ANDREW JACKSON KILLED A BANK

ANDREW JACKSON KILLED A BANK

"Old Hickory", President Andrew Jackson, a people's president didn't like the idea of a national bank, the first U.S.bank started in 1791 to help pay for the revolutionary war( thanks to Alexander Hamilton) by printing money. Congress closed it in 1811, but the 2nd U.S. Bank the President closed , since he was intent upon restoring a constitutional monetary system. Some of his remarks are redacted below.

". . It was not easy for men engaged in the ordinary pursuits of business, whose attention had not been particularly drawn to the subject, to foresee all the consequences of a currency exclusively of paper, and we ought not on that account to be surprised at the facility with which laws were obtained to carry into effect the paper system. Honest and even enlightened men are sometimes misled by the specious and plausible statements of the designing. But experience has now proved the mischiefs and dangers of a paper currency,. . ."

The Constitution of the United States unquestionably intended to secure to the people a circulating medium of gold and silver. But the establishment of a national bank by Congress, with the privilege of issuing paper money receivable in the payment of the public dues, and the unfortunate course of legislation in the several States upon the same subject, drove from general circulation the constitutional currency and substituted one of paper in its place.

The paper system being founded on public confidence and having of itself no intrinsic value, it is liable to great and sudden fluctuations, thereby rendering property insecure and the wages of labor unsteady and uncertain. The corporations which create the paper money cannot be relied upon to keep the circulating medium uniform in amount. In times of prosperity, when confidence is high, they are tempted by the prospect of gain or by the influence of those who hope to profit by it to extend their issues of paper beyond the bounds of discretion and the reasonable demands of business; and when these issues have been pushed on from day to day, until public confidence is at length shaken, then a reaction takes place, and they immediately withdraw the credits they have given, suddenly curtail their issues, and produce an unexpected and ruinous contraction of the circulating medium, which is felt by the whole community. The banks by this means save themselves, and the mischievous consequences of their imprudence or cupidity are visited upon the public.

Nor does the evil stop here. These ebbs and flows in the currency and these indiscreet extensions of credit naturally engender a spirit of speculation injurious to the habits and character of the people. We have already seen its effects in the wild spirit of speculation in the public lands and various kinds of stock which within the last year or two seized upon such a multitude of our citizens and threatened to pervade all classes of society and to withdraw their attention from the sober pursuits of honest industry. It is not by encouraging this spirit that we shall best preserve public virtue and promote the true interests of our country; but if your currency continues as exclusively paper as it now is, it will foster this eager desire to amass wealth without labor; it will multiply the number of dependents on bank favor and the temptation to obtain money at any sacrifice will become stronger and stronger, and inevitably lead to corruption, which will find its way into your public councils and destroy at no distant day the purity of your Government. Some of the evils which arise from this system of paper press with peculiar hardship upon the class of society least able to bear it.

. . It is the duty of every government so to regulate its currency as to protect this numerous class, as far as practicable, from the impositions of avarice and fraud. It is more especially the duty of the United States, where the Government is emphatically the Government of the people, and where this respectable portion of our citizens are so proudly distinguished from the laboring classes of all other nations by their independent spirit, their love of liberty, their intelligence, and their high tone of moral character. Their industry in peace is the source of our wealth and their bravery in war has covered us with glory; and the Government of the United States will but ill discharge its duties if it leaves them a prey to such dishonest impositions. "

Clearly,his words are prophetic for our time. We find ourselves in a pickle with our central bank ( Federal Reserve ), and The huge Wall Street banks in control of our fortune and our future. As President Jackson stated: "Honest and even enlightened men are sometimes misled by the specious and plausible statements of the designing (founders of the federal reserve).

From thence came the fiat money that Jackson knew was trouble ahead. Because paper currency without gold and silver has been tried time and time again, always resulting in debauching the currency and disaster for the citizens caught in it's ugly web, and typically disaster for the state which has adopted it. Yes governments like it because they can always spend more than their revenues, by printing more, then more currency, or in our era, more digits on their secret computerized bookkeeping records.

Thank you President Jackson, sorry we could adhere to your wisdom.

With Love and Kindness,

THE HATMAN