redpill me on this, was it really corrupt or was that just jacksonian seething? What if it had survived instead of being replaced with state banks?
>>18574792Jackson's base were retard farmers and planters who didn't understand how money works or why they have to pay back loans they took out to buy bling.
>>18574792DABUS could create or control money and credit beyond natural market limits through note issuance and privileges (similar to FIAT creation and credit expansion today). This monopoly bestowed artificial advantages on insiders, Eastern elites, foreign stockholders (20% British btw), and politically connected entities, while draining resources from farmers, mechanics, laborers, and productive regions. It functioned as a mechanism of wealth transfer via inflation or discounted paper, eroding the purchasing power of ordinary citizens and favoring creditors and speculators over debtors and producers.>DUH-UH IT JUST LET THEM FUND THE MOST PRODUCTIVE INDUSTRIES MORE EFFECTIVELYNope. Credit expansion pushes out the demand curve and drives interests down beyond their natural limits which leads to artificial booms and their necessary busts, disrupting the lives of millions while the elite speculators get bailed out. Central banks remove natural financial restraints on government, enabling unchecked debt, spending, and destructive policies. Also, states rights are undermined by having a central bank, since they can't effectively compete. Again, this isn't due to market forces but by the artificial boon granted by the monopoly. Too, debt burdens shifted onto future generations, turning limited government into an instrument of endless expansion and elite enrichment.Idiots like to say that Jackson created a financial crisis but really that was very short and necessary to reset after the distortions of DABUS. The "panics" of the 19th century are also massively overblown. For example, the "PANIC OF 1884" was limited to the Northeast and resulted in the closing of... Wait for it.... One bank.>Just>1>BankMeanwhile the GDP grew during every "financial crisis" and "depression" of the 19th century, at least starting from Jackson's presidency.
>>18574899>The "panics" of the 19th century are also massively overblownthis can be said for later downturns as well. the early 80s recession most heavily affected the Northeast and Midwest, in California nobody knew there was a recession happening.
the easiest measure is to look at presidential election maps. generally the party in power holds onto states that are doing well atm and have no desire to change the status quo.
>>18575684early 90s recession mostly states with a lot of MIC jobs due to defense spending being reduced with the end of the Cold War
>>18574869This. Jackson was a fool, and his actions against BoUS resulted in an economic collapse not seen before or since. > The "panics" of the 19th century are also massively overblown.Not true, here's what happened:> BoUS is the only nationally chartered bank> they are also the financial agent for the US government> as a result, they become the defacto central bank> the bank is used to arrange loans for the US and others> the bank is what processes the payment of federal expenses> as the only nationally chartered bank, their notes become a reserve currency for the lower state banksThen Jackson comes along and ruins the bank> BoUS loses all of its government deposits and business> They suspend specie payment on their notes> Their notes become worthless> The government divides BoUS money among favored banks> but not enough to make up for the loss of all that reserve held in BoUS notes> the state banks go under, and they suspend specie> those bank notes also become worthless> the population is suddenly in poverty with worthless notes> unable to pay their taxes, several states also quickly go broke, forced to pay their bills in warrents
>Thomas Hart Benton, a close Jackson ally, stood on the floor of the Senate and challenged Whigs to point out where the Constitution authorized a national bank. He said he could not find it anywhere in there. Jackson himself was willing to compromise. The Bank could have its headquarters in Washington D.C., a Federal territory, instead of in a state. Alternatively, he suggested the Bank could operate branches in the states with their consent. Whigs refused all of these and continued to argue that it was covered by the general welfare clause of the Constitution and that it was a Federal function that didn't require the consent of the states to operate within their borders.
>>18576846i would say Jackson was actually pretty reasonable here and it was Whigs' faults for refusing to compromise
>Internal improvements were another major source of dispute in the early republic. Some extreme states rights partisans believed any improvements at all required the states' consent, but most including Jackson took the more moderate position that infrastructure could be built if it served a defined Federal function such as allowing the military to transport itself around the country. President Monroe did not agree that the Constitution allowed Federal internal improvements, but was willing to accept them if a constitutional amendment was added allowing it. Federalists in Congress however continued to argue that they didn't need that and the Constitution already allowed it. Monroe responded by writing a lengthy essay on why he believed it did not.[3]
>>18574792Dissolving 1781 conditution was huge mistake, sealing America freedom to central federal government of DC
The Bank was headquartered in Philadelphia and dissolving it was a way to remove a Federalist/Whig island in an otherwise solid Democrat state.
>>18576846>Thomas Hart Benton, a close Jackson ally, stood on the floor of the Senate and challenged Whigs to point out where the Constitution authorized a national bankWhat a foolish argument. Article 1 section 8, which lists out congress' powers ends by saying congress has the powers "To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers". So it doesn't have to be enumerated, it just has to facilitate an enumerated power. This was a key difference from the articles of confederation which did not have this.Take your pick on which power of congress you want to use to justify a national bank>borrow Money on the credit of the United States;>regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;>coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures>raise and support ArmiesA national bank definitely seems neccessary and proper for carrying out any of those.
>Speaking in the Senate on March 14, 1838, Benton dramatically recalled the presidency of John Adams decades earlier.>Panics are the ail of the Federal party, terror their engine for governing the people. The mythological god Pan is the divinity of their worship. To him they look for help--to that grotesque and hideous deity--half man and half goat, whose bare apparition in ancient times would put whole armies to flight. This is the tutelary divinity of the Federal party and always has been. Panics were their resource from the foundation of the Government, and forty years ago the French Revolution was what the Republican administrations now are, the great magazine of horrors from which they supplied themselves with "gorgons' heads and chimeras dire" to alarm and terrify the nation. Mr. Jefferson, in his memoirs, has described that period, emphatically called the Reign of Terror. He has give many pages to the description of it, but declares that any person who did not witness it can form any of the terrorism with which the Federal party then surrounded itself, and the rudeness and violence with which they browbeat and insulted the Republicans. Some extracts from his description of that period may bring up useful recollections at this time, when the violence of the revived Federal party so far transcends all that was witnessed forty years ago. He says:
>"The horrors of the French revolution, then raging, aided them mainly, and using that as a raw-head-and-bloody-bones they were enabled by their strategems of X, Y, Z, their tales of tub plots, ocean massacres, bloody buoys, etc. to spread alarm into all but the firmest breasts. These transactions, now recollected as dreams of the night, were then sad realities and nothing rescued us from their liberticide effect but the unyielding opposition of those firm spirits who sternly maintained their posts in defiance of terror. The usurpations and violations of the Constitution at that period and their majorities in both Houses of Congress were so great, so decided, and so daring that after combatting their aggressions, inch by inch, without being able in the least to check their career, the Republican leaders thought it would be best for them to give up their useless efforts there, go home, get into their respective Legislatures, form whatever of resistance they could be formed into, and if ineffectual, to perish there as in the last ditch."
>"All therefore retired, leaving Mr. Gallatin alone in the House of Representatives and myself in the Senate, where I then presided as Vice President. Remaining at our posts and bidding defience to the browbeatings and insults by which they endeavored to drive us off also, we kept the mass of Republicans in phalanx together, until the Legislatures could be brought up to the charge, and nothing on earth was mor ecertain than if myself particularly, placed by my office of Vice President at the head of the Republicans, had given way and withdrawn from my post, the Republicans throughout the Union would have given up in despair and the cause would have been lost forever. By holding on, we obtained time for the State Legislatures to come up with their weight, and those of Virginia and Kentucky particularly, but more especially the former, by their celebrated resolutions, saved the Constitution at its last gasp.">"No person who was not a witness of the scenes of that gloomy period can form an idea of the afflicting persecutions and personal indignities we had to brook. They saved our country however. The spirits of the people were so much subdued and reduced to despair that they could have sunk into apathy and monarchy as the only form of Government which could maintain itself."
>Such, Mr. President, was the terrorism with which the Federal Party surrounded itself forty years ago, such its mode of action then, and such its manner of acting on the public mind now. The Presidential election of 1796 was carried by terror, extracted from the French Revolution, the election of 1800 came within three votes of being carried by the same means. The second election of Mr. Jefferson prostrated Federalism--sent it to a state of hibernation far north, and with it the mythological deity of its worship, and the whole machinery of terror and alarm.
>>18576837Andrew Jackson was the only president who not only balanced the national budget, but also paid off the national debt. He also abolished the National Bank of the United States which was a front for wealthy bankers to print fiat money and control and manipulate the national economy as they do through the Federal Reserve today. Jackson is up there with Washington, Jefferson, and William Jennings Bryan in my opinion.
>>18578401>J*fferson accusing others of tyranny and despotismuh...
>>18574792banca algorithm
>>185795121/10 b8. fuck off, Dumpist.
>>18578498>>18576837>https://www.youtube.com/watch?v=SuOd7GOtsz8
>As Daniel Webster told de Tocqueville, the idea of popular democracy had by the 1820s become so established in American society that it seemed almost madness to suggest anything else. But as de Tocqueville also supposed, the nation still had a good many people who believed the masses were not entirely fit for self-governance. The Bank of the United States became an abstract symbol of the conflict between democracy and elitism.[3]
>>18578399As an example of the silliness of the whole the, the First BOTUS charted in Washington's presidency was a Federalist project. When James Madison renewed its charter in 1816 for another 25 years it was opposed by Federalists simply because a Democratic-Republican administration did it.
