To Begin, Andrew Jackson is perhaps best known for eliminating the charter of the Second National Bank, an institution created by President James Madison. The bank was established in 1816 after the War of 1812(Karmel 1). The bank was created to stabilize the money supply (Karmel 1). Although controversial, the bank was created because of national financial difficulties that became clear after the war (Karmel 1). The bank ended up favoring the wealthy, something that troubled Jackson during his presidency (Matuz 269). Jackson views about the bank were shaped by the fact that he came from very humble beginnings (Marsisco 7). He didn’t like that the bank favored the wealthy and didn’t care for the average citizens. Jackson’s was also concerned about the bank because of its troubled history. It caused a severe economic depression, charged controversial taxes and didn’t lend much money (Karmel 1). President Jackson had to overcome many challenges to close down the Second Bank, but ultimately succeeded (Rubel 46). The bank made money off of charters that were given to it from the government. When a charter expired, congress had to pass the recharter of it and that was how the bank was able to stay in business. He first
To Begin, Andrew Jackson is perhaps best known for eliminating the charter of the Second National Bank, an institution created by President James Madison. The bank was established in 1816 after the War of 1812(Karmel 1). The bank was created to stabilize the money supply (Karmel 1). Although controversial, the bank was created because of national financial difficulties that became clear after the war (Karmel 1). The bank ended up favoring the wealthy, something that troubled Jackson during his presidency (Matuz 269). Jackson views about the bank were shaped by the fact that he came from very humble beginnings (Marsisco 7). He didn’t like that the bank favored the wealthy and didn’t care for the average citizens. Jackson’s was also concerned about the bank because of its troubled history. It caused a severe economic depression, charged controversial taxes and didn’t lend much money (Karmel 1). President Jackson had to overcome many challenges to close down the Second Bank, but ultimately succeeded (Rubel 46). The bank made money off of charters that were given to it from the government. When a charter expired, congress had to pass the recharter of it and that was how the bank was able to stay in business. He first