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How Did Andrew Jackson Respond To The Financial Panic Of 1837

267 Words2 Pages

Andrew Jackson wanted and even gave everyone equal economic opportunity by lessening monopoly with his bank veto. However, the financial panic of 1837 was caused by two of his plans, these include pet banks and Specie Circular. People in favor of the national bank proposed a renewal bill for the Second National Bank's charter. Jackson was not necessarily opposed to central banking as much as he was to the idea of the Second National Bank. By opposing the bill, the Second Bank expired and the US would be without an official bank for many years. Jackson didn't do this out of purely selfish reasons, he wanted to stop a monopoly or lessen the chances of one. However, when he vetoed the renewal of the Bank of the United States he withdrew funds

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