Question

consider the following quote from the jacksonian journalist william leggett, \we commiserate the innocent who suffer by the downfall of the banks; but we cannot consent that mitigation of their troubles shall be purchased by the perpetuation of a system fraught with so much evil to the entire community.\ what is leggetts point in this passage?
○ a. leggett is warning that reduced banking regulation will prioritize short term benefits over long term economic growth.
○ b. leggett is calling for a renewed charter for the second bank of the united states, in order to centralize banking authority and avoid another specie shortage.
○ c. leggett is warning of another economic collapse, like the panic of 1837, because banking regulations had grown increasingly strict under jackson.
○ d. leggett is acknowledging that ending legislation meant to stabilize state banks (as jackson previously did with the national bank) will cause continued economic hardships, but that the economy will ultimately be better off without state - chartered banks.

Explanation:

To solve this, we analyze each option:

• Option a: The quote is about not consenting to a system that causes trouble, not about short - term vs long - term economic growth from reduced regulation. Eliminate a.
• Option b: The quote is against a bad system, not for renewing the Second Bank's charter. Eliminate b.
• Option c: The quote doesn't mention warning of another economic collapse due to strict regulations under Jackson. Eliminate c.
• Option d: The quote implies that ending the system (ending legislation for state banks as Jackson did with the National Bank) will cause hardships but the economy will be better off. This matches the idea of acknowledging that ending the legislation (meant to stabilize state banks) will cause hardships but the economy will be better without state - chartered banks.

Answer:

d. Leggett is acknowledging that ending legislation meant to stabilize state banks (as Jackson previously did with the National Bank) will cause continued economic hardships, but that the economy will ultimately be better off without state - chartered banks.