World History

posted by .

What reasons did Jackson have for wanting to destroy the Second Bank of the United States?

  • World History -

    Read lots and take good notes. Let us know what you decide.

  • World History -

    The national bank had become a political entity. In those days it made personal loans and it would curry favor by making attractive loans to certain Congressmen. It gave favorable treatment to businesses in the East and did little to help the farmers in the West.
    One big problem with the Bank stemmed from the fact that the US Treasurer was required to deposit all US funds in this bank. Therefore the bank could lend out money without having to keep the reserves needed by private banks. It had the power to appreciably increase the money supply and inflate the currency as the federal reserve does today, but without the control of the President and Congress.

    Is this a proper answer?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. American History

    1. Andrew Jackson exerted the power of the presidency by a. allowing South Carolina to secede from the Union. b. depositing federal funds in the National Bank. c. refusing to be bound by Supreme Court decisions. d. vetoing the Force …
  2. history

    What is the significance of the bank war and why did it and justify the two-party system?
  3. U.S. History 1865

    Can someone please help me with this question?
  4. SS-plz

    Why did Jackson want to destroy the Bank of the United States?
  5. social studies

    9) Why did Jackson want to destroy the bank of the United States?
  6. History

    5.)Which answer best describes why many of the states opposed the Second Bank of the United States?
  7. History

    Which answer best describes Andrew Jackson's view of a national bank?
  8. History

    What new idea about the role of the United States in the world emerged as a result of World War II?
  9. History

    How did the Nullification Crisis reflect Andrew Jackson's policies?
  10. History

    How did John Calhoun react to the Tariff of 1828?

More Similar Questions