What were Andrew Jackson's reasons for not renewing the charter for the second bank of the U.S.?

1 answer:

4 0

The bank’s charter was unfair, Jackson argued in his veto message, because it gave the bank considerable, almost monopolistic, market power, specifically in the markets that moved financial resources around the country and into and out of other nations. That market power increased the bank’s profits and thus its stock price, “which operated as a gratuity of many millions to the stockholders,” who, Jackson claimed, were mostly “foreigners”

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