A national bank is compulsory to stimulate the economy and regulate transactions. Jackson’s heedless veto of the bill is yet another example of his gross abuse of the highest office in the land.
A common misconception is that the bank just aids the rich in getting richer but this is misguided. In fact, the bank has proved to be one of the most effective fiscal policies in America. It has provided significant funds for this country agricultural, commercial, and industrial goods. It was also essential in recovery from the war of 1812 and paying off other government debts without a significant rise in taxes. However, the Jackson administration has capitalized on this misconception and used it to justify a veto which would only aid Jackson’s political career at the expense of the American people.
There is quite an obvious reason why many of Jackson’s own secretary of the state opposed the veto of the bank, it’s frankly stupid to get rid of considering its assistance in boosting the economy. Jackson frequently argues he is the president of the common man, but many of his policies do nothing but benefit his own economic or political gain. Jackson claims the veto was because the bank was unconstitutional and that it concentrated economic power in the hands of the wealthy. However, both of these claims are misleading and entirely false. He is blatantly undermining the authority of numerous government systems, something which is quite disgusting to watch.
The bank was ruled completely constitutional by the supreme court in Mcculler v. Maryland. There was a clear need for the national bank and Jackson grossly overlooked this need out of spite and his desire for political advancement. I digress, the bank has gained much political control, as economic power often equates to. Therefore, there must be a series of reforms and compromises before the bank can be rechartered.
Firstly there should be a change in leadership and some restructuring within the bank, it is evident that the bank’s primary focus has become more political which is not ideal. The government should own a larger portion of the bank and enforce more control over the bank. Additionally, we should limit the shares which foreign countries can purchase, leading to less interference within the elections. Although it has its flaws, it has helped the economy flourish immensely, helped to regulate federal funds, and provided numerous other services to the country.
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