Forum Post: Andrew Jackson
Posted 13 years ago on Oct. 16, 2011, 8:42 p.m. EST by takeaction
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from Berkley, MI
This content is user submitted and not an official statement
History is repeating itself. Andrew Jackson said it perfectly when it was happening during his presidency, "It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes." We need to stand up against this just as he did.
Right. The Second Bank of the U.S. was the prime symbol of National Republicanism since its original charter was approved in 1816. It regulated the economy by CONTROLLING the money supply.
Andrew Jackson knew that this single institution had more power than any other, including the government, and that it could not be trusted with that power. Power based on money.
Jackson VETOED the bill for its re-chartering. Henry Clay tried to run for president based on this veto, but Jackson defeated him badly.
The Second Bank director then caused an economic crisis by shortening credit, a depression resulted.