Evaluate the "Bank War" by examining the causes and effects of this economic crisis. Also, explain how it impacted states' rights.

Question

Social Studies

Julio Carlson

1 June, 15:10

Evaluate the "Bank War" by examining the causes and effects of this economic crisis. Also, explain how it impacted states' rights.

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Elian Schwartz · Answer 1

The struggle between the U. S president Jackson and the Second Bank of the United States was called bank war.

Explanation:

The Bank war was a conflict and vicious struggle undertaken by President Andrew Jackson in the 1830s against the Second Bank of the United States, a federal institution that Jackson was trying to destroy. The Second National Bank 's collapse contributed to the panic of 1837 and all that added to it and had a deep influence on the American political structure resulting in the development of a two-party political system. The occurrences of the Bank war made the critics of Andrew Jackson extremely angry, triggering them to form a new party, the Whigs. Jackson commanded his treasury secretary to erase investments from the Second Bank and move them to privately owned state or "pet" banks.