Question

Jackson defended his veto of the renewal of the charter of the 2nd Bank of the United States on what grounds?

A. It favored the wealthy elites
B. It promoted inflation
C. It did not have the support of men like Clay and Webster
D. All of the above

Answer 1

Jackson vetoed the renewal of the Second Bank of the U.S. Charter because it centralized power among the wealthy, supported elite interests over the common man, and issued paper currency which he considered unconstitutional. The option (A) is correct.

Step-by-step explanation:

President Andrew Jackson defended his veto of the renewal of the charter of the Second Bank of the United States on several grounds. Primarily, Jackson argued that the Bank concentrated too much power in the hands of the wealthy elites and was not accountable to the people, which he believed was undemocratic and favored Eastern elitism.

He viewed the institution as a privately run institution that was unconstitutional since it issued paper currency and thought that hard currency such as gold and silver were the only safe currencies. His actions were influenced by his distrust of banks and his desire to protect the interests of the majority against the privileged few. Therefore, option (A) is correct.