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Old July 22nd, 2009 #1
Alex Linder
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Join Date: Nov 2003
Posts: 45,756
Blog Entries: 34
Default Andrew Jackson

Old Hickory
July 16, 2009

There have been at least two good Democrats: Thomas Jefferson, and Andrew Jackson. Both were totally different, but both were wonderful, intelligent men, both shaped the Democratic Party. Especially central banks. Unfortunately, none of their influence has remained in the party. Jackson was born dirt poor in South Carolina in 1767, of Scotch-Irish immigrant parents, and was orphaned while still a child at age 14. His father died in a lumbering accident, and his mother and two brothers were killed as a result of the British invasion of the Carolinas during the Revolution. He hated the Brits for the rest of his life. Jackson had no schooling to speak of, was self taught, and after learning to read, he read law for a couple of years, and became a well known, feisty lawyer in Tennessee, being admitted to the bar in 1787. He once killed a foe in a duel, who cast a slur on Rachel, his wife.


Jackson was the first President who didn't come from Massachusetts or Virginia, and the first who did not come from the upper classes. George Bancroft, a great 19th century historian, wrote of Jackson, "He was the last great name, which gathers round itself all the associations that form the glory of America." Tennessee separated from the Carolinas, and became a state in 1796. Jackson served in the House of Representatives and briefly in the US Senate. He became a major general in the war of 1812, and a national hero when he defeated the British at New Orleans. He was such a strict general, that when moving his troops back to Tennessee, his men dubbed him to be as hard as "Old Hickory," and the name stuck. Jackson was smart enough to buy thousands of acres of land for a pittance, and wait till America moved west, so he could sell at a huge profit, which he did. He built a marvelous mansion near Nashville, which he called "The Hermitage," and it still stands, restored, and a tourist attraction.


Jackson ran for president in 1824, and got an overwhelming popular vote, but with not enough electoral votes. The election was decided in the House of Representatives, giving the Presidency to John Quincy Adams, the son of John Adams. His opponents called Jackson a 'poorly educated bumpkin who was ill equipped for such a high office.' Jackson called the election 'stolen' (by Adams), and for the next four years, Jackson never ceased his criticism of the Adams administration, and the fact that he had won the popular vote by a huge majority. Four years later, Jackson defeated Adams, and four years after that, defeated Henry Clay.


Jackson became America's seventh President, and the first 'populist' one, He was a friend of the common man, and at his inauguration, he invited everyone. Hundreds came and swamped the White House, drinking it dry, and breaking some glassware and furniture. Finally, the party was moved to the lawn, where more drinks were served, and everyone had a great time.


Jackson had two priorities when he became President: (1) Pay off the national debt, and (2) Get rid of the central bank. When he took office, the debt was $48,565,000, and in today's dollars, you could add probably ten zeros. The debt was huge. He said, "My vow shall be to pay the national debt, to prevent a moneyed aristocracy from growing up around our administration that must bend to its views, and ultimately destroy the liberty of our country." (Wouldn't it be nice to hear that today from a candidate?) In his State of the Union message to Congress in 1834 he said that the nation would be debt free by January 1st, and it was, with a $440,000 surplus. The Washington Globe reported that it was the 20th anniversary of the British defeat at New Orleans, and that Old Hickory had paid two debts. One to his enemies, and the other to his nation. Under Old Hickory, America became debt free, and it has never happened again.


The "moneyed aristocracy" Jackson feared and hated, seemed to be concentrated in the Second Bank of the United States; or the current equivalent of the Federal Reserve. The first central bank, started by Alexander Hamilton, was killed by Thomas Jefferson, but like a weed, they seem to keep cropping up. The second atrocity was then headed by Nicholas Biddle. Biddle was appointed to the board by James Monroe in 1819, and became its president in 1823. Biddle replaced William Jones, who had speculated on the bank's stock, which brought on the panic of 1819. Biddle was everything Jackson was not. Wellborn, highly educated, widely traveled, financially sophisticated, and rich. Biddle was a lawyer, spent three years in Europe as James Monroe's secretary, where he met all the nabobs and society snobs. He married a wealthy heiress, Jane Craig, quit law, and became editor of a Philadelphia literary magazine, "Portfolio." He built one of Philadelphia's finest houses, "Andalusia," on the Delaware River, where his descendents still live today.


Jackson vowed to kill the bank, and Biddle fought him valiantly. Congress passed the bill to renew the bank's charter, and Jackson issued a blistering veto message. He said the bank was a monopoly, favored the rich and powerful over the ordinary citizens of the country. (Just like the Federal Reserve today). The Congress was unable to override his veto, and America was free of an early day Federal Reserve. Jackson won a landslide victory in 1832, and even though the bank still had four years left in its charter, Jackson began withdrawing federal funds from the bank, and re-depositing them in strong privately owned banks. The Second (central) Bank was a dead bank, and prosperity came around in leaps and bounds. Cotton prices went up, transportation increased with the new railroads, trading on Wall Street increased, and the phrase, "Go West young man," became a reality.


Government land sales blossomed and reached $5 million a month. The expression "Land Office" came from that period. Jackson thought that only gold and silver were real money, and he despised paper dollars which could be created by banks and printing presses. To that end he demanded that government land sales be paid in gold and silver only, with the exception of true settlers, who were allowed to pay with bank notes for a limited amount of time. The gold and silver requirements brought a quick end to wild speculation. With there being so much surplus in government accounts, Jackson couldn't figure what to do with it, so he urged Congress to distribute it to state governments. Government expenses were 100% paid by tariffs, and there were no federal taxes of any kind. His term ended in 1836, and by mid 1837, with his influence gone, America entered a severe depression under Martin Van Buren. Jackson retired to The Hermitage in poor health, and died on June 8th, 1845.


Jackson was a great guy! He knew that a central bank was a disaster, and made rich people richer, politicians rich, and that it destroyed individuality, freedom, and even the economy. Central banks, such as the Federal Reserve, Hamilton's First Bank, and Monroe's Second Bank, were and are disasters.

This is the 100th anniversary of the NAACP. What would have happened if there had been a NAAWP (white people) established when the civil rights laws were passed? This is also the 40th anniversary of man's first flight to the moon. Did we really get there, or was that a clever use of photography? I am ambivalent about it. Did we really have enough computer technology then to do that? There is much controversy about it, books written proving we never got there, etc. By my next column, will we be further communized by the Obama administration and his Democrat hacks and stupid Republicans? When will America realize that we have been destroyed, and the process continues, by a cadre of 435 morons in D.C.? Did you hear Oren Hatch interviewed on NPR? He sounded like a Democrat! God help us.

http://www.coloradogold.com/archive/...ckory-878.html
 
 

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