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Destruction of the BUS (Arguments for Jackson (The bank only served the…
Destruction of the BUS
Arguments for Jackson
The bank only served the interests of the wealthy, and did not benefit the common person, which was against Jackson's beliefs
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Causes
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"hydra of corruption"
political rival Clay convinced most of Congress in favor of bank so Jackson denounced bank was a priv monopoly enriching wealthy + foreigners at the expense of common ppl. Jackson won more votes.
Effects
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Two Party System - The Whigs were gaining a political advantage over the democrats as the Jacksonian era was winding down.
Species Circular - Required that future purchasing of federal land be made through gold and silver. Banknotes soon loss value.
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