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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."
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.
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.
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.
because it only help the rich get richer. (wouldnt let the poor get loans)
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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.
Who opposed the national bank?
The Jackson Democrats and their followers were against it. As a group they lived in the West and were none too rich.
How did Jackson weaken the second bank of the US in 1833?
Andrew Jackson announced that the government was no long going to be using the Second National Bank and removed all funds from the bank.
How did political economic and constitutional issues combine to lead to the death of the national bank?
Well, for one thing, I know that Andrew Jackson lobbied very hard to avoid the extension of the charter of the bank. PS: In doing so, he created one of the worst economic crisis in the young nation's history.
Who created the national bank?
Henry Clay
Why did Jackson opposed the national bank?
Andrew Jackson opposed the first National Bank because he disliked the people running the national bank.
Why did Andrew Jackson oppose the the national bank?
Andrew Jackson opposed the first National Bank because he disliked the people running the national bank.
Why did Andrew Jackson oppose the first national bank?
Andrew Jackson opposed the first National Bank because he disliked the people running the national bank.
Who opposed a national bank in 1816?
Andrew Jackson strongly apposed the National Bank.
Battle over national bank?
The battle over national bank happened when president Jackson wanted to get rid of the national bank
What did Andrew Jackson do the second national bank?
Andrew Jackson announced that the government was no long going to be using the Second National Bank and removed all funds from the bank.
What did andrew jackson do to the second national bank?
Andrew Jackson announced that the government was no long going to be using the Second National Bank and removed all funds from the bank.
Who got rid of the national bank?
Andrew Jackson got rid of the 2nd National Bank.
Why Jackson hated the National Bank?
Jackson hated the National Bank on ideological grounds. He felt that the banks favored the rich over the poor man.
What did Jackson do about congresses renewal of the national bank charter?
he destroyed the bank
What did President Jackson viewed the national bank?
President Andrew Jackson viewed the National Bank as a curse to the Republic. Jackson believed that a central bank held too much power in controlling the country's money and he felt that it was unconstitutional.
President Jackson viewed the national bank as what?
President Andrew Jackson viewed the National Bank as a curse to the Republic. Jackson believed that a central bank held too much power in controlling the country's money and he felt that it was unconstitutional.
