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In one of the most contentious feuds between the legislative and executive branches of U.S. government, Jackson defied the majority in Congress by refusing to re-charter the Second Bank of the United States. In response, the opposing National Republicans condemned Jackson as a tyrant for using his executive power to destroy the Bank.
Jackson and the Bank
Andrew Jackson became president in 1829 amidst recent memories of the economic depression sparked by the Panic of 1819. Many had blamed the Second Bank of the United States for causing the panic because the Bank had inflated the currency by issuing paper money and offering generous loans to businesses with little or no collateral in return.
Members of Jackson’s Democratic Party opposed a national bank because they believed it catered to elitists and special interests, thus helping the rich get richer. Jackson himself denounced the Bank as "a hydra-headed monster… that… impaired the morals of the people, corrupted our statesmen, and threatened our liberty."
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