One, in particular, happens to be his decision to veto the bill rechartering the national bank. Jackson argued that the bank was unconstitutional and gave too much power to congress, “It is to be regretted,” he said, “that the rich and powerful too often bend the acts of government to their selfish purposes” (Doc 2); therefore he distributed the funds to individual state banks and made it more fair for the common man. However, this settlement, along with the Species Circular, also enacted by Jackson, progressed the nation to the panic of 1837. This was a financial crisis, corrupting the economy, the state banks, and businesses that eventually lead the nation to major depression. “...since the adoption of the Constitution, a bank has existed under the authority of the federal government… during which time public and private credit have been maintained at an elevation fully equal to what has existed in any nation in the world; whereas, in the two short intervals during which no national bank existed, public and private credit were greatly impaired and….the fiscal operations of the government were almost entirely arrested” (Doc
One, in particular, happens to be his decision to veto the bill rechartering the national bank. Jackson argued that the bank was unconstitutional and gave too much power to congress, “It is to be regretted,” he said, “that the rich and powerful too often bend the acts of government to their selfish purposes” (Doc 2); therefore he distributed the funds to individual state banks and made it more fair for the common man. However, this settlement, along with the Species Circular, also enacted by Jackson, progressed the nation to the panic of 1837. This was a financial crisis, corrupting the economy, the state banks, and businesses that eventually lead the nation to major depression. “...since the adoption of the Constitution, a bank has existed under the authority of the federal government… during which time public and private credit have been maintained at an elevation fully equal to what has existed in any nation in the world; whereas, in the two short intervals during which no national bank existed, public and private credit were greatly impaired and….the fiscal operations of the government were almost entirely arrested” (Doc