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Andrew Jackson's Administration and the Bank of the United States

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Andrew Jackson's Administration and the Bank of the United States

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Questions and Answers

What was the role of the Bank of the United States in regulating the availability of credit?

Controlling the lending policies of smaller banks (correct)

Privately owning gold and silver reserves

Enforcing regulations on international banking

Issuing paper notes convertible into gold or silver

Why did the Bank of the United States pressure smaller banks to keep their lending policies in check?

To increase their own gold and silver reserves

To encourage speculation in the economy

To ensure that small banks only issued paper notes

To prevent excessive borrowing and lending policies (correct)

What was the direct convertibility of money into during the time of the Bank of the United States?

Land or property

Gold or silver (correct)

Stocks or bonds

Oil or copper

Who led the Bank of the United States during this time period?

Nicholas Biddle Signup and view all the answers

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. Signup and view all the answers

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 Signup and view all the answers

Why was there pressure to keep lending policies in check during Jacksonian America?

To prevent excessive borrowing and lending policies Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

Why did banks call in their loans during the panic of 1837?

They wanted to minimize their risk exposure due to speculative lending. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers