American Minute with Bill Federer July 10 - Andrew Jackson ends The Bank of the United States!
American Minute with Bill Federer
July 10 - Andrew Jackson ends The Bank of the United States!
Join Bill Federer on a fact finding trip to Israel. Click Here
Alexander Hamilton helped create the first Bank of the United States in 1791, over the objections of Thomas Jefferson.
1822, the rechartered second Bank of the United States was run by
Nicholas Biddle, who boasted of having more personal power than the
On JULY 10, 1832, President Andrew Jackson vetoed rechartering of the Bank of the United States:
"Some of powers and
privileges possessed by the existing Bank are unauthorized by the
Constitution, subversive to the rights of the States, and dangerous to
the liberties of the people...
It is easy to conceive that great
evils to our country and its institutions might flow from such a
concentration of power in the hands of a few men irresponsible to the
Their power would be great whenever they might choose to exert it...to influence elections or control the affairs of the nation.
if any private citizen or public functionary should interpose to
curtail its powers or prevent a renewal of its privileges, it cannot be
doubted that he would be made to feel its influence...
currency, receiving our public moneys, and holding thousands of our
citizens in dependence, it would be more formidable and dangerous than
the naval and military power of the enemy."
On September 18, 1833, President Andrew Jackson decided to remove all Federal money out of the Bank of the United States:
"The Bank is thus
converted into a vast electioneering engine, with means to embroil the
country in deadly feuds, and...extend its corruption through all the
ramifications of society...
The President would feel that he
was...an accomplice in a conspiracy against that Government...if he did
not take every step within his constitutional and legal
power...to...putting an end to these enormities...
expected when the moneys of the United States were directed to be placed
in that Bank that they would be put under the control of one man...?
This corporation now holds in its hands the happiness and prosperity of the American people, it is high time to take the alarm.
If the despotism be already upon us and our only safety is in the mercy of the despot...how necessary it is to shake it off...
One of the most serious objections to the Bank of the United States is the power which it concentrates."
On December 3, 1833, in his 5th Annual Message, President Andrew Jackson stated:
great and powerful institution had been actively engaged in attempting
to influence the elections of the public officers by means of its
It being thus established by unquestionable proof that
the Bank of the United States was converted into a permanent
The efforts of the Bank to control public opinion, through the distresses of some and the fears of others...
Through presses known to have been sustained by its money it attempts by unfounded alarms to create a panic in all."
On April 15, 1834, in a Protest message to the Senate, President Andrew Jackson stated:
Bank of the United States, a great moneyed monopoly, had attempted to
obtain a renewal of its charter by controlling the elections of the
people...to control public opinion and force the Government to yield to
The only ambition I can feel is to acquit myself
to Him to whom I must soon render an account of my stewardship...to
persuade my countrymen, so far as I may, that it is not in
a...government supported by powerful monopolies...that they will find
happiness...but in a plain system, void of pomp, protecting all and
granting favors to none, dispensing its blessings, like the dews of
On December 1, 1834, in his 6th Annual Message, President Andrew Jackson stated:
have satisfied my mind, and I think the minds of the American people,
that the mischief and dangers which flow from a national Bank far
overbalance all its advantages.
The bold effort the present Bank
has made to control the Government, the distresses it has wantonly
produced, the violence of which it has been the occasion in one of our
cities famed for its observance of law and order, are but premonitions
of the fate which awaits the American people should they be deluded into
a perpetuation of this institution or the establishment of another like
In January of 1835, an assassination attempt was made on President Andrew Jackson. He wrote:
kind of Providence had been pleased to shield me against the recent
attempt upon my life, and irresistibly carried many minds to the belief
in a superintending Providence."
On December 7, 1835, in his 7th Annual Message, President Andrew Jackson stated:
"We have felt but one class of these dangers exhibited in the contest waged by the Bank of the United States...
Bank is, in fact, but one of the fruits of a system at war with the
genius of all our institutions,...whose great ultimate object and
inevitable result...is the consolidation of all power in our system in
one central government.
disbursements and corporations with exclusive privileges would be its
substitutes for the original...checks and balances of the
Wherever this spirit has effected an alliance
with political power, tyranny and despotism have been the fruit...It has
to be incessantly watched, or it corrupts...
All history tells
us that a free people should be watchful of delegated power, and should
never acquiesce in a practice which will diminish their control over
On December 5, 1836, in his 8th Annual Message, President Andrew Jackson stated:
was in view of these evils, together with the dangerous power wielded
by the Bank of the United States and its repugnance to our Constitution,
that I was induced to exert the power conferred upon me by the American
people to prevent the continuance of that institution...
lessons taught by the Bank of the United States cannot well be lost upon
the American people. They will take care never again to place so
tremendous a power in irresponsible hands."
On March 4, 1837, in his Farewell Address, President Jackson stated:
distress and alarm which pervaded and agitated the whole country when
the Bank of the United States waged war upon the people in order to
compel them to submit to its demands cannot yet be forgotten...
Government would have passed from the hands of the many to the hands of
the few, and this organized money power from its secret conclave would
have dictated the choice of your highest officers and compelled you to
make peace or war, as best suited their own wishes.
The forms of your Government might for a time have remained, but its living spirit would have departed from it.
distress...inflicted on the people by the Bank are some of the fruits
of that system of policy which is continually striving to enlarge the
authority of the Federal Government beyond the limits fixed by the
The power which moneyed interest can exercise,
when concentrated under a single head and with our present system of
currency, was sufficiently demonstrated in the struggle made by the Bank
of the United States...
system and its natural associations - monopoly and exclusive privileges -
have already struck their root too deep in the soil, and it will
require all your efforts to check its further growth and to eradicate
The men who profit by the abuses and desire to
perpetuate them will continue to besiege the halls of legislation in the
General Government...and will seek by every artifice to mislead and
deceive the public servants...
You have no longer any cause to
fear danger from abroad; your strength and power are well known
throughout the civilized world...
It is from within, among
yourselves - from cupidity, from corruption...and inordinate thirst for
power - that factions will be formed and liberty endangered. It is
against such designs, whatever disguise the actors may assume, that you
have especially to guard yourselves...
Providence has showered on
this favored land blessings without number, and has chosen you as the
guardians of freedom, to preserve it for the benefit of the human race.
May He who holds in
His hands the destinies of nations, make you worthy of the favors He has
bestowed, and enable you, with pure hearts and hands and sleepless
vigilance, to guard and defend to the end of time, the great charge He
has committed to your keeping."
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