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A WHITE MAN’S DEMOCRACY When Jackson wasn’t battling Calhoun or his wife, over the Peggy Eaton affair, he was locking horns with Nicholas Biddle, president of the Bank of the United States, over re- charting the Bank of the United States. Jackson hated the bank as he viewed it as being anti-western, monopolistic, and controlled by plutocrats such as Biddle. If he needed any more reason to hate the bank, Clay, who supported its re-chartering, provided it. After Jackson easily won reelection in 1832, he viewed his victory as a mandate to destroy the bank. He slowly withdrew federal funds from the bank and deposited them in his “pet” state banks, which eventually helped contribute to the Panic of 1837. The panic was fueled by currency issued by “wildcat banks” that were no longer controlled by the Bank of the United States. Jackson viewed the bank as being unconstitutional and had vetoed a bill that would have re-chartered the bank. Jackson, likewise, was no friend to the Native Americans.
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