Jackson's opposition to the National Bank
As President, Jackson worked to dismantle the Bank of the United States, which had been originally introduced in 1791 by Alexander Hamilton as a way of providing a national debt and increasing the power of the federal government. Jackson's reasons for removing the BUS, as it was called, include:
- Jackson's belief that the BUS was unconstitutional
- Jackson's belief that an excessive amount of the nation's financial strength was concentrated in the BUS
- Jackson's belief that the BUS excercised too much control over members of Congress
- The BUS favored Northeastern U.S. over Southern and Western U.S.
- Jackson's conflict with President of the BUS, Nicholas Biddle due to Biddle's belief that the BUS was unaccountable to Congress.
This first Bank lapsed in 1811. It was followed by the second Bank, authorized by