r/AskConservatives • u/BlockAffectionate413 • 1h ago
Do you think Andrew Jackson was right to get rid of the national bank or not?
Second Bank of the United States was a powerful privately owned national bank in early Republic and was the largest corporation in the country at the time. It accounted for approximately 20% of lending to American businesses and farmers and held approximately one-third of the banking system's deposits and gold-and-silver reserves and did primitive monetary policy. It helped shape the national economy/establish national market, as Hamilton wanted. Jefferson, Jackson and Madison for a long time, thought it was not constitutional, but Chief Justice Marshall rejected that in landmark McCulloch v. Marlyand decision. Roger Taney, who would later become chief justice, worried that the president of the bank would become more powerful than the president of the US pretty soon. What do you think?