Andrew Jackson Brings National Debt to Zero for the First and Only Time in US History

Discussion in 'Alternative Thought Forum' started by Christian, Jan 8, 2017.

  1. Christian

    Christian Knight Moderator

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    On this day in history, January 8, 1835...

    Politicians in Washington gathered to celebrate what President Andrew Jackson had just accomplished. A senator rose to make the announcement: "Gentlemen, the national debt is PAID." Andrew Jackson had instituted policies to ensure the payoff of all national debt of the United States. For a year between 1835 and 1836, the United States national debt was zero. According to Jackson, the Bank of the United States (predecessor to the Federal Reserve) represented a mistaken and unfair grant of special privileges to a wealthy elite. Because the term of the bank charter granted it an exclusive privilege of banking under the authority of the general government and a monopoly on the foreign and domestic exchange, the people of the United States need to be aware, Jackson warned, how the rich and powerful too often bend the acts of government to their selfish purposes, and make the rich richer, and the potent more powerful. When that happens, he said, the humble citizens have a right to complain of the injustice of their government.

    Needless to say, keeping the debt at zero didn't last long.