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Unformatted text preview: As his term continued, Jackson truly grew a desire to crush the Second Bank of the United States. Over time he had decided that it could not continue as it was, and that it did not warrant reform. It must be destroyed. Jackson's reason for this conclusion was an amalgamation of his past financial problems, his views on states' rights, and his Tennessee roots. The Second Bank centralized financial might, jeopardizing economic stability; it served as a monopoly on fiscal policy, but it did not answer to anyone within the government. Above any principled concerns, however, the Bank became a political battle. Congress chartered the Second Bank in 1816 for a twenty-year period, giving it thirty- five million dollars in startup funds. A board of twenty-five directors controlled the Bank, but only five were publicly appointed by the Presidentthe rest came from stockholders. but only five were publicly appointed by the Presidentthe rest came from stockholders....
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This note was uploaded on 12/27/2011 for the course HIST 101 taught by Professor Womer during the Fall '08 term at Texas State.
- Fall '08