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The Bank of the US (Effects (The divisiveness over the bank led to a split…
The Bank of the US
Effects
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Congress censured Jackson for what they viewed as his abuse of presidential power during the Bank War
Biddle ordered the bank to curtail loans throughout the nation in an attempt to show it's importance
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Federal funds were withdrawn from pet banks, state banks had to require borrowers to pay debts, strain on Ag and Au
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Causes
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The west felt it suppressed their opportunities while it bolstered the economy of the manufacturing East
Some believed the bank had too much power to restrict the speculative and potentially profitable business dealings of smaller banks
Enemies of the bank; state banks, debtors, businessmen, speculators, financiers on Wall Street
To Jackson, the bank symbolized how a privileged class of businessmen oppressed the will of the common people of America
Arguments for Jackson
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Considered bank to be unconstitutional, despite ruling for Mculloch v. Maryland, described how it was destroying their liberties
Preferred using hard currency gold and silver as sources of payment rather than paper money as it could lead to inflation
Judges and Congress don't have any greater opinion between each other, but the President's opinion was independent
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