5. Why did Andrew Jackson oppose the National Bank?

Andrew Jackson opposed the National Bank for several reasons: 1. **Constitutionality**: Jackson believed that the National Bank was unconstitutional. He argued that the Constitution did not grant the federal government the authority to create a national bank, viewing it as an overreach of federal power. 2. **Economic Power**: Jackson felt that the National Bank concentrated too much economic power in the hands of a few wealthy individuals and institutions. He believed that this undermined the democratic principles of the nation and favored the elite over the common people. 3. **Corruption and Influence**: Jackson was concerned about the potential for corruption and undue influence that the National Bank could exert over the government and the economy. He believed that the bank's connections with politicians and its ability to control credit could lead to favoritism and manipulation. 4. **Impact on State Banks**: Jackson supported state banks and believed that the National Bank's dominance would harm local and state financial institutions. He thought that a decentralized banking system would be more beneficial for the economy and the people. 5. **Personal Experience**: Jackson had personal experiences that shaped his views on banking. He had faced financial difficulties in his early life and was wary of institutions that he believed could exploit individuals and small businesses. 6. **Populist Sentiment**: Jackson's opposition to the National Bank was also rooted in his populist beliefs. He positioned himself as a champion of the "common man" and sought to dismantle what he viewed as an institution that served the interests of the wealthy elite. These factors culminated in Jackson's decision to veto the recharter of the National Bank in 1832, leading to its eventual demise.