What happened after Congress renewed the charter for the Bank of the United States? There was a run on local banks. President Andrew Jackson vetoed the bill. The Supreme Court ruled the bank was unconstitutional. States closed their branches.
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'President Andrew Jackson' vetoed the bill after Congress renewed the charter for the 'Second Bank of the United States'.
EXPLANATION:
- Andrew Jackson had vetoed the bill rechartering the 2nd Bank in July in the year 1832 by contending that in the form submitted to him it was not compatible with sound policy, justice as well as the Constitution, and was risky to the rights of the people.
- Jackson argued that the 'bank’s charter' was biased since it gave the bank substantial, nearly monopolistic market power, especially in the markets which transferred financial resources across the nation and out of and into other nations.
- The market power augmented the bank’s profits and therefore it’s stock price functioned as a gratuity of million dollars to the shareholders, who according to Jackson were majorly foreigners and wealthy American citizens.
- Jackson, then proposed it would be reasonable and just to Americans to set-up a wholly govt. owned bank or auction the '2nd Bank' of the US’s monopolistic 'privileges to the highest bidder'.
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Answer: they allowed small businesses to flourish… idk
Explanation:
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