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Bank of the United States under Andrew Jackson

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Bank of the United States under Andrew Jackson

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Questions and Answers

What role did the Bank of the United States play in regulating credit availability in the nation?

It encouraged excessive borrowing and lending policies.

It controlled the lending policies of state and small banks. (correct)

It issued paper notes that were directly convertible into gold or silver.

It operated independently of other financial institutions.

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

To encourage excessive borrowing and lending policies.

To maintain control over the availability of credit. (correct)

To prevent them from issuing paper notes.

To ensure they had enough gold and silver reserves.

Which individual led the Bank of the United States during this period?

Gold Silver

Nicholas Biddle (correct)

Andrew Jackson

Maryland McCulloch

Why was the bank oversight by Nicholas Biddle crucial during this time?

To regulate the availability of credit Signup and view all the answers

What was a common feature of money in those days with respect to its convertibility?

Direct convertibility into gold or silver Signup and view all the answers

In what way did the Bank of the United States serve as a central bank?

By controlling lending policies of smaller banks Signup and view all the answers

What was a significant reason for the Bank of the United States pressuring smaller banks to keep their lending policies in check?

To effectively regulate credit availability Signup and view all the answers

Why did some people distrust the Bank of the United States, according to the text?

They distrusted paper currency and preferred gold and silver. Signup and view all the answers

What was the main reason for President Jackson's veto of the bank's charter?

The bank's monopoly status and private ownership. Signup and view all the answers

What led to the financial panic of 1837 as mentioned in the text?

Inflation caused by banks speculating on American growth with borrowed money. Signup and view all the answers

What was one of the reasons New York City bankers opposed the Bank of the United States?

They wanted the nation's central bank to be in New York City. Signup and view all the answers

What did some local bankers dislike about Nicholas Biddle's leadership at the Bank of the United States?

His decision to restrict lending policies. Signup and view all the answers

Why did President Jackson argue that the Bank of the United States was dangerous?

For its private monopoly status and concentration of power. Signup and view all the answers

How did President Jackson respond after Congress passed the re-charter bill for the Bank of the United States?

He vetoed it, citing dangers associated with the bank's structure. Signup and view all the answers

What action did President Jackson take against the Bank of the United States after his re-election?

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