Battling The National Bank

Question 1

Nicholas Biddle (importance)

Answer 1

Nicholas Biddle was the exact opposite of Jackson, and is part of why he wants to slay the bank

Question 2

“Pet” banks (definition/importance)

Answer 2

The “pet” banks were banks owned by Jackson’s supporters. This helped him slay the bank because he was able to put all federal deposits in these banks

Question 3

Election of 1832 (Henry Clay)

Answer 3

Henry Clay was one of Jackson’s opponents in the election of 1832. He used risky methods to try to defeat Jackson

Question 4

Election of 1832 (the opposition’s strategies)

Answer 4

Jackson’s opposition tried to defeat him by forcing a renewal for the National Bank’s charter 4 years early. They figured that if he signed it, he would lose support from the farmers. If he didn’t sign it, he would lose support from the businessmen. The only thing that they forgot is that there are a lot more farmers than businessmen

Question 5

How did Jackson slay the bank?

Answer 5

Jackson killed the bank by moving all of the national deposits to “pet” banks. This left the bank without any money to make loans, so it slowly became bankrupt

Question 6

Why was the national bank controversial?

Answer 6

the bank benefited rich eastern depositors at the expense of farmers and workers
Stood in the way for capitalists in the west
The bank’s president was the opposite of Jackson