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A small group of private citizens owned the rest and the lawmakers gave the bank enormous power by making it difficult or easy for businesses to borrow money and the charging interest .
President Jackson decided to veto (refuse) the bill and sent a strong message in doing so. Jackson said he did not believe the bank's charter was constitutional. He said the bank was owned by a small group of rich men, mostly in the East. Some of the owners, he said, were foreigners.
Much of the bank's business was done in the West. The money paid by westerners for loans went into the pockets of the eastern bankers. Jackson said this was wrong.
Jackson’s veto of the bank was the first use of a Presidential veto to deny a bill passed into law by Congress and upset many people, who called it an abuse of power. Jackson’s veto had two significant impacts
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