Panic of 1837 · US History

In the 'Bank War,' Andrew Jackson's primary reason for opposing the Second Bank of the United States was his belief that it was:

An institution incapable of properly managing the federal debt
An unconstitutional monopoly favoring elites over the common man
A permanent institution designed to gradually replace all state-chartered banks
Too lenient in its lending policies toward western land speculators

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Correct answer: An unconstitutional monopoly favoring elites over the common man

Jackson viewed the Bank as a 'monster' that wielded too much power over the economy without being accountable to the people. He believed it benefitted wealthy investors and foreign stockholders while hurting the interests of the 'producing classes.'

Difficulty: Medium Question 12 of 20

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In the 'Bank War,' Andrew Jackson's primary reason for opposing the Second Bank of the United States was his belief that it was:

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