow to congressional authority.
destroy apex
The financial institution opposed by President Jackson was the second Bank of the United States known as BUS.
Andrew Jackson opposed the Second Bank of the United States, both politically and on ideological grounds. Jackson was the 7th U.S. President.
the second president of united state is john adams
John Adams was the second president of the United States.Our second president was John Adom. He was president because he helped the BritishJohn Adams
Martin Van BurenVan Buren was a Secretary of State under Andrew Jackson, later becoming the 2nd Vice President to Andrew Jackson and the 8th Vice President of the United States. Van Buren became the 8th President of the United States on 1837 March 4.
The second president of the United States was John Adams.
Bank War, in U.S. history, the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States, over the continued existence of the only national banking institution in the nation during the second quarter of the 19th century.
John Adams was the second President of the United States.The second President of the U.S. (1797 - 1801).
John Adams was the second president of the United States. His son, John Quincy Adams was the sixth president of the United States.
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.