Why did Andrew Jackson want to destroy the Bank of the United States

The Seventh American President, Andrew Jackson (1767-1845) (In Office 1829-1837)

Andrew Jackson fundamentally believed that the Bank of the United States was unconstitutional because it maintained monopoly power over the United States. He also believed that the Bank violated the idea that the role of a government that should stand for honesty, equality, and fairness. Jackson also argued that the banks abuses of power made it unfit to store the nations public deposits. With help from his cabinet members and supporters in Congress, Jackson successfully removed federal government funds from the bank in 1833.

However, Biddle turned to members of Congress and businesspeople sympathetic to the bank to fight President Jackson, which led to a split in his cabinet and eventual showdown over the bank's charter. A younger board member successfully restored order to the bank and prevented its destruction. - Andrew Jackson was determined to destroy the Bank of the United States, and his veto decision doomed his victory. The bank became a political issue in 1832 when Congress passed a bill to recharter it. Despite Andrew Jackson's constitutional convictions, he vetoed the recharter bill and thus doomed central banking in America for almost one hundred years. His critics argued that his economic ignorance and political exigencies outweighed his constitutional principles. The creation of a new national bank was delayed until the early twentieth century when another President, Teddy Roosevelt, finally signed legislation creating the Federal Reserve System.

However, before that, in the early 1800s, Andrew Jackson wanted to destroy the Bank of the United States. He had withdrawn U.S. government deposits from it and tightened the monetary supply in order to make state banks more powerful and supply Andrew Jackson’s veto of a new Bank charter. Jackson also ordered the removal of federal deposits from all state or pet banks and ordered federal governments deposits to be placed into smaller state banks that would make loans at a higher interest rate than the Bank of the United States. This action caused a panic as 20 percent of its funds were withdrawn, hastening its end.

Andrew Jackson wanted to destroy the Bank of the United States due to his belief that it was unconstitutional and corrupt. He wanted to remove federal government funds from the Bank of the United States and place them in select state banks instead. This was a move that favored state banks, allowing them to control more money, while also giving Andrew Jackson more power over regulating the national economy. Jackson worked with his Treasury Secretary, Roger Taney, to remove public deposits from the Bank of the United States and transferring these deposits into state banks. This would take away some of the power from a central bank and store nations public deposits in different locations instead. The Bank of the United States had violated its 20-year charter when Congress failed to renew it so Jackson seized this opportunity for his own gain. He began moving federal governments deposits out of this institution which eventually led to its failure as it ceased operations in 1836.

Andrew Jackson was driven to his mission to destroy the Bank of the United States by the banks abuses he had witnessed and news of a new bank chartering. He saw it as a monopoly that would raise the cost of borrowing and hurt small farmers, which eventually led to him vetoing its re-chartering in 1832. There were also constitutional questions surrounding stockholding and Congress' power over banking. Andrew Jackson received his severest censure for this decision, but he did not waver in his stance. His Vice President, Martin Van Buren, filed a protest against its re-charter with Congress arguing that it went too far in its favoritism of wealthy stockholders. Andrew Jackson then began an intense fight against the Bank of the United States in an effort to prove its unconstitutionality and corruptness. He bought favorable press coverage about himself and political allies as well as spreading false rumors about powerful enemies who opposed him.

President Andrew Jackson and his cabinet, led by powerful Kentucky Senator Henry Clay, were determined to destroy the Bank of the United States. He was motivated by a desire to increase his own political power as well as economic power. The bank had been created in 1816 with leading businessmen, including Clay, as its directors. The bank was very powerful and Jackson wanted to flex his own muscle. He vetoed the attempt by Congress to renew its charter despite pleas from Clay and other supporters. He also wanted to end congressional oversight of its business dealings which he believed would lead to more corruption.

Andrew Jackson resented banks and their lack of ability to control the economy, so he wanted to destroy the Bank of the United States. He believed that it was too powerful and was destabilizing the United States economy. He also accused it of bankrolling his Republican opposition in elections. Jackson saw the bank as a form of central banking, which he opposed on principle. He was also under electoral pressures from his supporters in Kentucky who wanted him to veto the bank bill proposed by Senator Henry Clay. Believing that Clay's younger board member, Henry Clay, had overstepped one man's power with his bill, Jackson warned younger board members that if they continued with their agenda they would face vetoes from him. Jackson vetoed the Bank Bill and Congress failed to override his veto due to opposition from Kentucky supporters. This made Andrew Jackson very powerful and caused much unease among settlers in unsettled western territories who felt nervous about having only one man in power over them.

Jackson wanted to kill the exact outcome of the 1832 presidential election, so he vetoed the bill that would have made Henry Clay a younger board member of the Bank of the United States. This veto was expected by Jackson loyalists who were in opposition to Clay's candidacy for president and hoped it would lead to their candidate's victory in the election. The veto caused a fatal confrontation between Jackson and Daniel Webster, who had been making decisions in favor of renewing the charter for the Bank of The United States since he was its last President. Webster argued that killing this veto would be bad for banks and citizens alike, but Jackson was determined to restore a younger board member and kill his veto. Jackson's opposition went beyond Daniel Webster, as Kentucky also opposed him and his decision to kill his veto. The state had supported Clay during the election, so they were looking for an opportunity to oppose Jackson's decision and arouse their own veto against him. This caused tension between Kentucky and Jackson that lasted until after he was no longer president.

Andrew Jackson's stated constitutional objections to the Bank of the United States were that it was unconstitutional and a monopoly. He felt it was unconstitutional because the institution had not been authorized by Congress, and he thought that its power was too great. Jackson's objections also stemmed from early re-charter attempts when his political opponents attempted to grant a 20-year charter to the bank.

Works Cited

https://www.history.com/this-day-in-history/andrew-jackson-shuts-down-second-bank-of-the-u-s https://millercenter.org/the-presidency/educational-resources/bank-war https://www.ushistory.org/us/24d.asp https://en.wikipedia.org/wiki/Bank_War https://sites.google.com/site/jacksonianera/Home/national-bank https://lehrmaninstitute.org/history/Andrew-Jackson-1837.html https://thehermitage.com/andrew-jackson-and-the-bank-war/ https://www.sparknotes.com/biography/jackson/section10/ https://billofrightsinstitute.org/essays/andrew-jacksons-veto-of-the-national-bank

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