Jackson said that instead, the government should shower its favors — as heaven does its rain — on the high and low alike, on the rich and the poor equally.
Jackson’s veto of the bank bill may have cost him votes among the wealthy, but it earned him votes among the common people, like farmers and laborers. He easily won re-election in November of 1832. Martin Van Buren became his vice president.
Historian Daniel Feller says Jackson believed his victory meant that Americans supported his policies, including the bank veto.
“He had a very popular personal image. It’s possible he would’ve been re-elected by the same margin or larger anyway. The one thing we can say looking forward is that when, later on, you had somebody carrying on Jackson’s policies absolutely faithfully, without Jackson’s personal charisma, he proved to be not nearly so popular.”
In his second term, Jackson stopped putting federal money into the Bank of the United States. Instead, he put the money into state banks.
The bank president, Nicholas Biddle, fought with all his power to keep the bank open. He demanded that borrowers immediately repay their loans. Businesses struggled without the bank's assistance. Workers lost their jobs.
Biddle blamed President Jackson for the financial panic. And critics of Jackson’s bank policy called him “King Andrew the First.” But as time passed, business people began to see that the Bank of the United States was being much tighter in its money policy than was necessary. They began to feel that it was the bank’s president — not Jackson — who was responsible for the serious economic situation in the country.
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