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6. What do you think were the underlying reasons for Jackson’s war on the Bank of the United States? Do you think he was justified in his actions?
Not content with preventing the Bank from getting anew charter, the victorious Jackson now resolved to attack in directly by removing federal deposits from Biddle’s vaults. The Bank had indeed used all the political influence it could muster in anattempt to prevent Jacksons’s reelection, in an act of self-defence.In order to remove the deposits from the Bank, Jackson had to overcome strong resistance in his own cabinet. Although Jackson hadearlier suggested that the government eel its money in some kind of public bank, he had never worked out the details or made a specific proposal to Congress. The problem of how to dispose of the funds wastherefore resolved by an ill-advised decision to place them in selected state bans. Since Congress refused to approve administration proposal to regulate the credit policies of these banks, Jackson’seffort to shirt to a hard-money economy was quickly nullified by the use the state banks made of the new deposits. They extended credit more recklessly than before and increased the amount of papermoney in circulation. The Bank of the United States counterattacked by calling in outstanding loans and institution a policy of credit contraction that helped bring on an economic recession. Yes, I dobelieve that Jackson was justified in his actions. He believed that the Bank was unconstitutional and violated the fundamental rights of the people in the democratic society: “In the full enjoyment ofthe gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitles to protection by law; but when the laws undertake to add to those natural and justadvantage artificial distinctions, to grant…exclusive privileges, the humble members of society-the farmers, mechanic, and laborers- who have neither the time nor the means of securing like favors to...
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