What was the national bank debate?

Answer 1

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.

Answer 2

In 1832, Alexander Hamilton kept money from the national bank that controlled the economy by giving out or holding back money to national banks. The back was owned by presidential power but by private individuals which ment it was powerful. But the southerners and the westerners didn't really get any, it was mostly the east. (Charter banks) Nicholas Bitle got convinced by Henry Clay to apply the charter and did it so that it would not be passed. Therefore, making Jackson look bad so Bitle applies and goes to Jackson but Jackson vetos the bank. Jackson makes the bank popular by writing a well written letter that makes the bank look bad. Which makes the original bank congress veto it. Once Jackson beats the bank there nothing to replace it with. Therefore making a collapse that's called panic of 1870.people blame Jackson but the U.S. government decided to keep hand off and out of the bank.