What country does South Carolina National Bank of Charleston and Andrew Jackson have in common?
South Carolina National Bank of Charleston One of the most important buildings on South Carolina’s oldest commercial street, the South Carolina National Bank building was built in 1817 as the Office of Discount and Deposit of the Second Bank of the United States. The bank was the only bank equipped to provide international banking services, which enabled the transfer of South Carolina rice and cotton to European markets. President Andrew Jackson later withdrew all government deposits, thereby destroying the bank. In 1836, when the Office of Discount and Deposit was liquidated, the Bank of Charleston purchased the building.
Maysville Road veto The Maysville Road veto occurred on May 27, 1830, when United States President Andrew Jackson vetoed a bill that would allow the federal government to purchase stock in the Maysville, Washington, Paris, and Lexington Turnpike Road Company, which had been organized to construct a road linking Lexington to Maysville on the Ohio River, the entirety of which would be in the state of Kentucky. Its advocates regarded it as a part of the national Cumberland Road system. Congress passed a bill in 1830 providing federal funds to complete the project. Jackson vetoed the bill on the grounds that federal funding of intrastate projects of this nature was unconstitutional. He declared that such bills violated the principle that the federal government should not be involved in local economic affairs. Jackson also pointed out that funding for these kinds of projects interfered with paying off the national debt.