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why did jackson veto the bank

why did jackson veto the bank

Rather, to Jackson, the bank constituted a political threat that must be dealt with." [1] Jackson… Citing the stockholding of foreign citizens and the Constitutional questions the Bank's monopoly raised, Jackson ended with a stunning broadside to the Bank, arguing … The affair resulted in the shutdown of the Bank and its replacement by state banks. Jackson and his advisors carefully crafted a veto that would not anger the public and therefore would not cost the Democrats support in the fall election. In Jackson's farewell address on retiring from office, he elaborated the language of the Veto, condemning bank paper as an engine of oppression and warning of the insidious "money power" and of the growing control exerted by faceless corporations over ordinary citizens' lives. Jackson chose to veto the Bill for the Bank, and the address that he included with the veto stated his clear reasoning for why he vetoed the bank. --Dan Monroe, Professor of History, Millikin University Read Jackson's Veto Message of the Bill on the Bank of the United States, July 10, 1832. Along with his arguments claiming the bank was unconstitutional, Jackson unleashed some blistering attacks, including this … Andrew Jackson's Veto In this veto message, President Jackson passionately rejects a bill that rechartered the Bank of the United States. The Bank War refers to the political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) during the presidency of Andrew Jackson (1829–1837). Jackson’s veto of the bank bill may have cost him votes among the wealthy, but it earned him votes among the common people, like farmers and laborers. He states that the privileges possessed by the bank are … In early July, the recharter legislation passed Congress, 28-20 in the Senate and 167-85 in the House of Representatives. Andrew Jackson's July 10, 1832 veto of a bill to recharter the Second Bank of the United States was the foundational text of antebellum Democratic constitutionalism. He issued a lengthy statement on July 10, 1832, providing the reasoning behind his veto. In this veto, Jackson takes a very clear stand against what appears to be an attempt by the rich to protect their own wealth. His words show his opposition to be motivated by and for common men, and as such, the Bank War is a stark argument for Andrew Jackson viewing himself as a legitimate champion of the common man. He argues that the Bank gives privilege and unfair advantage to a wealthy few at the expense of the public, and he opposes foreign ownership of Bank stock. He easily won re-election in November of 1832. The Second Bank of the United States was … Jackson’s reasons for vetoing the bill were an amalgamation of his views that the bank was unconstitutional, a monopoly for the rich, and exposed the government to control … 50 The achievements of the Second Bank of the United States were irrelevant to Jackson. Although the differences in principles were important, political jockeying also played an important role in the dispute, and likely made compromise impossible. Ernesto Hernandez Rodriguez Deacon Orr Economics October 9, 2012 President Andrew Jackson Vetoes Bank Bill—July 10, 1832 President Andrew Jackson veto against the bank bill is truly a communication to Congress but it is also like a political manifesto. The following excerpt shows Jackson charging the backers of the bill with devising legislation to benefit a favored minority: It is to be regretted that the rich and … Jackson vetoed the renewal of the charter of the Second Bank of the U.S. in dramatic fashion.

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