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In 1832, a Renewal Bill for the United States Bank came up to the President, Andrew Jackson. He vetoed this bill for the Bank, and in the address that he included with the veto stated that he knew that this would be an issue, and that people would not like it. He told in this address all of the clear and obvious reasons why he vetoed against the bank.
First, Andrew Jackson, aimed towards all of the strict constructionists, brought up the point that the formation of a national bank is not in the Constitution, and therefore there is no reason why we should be able to use it. President Jackson also said how the national bank is “rebellious of the rights of the states, and dangerous to the liberties of the people”. Jackson could see that the bank was a monopoly, and the danger that this could bring. He said how the bank is run primarily by 25 people, 20 of which are elected by the bank stock holders, the other five are elected by the bank officials themselves, who in the long run can keep reelecting themselves, and corruption is bound to follow.
The main point that President Jackson made in his address for the veto was that too much of the money in the U.S. Bank was from foreign countries. When private stockholders from other countries don’t pay their debts, it hurts the U.S. economy, but even worse then that is the foreign business that the bank does creates an incredible amount of foreign dividend that the U.S. citizens have to pay for, in their taxes. The President says that the banking system should be entirely American; all of the stockholders in the United States Banking system should consist of U.
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