Alter Currency Charter For Free

Jackson, the epitome of the frontiersman, resented the bank's lack of funding for expansion into the unsettled Western territories. Jackson also objected to the bank's unusual political and economic power and to the lack of congressional oversight over its business dealings.

Andrew Jackson opposed the National Bank b/c he thought it was unconstitutional and it gave too much economic power to capitalists. Also, the National Bank could control the state banks.In his second term, Jackson set out to destroy the bank before its charter ended in 1836.

Why did andrew jackson oppose the national bank. Andrew Jackson was vehemently opposed to appointed officials centralizing the control of the supply of money. He felt the bank was unconstitutional, harmful to the states rights, and dangerous to the liberties of people. He felt it fostered the agricultural economy.

On September 10, 1833, Jackson removed all federal funds from the Second Bank of the U.S., redistributing them to various state banks, which were popularly known as pet banks. In addition, he announced that deposits to the bank would not be accepted after October 1.

Although Jackson was successful in shutting down the bank, historians give mixed reviews to the results. Bank President Nicholas Biddle's loan restrictions tightened the monetary supply and Jackson's veto of the bank charter and the removal of the federal deposits to the State Banks helped lead to the Panic of 1837.

Jackson ordered that no more government funds be deposited in the bank. Existing deposits were consumed paying off expenses, while new revenues were placed in 89 state pet banks. Biddle responded by calling in loans and thus precipitating a credit shortage and business downturn.

Thomas Jefferson opposed Alexander Hamilton's financial plan because he thought it was too expensive, that it gave too much power to the federal government, and because he favored a vision of America as a nation of small farmers, not industrial workers.