Jackson also had a history of misgivings with banking and paper money after he dealt with bankruptcy when he accepted bank notes that later depreciated in value. The democrats believed the bank was a monopoly that allowed great economic rights to only a select, privileged group, and the matter should be resolved by popular control. "When a long train of abuses and usurpations take place it is their right, it is their duty to use every constitutional means to reform the abuses of such a government, and to provide new guards for their future security," argued George Henry Evans in "The Working Man's Declaration of Independence," (DOC A). Evans, a Jacksonian Democrat, wrote the document in a similar fashion to the Declaration of Independence justifying Jackson's future actions with the bank. Democrats further argued in favor of Jeffersonian strict constitutional views declaring that since the bank was not mentioned in the Constitution, it was thus unconstitutional and should not be regulated by the federal government. .
However, one may question Jackson's resolution to the economic problem by the installation of powerful State banks. Also known as "pet banks," Jackson hand selected twenty-three banks to receive the funds from the federal bank. Opponents questioned whether the State banks had been picked to benefit friends of Jackson. The banks had the right to issue their own currency at unregulated rates causing inflation similar to that of the economic period during the Articles of Confederation. The actions of Jackson reversed his previous action of ridding the American economy of a seemingly tyrannical national bank by replacing the National Bank with over twenty seemingly tyrannical banks. When Jackson tried to shift to a hard-money economy, the new banks nullified his ruling. Daniel Webster foresaw this conclusion when he stated, "It (the bank veto) manifestly seeks to inflame the poor against the rich; it wantonly attacks whole classes of the people, for the purpose of turning against them the prejudices and the resentments of the other classes," (DOC C).
