Describe Jackson's feelings and actions towards the National Bank?
Andrew Jackson had strong negative feelings towards the National Bank of the United States and took significant actions to undermine and ultimately destroy it. He viewed the bank as an elitist institution that served the interests of the wealthy and privileged few, rather than the common people.
Jackson strongly believed that the bank concentrated too much power in the hands of a few privileged individuals and threatened the principles of democracy and economic opportunity. He saw the bank as a corrupt and monopolistic entity that favored the interests of the Northeastern elite over the interests of the common people and the states.
In his first term as president, Jackson vetoed the re-chartering of the bank, even though it had significant support in Congress. He argued that the bank was unconstitutional and unnecessary, and that it benefited the rich at the expense of the working classes and farmers. His veto message resonated with many Americans who were suspicious of the bank's power.
Jackson further took action against the National Bank by withdrawing federal deposits from it and distributing them among various state banks, which were often referred to as "pet banks." This move, known as the "Bank War," aimed to weaken and undermine the influence of the national bank. However, the move also led to financial instability and contributed to the economic crisis of 1837.
Ultimately, Jackson's strong opposition and actions against the National Bank led to its demise. The lack of a central banking system in the United States for several decades after Jackson's presidency contributed to economic volatility and the need for a new form of financial regulation, which eventually led to the creation of a new national banking system in the twentieth century.