President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank, on September 10, 1833. 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.”
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 1832, 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.
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Would that this failing empire had a man who could successfully do the same to the current central bank, but the eternal enemy would JFK him if he even had the thought.
Why would Trump have put a the portrait of Jackson in the oval office on the left side of him, when viewing him at his desk, for all to see. Maybe it’s just a coincidence theory or maybe I’m just seeing a snake in the road instead of the rope that it is?
Because Mercer
Trump sycophants will say because Trump is “based” and opposes the bank, but it’s pretty clear after his eager participation in the recent $10T covid heist that as with just about everything else Trump does, the real purpose is to mock his supporters.
Why hasn’t anyone brought up the point that Trump put the Fed Res under the control of the Treasury dept. Think about what the implication of this is. Trump by default is the Chairman of the Fed. Do you see it yet? He is setting the stage to install Judy Sheldon in as Fed Chair. She is a gold bug!! You know….real money!! Think about this.
That’s actually not far-fetched. If one considers that any collapsed fiat currency has had to have been replaced with an alternate currency that was asset backed or collateralized in order to enter the financial world of trade, then one would consider the only way to rid the world of the Fed is to collapse the reserve note system. This may also be why China is switching out all of its treasury holdings for solid commodities. Consider the collapse of the ruble; everyone was buying up anything that may later be sold just to get out of worthless fiat.
Exactly! Also consider this: What does a person do when they know they are going to file bankruptcy? They spend like there is no tomorrow and put it on plastic! New roof? New golf clubs? Precious metals? Whatever. Right? You got your shit done for next to nothing. Now consider that Trump is an expert at bankruptcy, right? His spending spree is to get shit done, declare the Fed bankrupt, kill the dollar, and start over with real money. Wait for it. But be ready.
Simply, gold will destroy the FED.
Even his political enemies couldn’t kill him….in a duel .
Henry Clay was Lincoln’s mentor. Two turds in a pod .
Bingo. Henry Clay, the youngest Speaker in history, was also the second worst. Second only to Speaker Nancunt Pelosi.
And was owned 80% by private citizens, most of them foreign. Most profits earned by the bank in managing government accounts and conducting government business went to foreign speculators.
In 1828, the bank quite publicly funded several congressional and senatorial campaigns of supporters of John Quincy Adams, seeking to prevent Jackson supporters from reaching Congress.