On this day in 1833, President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank. He then used his executive power to remove all federal funds from the bank, in the final salvo of what is referred to as the “Bank War.”
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A national bank had first been created by George Washington and Alexander Hamilton in 1791 to serve as a central repository for federal funds. The Second Bank of the United States was founded in 1816; five years after this first bank’s charter had expired. Traditionally, the bank had been run by a board of directors with ties to industry and manufacturing, and therefore was biased toward the urban and industrial northern states. Jackson, the epitome of the frontiersman, resented the bank’s lack of funding for expansion into the unsettled Western territories. Jackson also objected to the bank’s unusual political and economic power and to the lack of congressional oversight over its business dealings.
Jackson, known as obstinate and brutish but a man of the common people, called for an investigation into the bank’s policies and political agenda as soon as he settled in to the White House in March 1829. To Jackson, the bank symbolized how a privileged class of businessmen oppressed the will of the common people of America. He made clear that he planned to challenge the constitutionality of the bank, much to the horror of its supporters. In response, the director of the bank, Nicholas Biddle, flexed his own political power, turning to members of Congress, including the powerful Kentucky Senator Henry Clay and leading businessmen sympathetic to the bank, to fight Jackson.
Later that year, Jackson presented his case against the bank in a speech to Congress; to his chagrin, its members generally agreed that the bank was indeed constitutional. Still, controversy over the bank lingered for the next three years. In 1932, the divisiveness led to a split in Jackson’s cabinet and, that same year, the obstinate president vetoed an attempt by Congress to draw up a new charter for the bank. All of this took place during Jackson’s bid for re-election; the bank’s future was the focal point of a bitter political campaign between the Democratic incumbent Jackson and his opponent Henry Clay. Jackson’s promises to empower the “common man” of America appealed to the voters and paved the way for his victory. He felt he had received a mandate from the public to close the bank once and for all, despite Congress’ objections. Biddle vowed to continue to fight the president, saying that “just because he has scalped Indians and imprisoned Judges [does not mean] he is to have his way with the bank.”
On September 10, 1833, Jackson removed all federal funds from the Second Bank of the U.S., redistributing them to various state banks, which were popularly known as “pet banks.” In addition, he announced that deposits to the bank would not be accepted after October 1. Finally, Jackson had succeeded in destroying the bank; its charter officially expired in 1836.
Jackson did not emerge unscathed from the scandal. In 1834, Congress censured Jackson for what they viewed as his abuse of presidential power during the Bank War.
A great President and Tennessean! A real man that had balls and knew who the enemies of the people really were. Of course, all the snowflakes and pussies try to judge him by today’s pathetic standards of ‘bend over PC world’.
He and a bunch of Tennesseans with long rifles decimated the British in the Battle of New Orleans.
He was not perfect and mistakes and wrongs were done but he would have never allowed the kind of crap that goes on today. An invasion of Mohammedans would have been met with force not teddy bears. And the list goes on.
I sometimes wonder; Which is more difficult, trying to be a real man in today’s world or knowing you are not and there isn’t a damn thing you can do about.
Andrew Jackson was a slave owner.
Andrew Jackson may have been a slave owner, but he abolished the very thing that insures that congress was not allowed to become a “slave owner” to the entire nation.
Currently, we are ALL slaves on a huge plantation called The Untied States of America. The only difference is that instead of one man, owning the labor of a few acres, the government, and by extension, the elites own debt slaves of an entire country. How much do you think freedom would shine on the nation if the Fed had to get the money they spend on bullshit from actual taxes, vs. just printing? Taxation with out representation anyone? The central banks are a way of basically circumventing the will of the people of a nation. A dollar of tax is nothing more than a vote of currency. If the government is doing things that are not in the interests of its people, and by extension the economy (what is an economy if not the combined work and resources of the people) then they are blunted from continuing, since they are now unable to pay those resources, and are FORCED to change direction, or close them down. On the other hand, if you want to continue wars with no end, subversion of the populous on an unprecedented level, and imprison the populous against its will, you create an entity (central bank) that can continue to fund, in perpetuity, all of these schemes, without the consent of the governed. If the government was forced to borrow money from the people, you better believe those bond holders would want to be paid a decent interest rate for the risk of loss. And, if the debt got too big, those same bond holders would demand a decent interest rate to compensate for that debt. Enter the central bank. They simply buy everything, at whatever interest rate they choose, as there is no risk of loss to them.
ANYONE that condones central banking, also condones slavery. The ONLY way the average person can rein in government is by the power of the purse of taxation. Central banking at the most basic level, is simply a mechanism for government to steal value from, and voting power from the governed.
So yes, he may have been a “slave owner” but I would much rather deal with individual slave owners (as then the slaves will most likely eventually deal with him themselves) than have an entire country of debt slaves, servant to a bloated and dangerous government elite.
Andrew Jackson was a great American hero when hero really meant something.He was an ass kicker. Injun fighter of the highest order. Dragon Slayer.
Maybe this is the reason Big Injun Chief of the Clouds doesn’t like him.
Andrew Jackson was an anti-zionist before there was such a thing as zionism!
Andrew Jackson was a genocidal piece of shit. Admin just posts this stuff to piss me off. He should be ashamed of himself.
To bad we don’t have a president with brass balls today we have been inundated with metrosexual fairy dust to put it mildly . Jackson would have had a duel over TARP and debt over bailouts not to mention $6 trillion pissed away in Iraq and Afghanistan . Somebody needs to swing from a rope on that stuff or at least be stripped naked tared and feathered and run out of town . Now there is some presidential excutive action in desperate need today !
Very little good can be said about Jackson except his outstanding opposition to the Second Bank and central banking in general. Praising his involvement in the slaughter of the peoples that inhabited this continent for millennia before Europeans ever even though of coming here shows one’s true colors.