Jackson The Bank VS..

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Presentation transcript:

Jackson The Bank VS.

Why did Jackson attack the National Bank? He felt it was an organization of wealthy Easterners over which ordinary citizens had no control.

What did the bank hold? It held the federal government’s money and controlled much of the country’s money supply.

Nicholas Biddle was the Bank’s president. Why did Jackson dislike Biddle? Biddle came from a wealthy family and had a good education and family standing, while Jackson was self-made man.

In Election of 1832, Henry Clay and Daniel Webster planned to use the Bank to defeat Jackson. They persuaded Biddle to apply early for a new charter for the Bank.

Clay and Webster believed the bank was popular and that Jackson’s probable veto would lead to Jackson’s defeat and allow Clay to be elected. Jackson vetoed the Bank because he felt it was unconstitutional.

Andrew Jackson was reelected. Clay and Webster’s plan backfired because most people supported the veto of the bank charter bill. Andrew Jackson was reelected. Jackson “killed” the Bank by refusing to sign a new charter in 1836 and the bank closed.