Why did Andrew Jackson oppose the Bank, and what did believe about its constitutionality?
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The Deep Dive
Andrew Jackson opposed the Bank of the United States primarily because he believed it wielded too much power over the economy and was essentially an undemocratic institution that favored the wealthy elite at the expense of the common man. He viewed the Bank as a monopoly that could influence politics and undermine the democratic values he championed, particularly as it was perceived to benefit Northern industrialists over Southern farmers. On the constitutionality front, Jackson argued that the Bank was not authorized by the Constitution, despite the Supreme Court's ruling in McCulloch v. Maryland affirming its legitimacy. He believed that the federal government should not have the power to create such an institution, emphasizing a strict interpretation of the Constitution. Jackson’s staunch position on this issue ultimately led to the Bank's charter not being renewed in 1836, marking a significant shift in American economic policy.
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