prosperity and panic
why was the second bank of the united states important and what was nicholas biddle's role in it?
1)the second bank held government funds and issued money.
2)as its president biddle set policies that controlled the nations money supply.
why did jackson oppose the bank?
1)he lost money in financial deals early in his career.
2)thought the bank had too much power.
3)felt the banks lending policies favored wealthy clients and hurt the average person.
how did jackson justify his veto of the back charter?
he claimed the bank was unconstitutional. he said the bank was a monopoly that favored the few at the expense of many. the supreme court earlier had ruled that the bank was constitutional.
how did the bank issue affect that presidential campaign of 1832?
the national republican party and its candidate henry clay called jackson a tyrant. they said he wanted to much power as president.
how did jackson drive the national bank out of business?
he had government funds deposited in states bank witch opponits called jacksons pet bank.