Why did Jackson close the national bank?

Answer 1

Jackson was in such opposition to the Bank because he believed as a strict constructionalist that it was not written in the constitution. And because he was for the common man, he knew it wouldn't help the lower class. He also thought the institution to be corrupted because Jackson said, it "had been actively engaged in attempting to influence the elections of the public officers by means of its money."

Answer 2

Jackson ran for the presideny in 1824 and won a plurality of both the popular vote and the electoral vote, but he did not get the majority required by the US Constitution for a election and as the Constitution mandates, the House of Representatives, chose the president and picked J.Q. Adams. There was ample evidence that Biddle, the president of the Bank of the US not only favored Adams and campaigned for him, but also offered favorable loans to Congressmen who would support Adams.

Jackson also saw that the bank ,which was blessed with all of the federal funds has a history of meddling in partisan politics and only served the rich establishment along the Eastern shore.

Answer 3

Jackson believed with quite a bit of evidence that the bank, which in those days could make loans, was acting as a political agency, loaning money to people who shared its political views and shutting out the Jackson people. There is little question that most of the bank's loans went to wealthy people living in the coastal states and not many western frontiersmen could get loans.

Answer 4

Because of these reasons

1. That it only made the rich richer, and the poor poorer.

2. That the Banks founder did not want the best for the people.

3. More banks would improve the economy, provide jobs, and reduce the poor population.

Answer 5

because it only help the rich get richer. (wouldnt let the poor get loans)

Answer 6

He believed the national bank was unconstitutional.

Answer 7

The charter ended and Jackson then vetoed it.