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Andrew Jackson announced that the government was no long going to be using the Second National Bank and removed all funds from the bank.
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LaoAndrew Jackson did not believe in a strong central bank that had all of the money of the country. So he made a bargain ( in generalized terms) with the wealthy and powerful bank leaders and they agreed to disband the second bank.
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Why didn't the northern economy in the id-1800's rely on slave labor?
why did andrew jackson favor the destruction of the second bank of the united states
What did supporters and opponents of the second Bank believe?
Supports: the Second Bank earned strong support from business people, because they liked the fact that the bank made loans to businesses. moreover the bank was a safe place for the federal goverment to keep its money, and the stable money it issued formed a stable currency Opponents: the opponents of the Second Bank disliked the way the bank loans made by state banks (fearing that the state banks where making to many loans) Bank directors often limited the amount of money banks could lend, this angered farmers and merchants that wanted to buy land. The most powerful enemy of the bank at that time was Andrew Jackson (the seventh president of the united states) According to Jackson,"the bank allowed a small group of wealthy people to enrich themselves at the expense of ordinary people"
What was the national bank debate?
It was the debate that took place between Jefferson and Hamilton about whether or not to establish a national bank! Jefferson was against it and said it was unconstitutional. Hamilton was for it and said it was necessary to keep a stable economy.
What did Jackson try to do after his reelection in 1832?
tried to replace bank notes with hard money withdrew funds from the Bank of the United States and put them in state banks
What bank allowed people to exchange their dollars for gold and silver?
It's the Second Bank of the United States.
