Why were many US. citizens against the Second Bank of the United States, which was an attempt by Congress to restore order in the monetary system in 1816?
1 Answer
May 9, 2017
People were against the 2nd BUS because of the interests of the bank went against the majority of the US (the agrarian workers) and Andrew Jackson's removal of the BUS caused the Panic of 1819.
Explanation:
The anti-federalists in America (mostly the southern, agrarian workers) believed that the bank was a show of big federal government, and so they were against it.
Because Andrew Jackson distributed the BUS's funds to "pet banks", the BUS collapsed and there was a momentary economic panic called the Panic of 1819. Due to this panic, more people grew distrustful of the bank.
