Social
How did the social affects of the National Bank War deepen the social divide?
People were split within social ranks based on economic interests which raised tensions between the farming South and industrial North.
What broader political issue did the National Bank War highlight?
Federal Vs State power.
What was the most major economical effect due to the National Bank war?
The most major economical effect due to the National Bank War was inflation throughout the entire U.S.
What region of people were most threatened by Jackson’s accusations against the Bank?
The elite of the Northeastern part of the U.S.
How did the social divide influence the creation of the Whig Party?
It united the two conflicting groups, with Northern supporters against Jackson’s policies and Southern members who felt excluded from all important political decisions.
How did the bank increase executive power in the government?
As Jackson vetoed the rechartering, he greatly increased the power of the executive branch and reshaped the balance of power in the federal government.
What was banking like after the National Bank War?
Banking went back to being a decentralized business.
What old general exclaimed, “The bank… is trying to kill me, but I will kill it.”?
Andrew Jackson.
Why did the South feel that the North was using the National Bank to dominate over them?
The North had more control over the bank than the South. This made the South uncomfortable because they had less power.
How did Henry Clay want to use the rechartering of the Second Bank to help his run in the election against his leading rival President Andrew Jackson?
He believed that if Jackson recharted the bank, he would alienate his Western supporters, and if he vetoed it, he would alienate the wealthy Easterners.
Who had economic power after the National Bank War?
Economic power was with states and local banks.
What type of institution was the Bank of the United States?
The Bank of the United States was a private institution, accountable not to the people, but to its elite circle of moneyed investors.