Andrew Jackson Part 5 Notes Flashcards
Between the 1816 and the 1830s, the second bank of the US earned strong support. Why? (4 things)
- Could make loans to people
- It was a safe place for the federal government to keep their money
- The paper money issued by the bank formed stable currency
- Careful policies helped create confidence in Banks across the country
Many Americans disliked the bank. Why? (5)
- Restricted loans made by state banks (angered farmers and merchants who wanted to get loans to buy land)
- The bank was blamed for the economic crisis in 1819 that made people lose farms
- Allowed for a small group of wealthy people to get rich at the expense of ordinary people.
- Fearing that state banks were making too many loans, Bank directors often limited the amount of money banks could lend (angered farmers and merchants who wanted to get loans to buy land)
- Believed the wealthy stood for unfair privilege by the bank.
The bank’s most powerful enemy was
Andrew Jackson
Jackson referred to the bank as _____. Why?
The monster; He believed that the wealthy stood for unfair privilege (the bank allowed only a small amount of wealthy people to be enriched at the expense of ordinary people.
Who was Nicolas Biddle
The bank’s president
How was Biddle and Jackson’s relationship? Why?
Unfriendly; argued over whether or not to have the national bank
When the bank’s charter was removed in 1832, how did Jackson react?
He vowed to kill the bank
How did Jackson destroy the national bank? (3)
- Vetoed the bill
- Claimed the bank was unconstitutional
- Moved the money from the national bank into state banks called “Pet Banks”
Jackson’s victory over the Bank helped increase
The power of the presidency
The Constitutional Convention of 1787 had created a government based on the division of power between the national and state governments called
Federalism
Which amendment sets limits on the federal government and gave states powers not specifically given to the federal government by the constitution?
10th
The Supreme Court case that protected the second Bank of the US was called
McCulloch v. Maryland
Maryland wanted to
Put a tax on a branch of the bank operating in the state
In the Marbury v. Madison case, the court decided that.
The state had no power to interfere with federal institutions (strengthened federal government)
What is the name of the court case that dealt with interstate commerce?
Gibbons v. Ogden