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BUS (Effects (State (pet) banks became more prominent (Took responsibility…
BUS
Effects
Jackson vetoed the rechartering of the BUS
State (pet) banks became more prominent
Took responsibility of the federal deposits
Took many reckless actions
More trade unions and voting blocs by workers
Contributed to a mass economic depression (Panic of 1837)
Gave fuel to the upbringing of the Whigs
Exaggerated a boom and bust cycle
Causes
Jackson vetoed the rechartering of the BUS
Jackson believed the BUS made the elite more powerful
The BUS made the elite and politicians more corrupt
Foster the growth of business and American expansion
Create a stable currency
Arguments Against
The BUS took care of federal debt
The BUS rewards people for taking economic risks
The established economy will collapse without the BUS
The north will suffer without the BUS
There will be no way to manage federal improvements
Arguments For
Need to lower the corruptness of political officials and economic elite
It limits the power of federal institutions in local life
The BUS is unconstitutional and mostly helps the North
Place more liberties and powers in the hands of the states