Bank of the United States Quiz

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Who led the Bank of the United States during the early years of Andrew Jackson's first administration?

Alexander Hamilton

Nicholas Biddle (correct)

John Marshall

Andrew Jackson

What was the primary method of regulating the availability of credit throughout the nation by the Bank of the United States?

Controlling the lending policies of state and other small banks (correct)

Directly issuing paper notes

Investing in infrastructure projects

Influencing government policies

What was the main concern for banks issuing paper notes during that time?

Government regulations on banking

Economic stability of the nation

Interest rates on loans

Availability of hard currency for note redemption (correct)

What did Nicholas Biddle's oversight of the Bank of the United States aim to control?

Excessive borrowing and lending policies Signup and view all the answers

What was the legal precedent that established the legality of the Bank of the United States?

McCulloch v. Maryland Signup and view all the answers

What was the status of the Bank of the United States in terms of ownership?

Privately owned Signup and view all the answers

What was the primary form of currency convertible into gold or silver during that time?

Paper notes Signup and view all the answers

What was one of the reasons for the opposition to the Bank of the United States?

Distrust of paper currency and preference for gold and silver Signup and view all the answers

Why did Jackson veto the re-charter bill of the Bank of the United States?

He believed it was a dangerous private monopoly that made a few rich and powerful Signup and view all the answers

What was the consequence of 'killing' the Bank of the United States?

A financial panic in 1837 due to the vacuum filled by state and private banks Signup and view all the answers

What action did Jackson take after his reelection to do away with the Bank of the United States?

Ordered the withdrawal of all U.S. deposits from the bank Signup and view all the answers

What was the outcome of the bank's attempts to fight back against Jackson's actions?

The bank was liquidated and ceased operations by 1841 Signup and view all the answers

Why did the financial panic of 1837 occur?

Speculation, inflation, and subsequent financial ruin due to the vacuum left by the Bank of the United States Signup and view all the answers

What was Jackson's primary reason for vetoing the bank's charter?

He believed the bank was a dangerous private monopoly that made a few rich and powerful Signup and view all the answers

What was one of the reasons some local bankers opposed the Bank of the United States?

They felt Biddle was too restrictive on their own lending policies Signup and view all the answers

Bank of the United States Quiz

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