In Jackson’s veto message, he argued that the bank’s charter gave it large amounts of market power. Specifically, this power came from the markets that moved financial resources around the country and into and out of other nations. This market power immensely increased the bank’s profits and hence its stock price. He said that it “operated as a gratuity of many millions to the stockholders,” who, Jackson claimed, were mostly “foreigners.” Jackson then suggested to create a wholly government-owned bank instead, or at least to auction the Second Bank of the United States’ monopoly privileges to the highest bidder. This was all to be done in an attempt to make it more fairer to most Americans living in the United
In Jackson’s veto message, he argued that the bank’s charter gave it large amounts of market power. Specifically, this power came from the markets that moved financial resources around the country and into and out of other nations. This market power immensely increased the bank’s profits and hence its stock price. He said that it “operated as a gratuity of many millions to the stockholders,” who, Jackson claimed, were mostly “foreigners.” Jackson then suggested to create a wholly government-owned bank instead, or at least to auction the Second Bank of the United States’ monopoly privileges to the highest bidder. This was all to be done in an attempt to make it more fairer to most Americans living in the United