14 Questions
What was the role of the Bank of the United States in regulating the availability of credit?
Controlling the lending policies of smaller banks
Why did the Bank of the United States pressure smaller banks to keep their lending policies in check?
To prevent excessive borrowing and lending policies
What was the direct convertibility of money into during the time of the Bank of the United States?
Gold or silver
Who led the Bank of the United States during this time period?
Nicholas Biddle
What did the Supreme Court case of McCulloch v. Maryland establish about the Bank of the United States?
It established the legality of the bank.
What was a significant feature of the Bank of the United States that allowed it to effectively regulate credit availability?
Size and wealth to control lending policies
Why was there pressure to keep lending policies in check during Jacksonian America?
To prevent excessive borrowing and lending policies
Why did some people distrust paper currency, regardless of the bank issuing it?
They believed that anything other than gold and silver was a disaster waiting to happen.
Why did some local bankers feel restricted by the Bank of the United States?
They felt that Biddle was too restrictive on their own lending policies, hurting their business.
What was the main reason President Jackson vetoed the re-charter bill of the Bank of the United States?
He believed it was a private monopoly that made a few rich and powerful people more rich and powerful.
What consequence did 'killing' the Bank of the United States have?
It led to a vacuum in banking that was filled by state and private banks.
Why did banks call in their loans during the panic of 1837?
They wanted to minimize their risk exposure due to speculative lending.
What did New York bankers mainly dislike about the Bank of the United States?
The bank's monopoly and concentration of immense profits in Philadelphia.
Why did Henry Clay rally anti-Jackson forces during the election of 1832?
To advocate for the re-chartering of the Bank of the United States.
Explore the role and scrutiny faced by the Bank of the United States during Andrew Jackson's first administration, led by Nicholas Biddle. Understand its significance as a rudimentary central bank and its impact on the young nation.
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