Why did Jackson veto the bill to renew the Second Bank of the United States?
1 Answer
He was opposed to banking power
Explanation:
Jackson believed in the Jeffersonian tradition which was very critical of banks "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.... I believe that banking institutions are more dangerous to our liberties than standing armies.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs"
This is why he did not renew the charter and boasted to his Vice President Van Buren "I killed the banks".
Jackson is a model for all those who oppose the banking power for instance the supporters of Ron Paul.
