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How did the voting public react to Andrew Jackson vetoing the renewal of the Second National Bank charter?
Wiki User
∙ 9y ago
Many who favored the interest of the bank belong to the Whig party and the public accused Jackson of having a personal agenda by vetoing the renewal of the bank. Others accused him of using his authority against the bank for personal reasons. Jackson, however, expressed his concern that the governmentâ??s money in the Second National Bank was vulnerable and subject to manipulation by foreign countries.
Wiki User
∙ 9y ago
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What was the effect of vetoing the of the charter renewal and deposit of federal funds in state banks?
this is a hard question. go figure it out!
Was Andrew Jackson's veto a expansion of presidential power?
Yes, it was. By vetoing the renewal of the charter of the Bank of the United States, Jackson essentially used the power of the veto to carry out what he personally thought was best for the nation. He declared a national bank, something both Congress and the Supreme Court found constitutional, unconstitutional, thereby affirming the arbitrary veto power of the executive branch.
What did president Andrew Jackson destroyed this by vetoing he renewal of its charter?
Jackson destroyed the Second National Bank of the United States by vetoing the renewal of its charter. He felt that the bank only made the rich richer, allowed for foreign interests in the United States, had too much power over congress, and favored northeastern states over western and southern states. With the void caused by the banks demise all investments were placed in local and state banks. Later Jackson would cause the Panic of 1837 by issuing an executive order called Specie Circular. This order made only gold and silver valid for purchasing public lands rather than paper money. This led to a run on the local and state banks who did not have enough gold and silver to exchange for the people's money. These smaller banks now had no choice but to close because of they no longer had any gold or silver in their accounts. With no banks to issue credit this caused a deep and long depression.
How did Jackson modernize elections?
establishment of the spoil system, which later will be used in government offices. The presidential power of veto bill that is pass onto him ( I.E vetoing National Bank charter bill). He also embodied the people's social status from the west, even though he isn't from their class.
Did Andrew Jackson's vetoing of the Bank defeat the US?
no
President Jackson destroyed the National Bank of the US by?
vetoing its re-charter in 1832. He believed that the bank had too much power and favored the wealthy elite over the common people. This led to the withdrawal of federal funds from the bank and the subsequent collapse of the institution.
How did Andrew Jackson ruin the national bank?
Andrew Jackson ruined the national bank by vetoing its rechartering in 1832. He believed that the bank was unconstitutional and gave too much power to the wealthy elite. Jackson also removed federal funds from the bank and redistributed them to state banks, which led to an increase in risky lending practices and contributed to the economic instability that later resulted in the Panic of 1837.
What effect did President Jackson in vetoing the second bank of the UShave on the economy?
The bill was to re-charter the Bank of the US. The president of the bank was a long-time Jackson enemy and he pressured Congress to time the bill in order to make it a campaign issue. Jackson had long opposed the bank because it had become a political arm of the Eastern establishment of which Jackson was not a member. He believed that a national bank was unconstitutional. Jackson did more than veto the rechartering bill. After the bill failed, he did not wait for the charter to expire, but ordered federal funds to be withdrawn from the bank and placed in western state banks . This dried up capital in the East and made credit easy on the west, causing a unhealthy financial bubble in land speculation.
What did Andrew Jackson accomplish when he was president?
Andrew Jackson was the first president to use the veto against laws that he disagreed with, even if he believed they were constitutional. The previous presidents had restricted their vetoes to laws they thought violated the constitution. Jackson was president for eight years and was an active president. He was best known for vetoing the re-charter of the second bank of the US and withdrawing federal funds from it.
How Andrew Jackson was important to the nation?
Andrew Jackson was the 7th US President. The highlights of his administration that made him an important president were the following: A. In 1829, he put together a group of informal advisers to help him form policies; B. He won reelection in 1832. Jackson had to send Federal troops to South Carolina because that State attempted to nullify Federal tariff laws; C. In 1833 he removed government funds from the Bank of the United States after vetoing a new charter for the bank; D. In 1835 he was the first president to pay off all of the national debt; and E. In 1836 he issued the Specie Circular which provided for only gold & silver was to used to buy federal lands.
What was direct cause of the panic of 1837?
The direct cause of the Panic of 1837 was the vetoing of the Bank Bull by president Andrew Jackson. This was a serious financial crisis in the United States.
Who can get rid of a law by vetoing it?
the president
