Answer :
During Andrew Jackson's presidency, a political conflict erupted over the question of rechartering the Second Bank of the United States (B.U.S.) (1829–1837). The Bank was shut down as a result of the scandal, and state banks took its place.
- More about the bank war :
- Jackson's Bank War, which began with him essentially pulling rank, served as a demonstration of the strength of the contemporary mass democratic political machine. He was actually the first president to place himself above a congressional vote and veto a measure because he didn't think it was best for the nation. There's no doubt that Biddle's Bank did little to further the financial well-being of the constituents Jackson represented.
- The bank was created to aid them since it truly represented Eastern wealth and snobbery. When the bank was first established, Hamilton intended to enlist the support of the wealthy and he achieved this by providing them with a profitable endeavor within the government. It was always made with the wealthy, not the underprivileged, in mind.
- As a result, Biddle curtailed the Bank's lending and tightened monetary policy in an effort to raise public disapproval of Jackson's actions and compel the recharter. Instead, Biddle's strategy was unsuccessful, and the resulting financial hardship increased public skepticism of the Bank's authority.
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