Jackson refused to recharter the National Bank because it went against his beliefs. He deemed the bank unconstitutional. He also saw that the attack based on the bank was a very personal attack.
Andrew Jackson
Andrew Jackson explained his veto of the recharter bill by stating that he believed the Bank of the United States was elitist and unconstitutional. Jackson was the country's 7th President.
Yes, very much. The bank heavily favored lenders from the NE establishment and tended to slight western farmers and land speculators who wanted loans. Later, after Jackson became President, the bank essential became an arm of anti-Jackson people. Since the Jackson supporters were mostly western and frontiersmen, this was also a sectional issue.
Andrew Jackson.
Andrew Jackson .
Andrew Jackson
Andrew Jackson explained his veto of the recharter bill by stating that he believed the Bank of the United States was elitist and unconstitutional. Jackson was the country's 7th President.
He vetoed it. Not wanting to wait for the charter to expire, he withdrew federal funds from the bank.
President Andrew Jackson made opposition to the establishment of a national bank a cornerstone of his administration. He believed that the Second Bank of the United States represented undue federal power and favored the wealthy elite at the expense of ordinary citizens. Jackson's fierce opposition culminated in his decision to veto the recharter of the bank in 1832 and his subsequent withdrawal of federal funds from it, which significantly weakened the institution.
In order to force President Andrew Jackson to recharter the National Bank, Nicholas Biddle, in 1834, shrunk it's money supply by demanding old loans to be paid to the bank before new ones would be granted in order to cause a recession.
Andrew Jackson opposed the first National Bank because he disliked the people running the national bank.
In order to force President Andrew Jackson to recharter the National Bank, Nicholas Biddle, in 1834, shrunk it's money supply by demanding old loans to be paid to the bank before new ones would be granted in order to cause a recession.
Andrew Jackson opposed the first National Bank because he disliked the people running the national bank.
Andrew Jackson opposed the first National Bank because he disliked the people running the national bank.
Andrew Jackson strongly apposed the National Bank.
Yes, very much. The bank heavily favored lenders from the NE establishment and tended to slight western farmers and land speculators who wanted loans. Later, after Jackson became President, the bank essential became an arm of anti-Jackson people. Since the Jackson supporters were mostly western and frontiersmen, this was also a sectional issue.
The battle over national bank happened when president Jackson wanted to get rid of the national bank