The Bank of the United States under Andrew Jackson
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Questions and Answers

What was the role of the Bank of the United States in regulating credit availability in the early 19th century?

  • Controlling the lending policies of state and small banks (correct)
  • Engaging in speculative economic activities
  • Issuing paper notes without any regulations
  • Trading gold and silver reserves

    • Why did smaller banks feel pressure from the Bank of the United States?

  • To engage in speculative borrowing
  • To maintain their lending policies (correct)
  • To trade gold for paper notes
  • To issue more paper notes

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

  • Platinum coins
  • Cryptocurrency
  • Barter goods
  • Paper notes (correct)

    • Who led the Bank of the United States during the early 19th century?

    <p>Nicholas Biddle</p> Signup and view all the answers

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

    <p>Excessive borrowing and lending policies</p> Signup and view all the answers

    How did the Bank of the United States affect smaller banks' lending policies?

    <p>By pressuring them to keep policies in check</p> Signup and view all the answers

    Which entity had control over the availability of credit in the nation during Andrew Jackson's first administration?

    <p>The Bank of the United States</p> Signup and view all the answers

    What was a major reason for the opposition to the Bank of the United States?

    <p>Its monopolistic power concentrated in the hands of one individual</p> Signup and view all the answers

    What political strategy did Henry Clay and the Bank's supporters employ against President Jackson?

    <p>Both A and B</p> Signup and view all the answers

    What was President Jackson's primary reason for vetoing the Bank's re-charter bill?

    <p>He believed the Bank was a dangerous private monopoly</p> Signup and view all the answers

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

    <p>He ordered the withdrawal of all U.S. deposits from the Bank</p> Signup and view all the answers

    What was a consequence of President Jackson's actions against the Bank of the United States?

    <p>A vacuum was created that led to the rise of state banks and wild speculation</p> Signup and view all the answers

    What was a major factor that contributed to the Panic of 1837?

    <p>The government's requirement to purchase public lands with hard currency</p> Signup and view all the answers

    Which of the following was NOT a reason for the opposition to the Bank of the United States?

    <p>Concerns over the Bank's lending policies favoring hard currency</p> Signup and view all the answers

    What was the ultimate fate of the Bank of the United States after President Jackson's actions?

    <p>It was liquidated and ceased to exist by 1841</p> Signup and view all the answers

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