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B) saying, 'The present Bank of the United States... enjoys an exclusive privilege
of banking... almost a monopoly of the foreign and domestic exchange... It appears that more than a fourth part of the stock is held by foreigners and the residue is held by a few hundred of our own citizens, of the richest class...
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It is easy to conceive that great evils... might flow from such a concentration of power in the hands of a few men." Clearly, Jackson was willing to fight the bank as an anti-democratic institution. , lacking federal funding, the Bank collapsed. Around the same time, another issue faced the nation. In 1832, South Carolina, sick of high protective tariffs that had been increasing since the Tariff of Abominations of 1828, decided to nullify a national law, the Tariff of 1832...
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