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Source link: http://archive.mises.org/18352/the-more-things-change-2/

The More Things Change …

September 6, 2011 by

Robert Remini’s Andrew Jackson and the Bank War (New York: W.W. Norton & Company, 1967) has the following excerpt explaining part of Jackson’s opposition to the Second Bank of the United States:

Jackson seriously contended that the Bank was dangerous to the liberty of the American people because it concentrated enormous power in private hands and used this power to control legislation, influence elections, and even manipulate the the operation of the government to get what it wanted. The Bank, said Jackson, was a monopoly with special privileges granted by the government; it exercised formidable sway over the affairs of the American people yet it was independent of presidential, congressional, or popular regulation. And because Jackson was a man who was exceedingly conscious of power, as well as jealous of his own presidential prerogatives, he was resentful of the Bank and conditioned even before he took office to demand changes in its operations.

The similarities between the moral and political issues regarding central banking then and central banking today never cease to amaze.


David White September 6, 2011 at 9:07 pm

Close to twenty years ago, I got into a knock-down war of words in a paper defense meeting when I defended Jackson’s Bank policy (and the subsequent Specie Circular). My chair (a fairly notable historian) argued that Jackson was an idiot, and I countered that he was following established economic orthodoxy of the time (paper money bad, don’t be John Law, etc). And I actually cited Remini’s work as part of my defense. ( I think she was just mad that I wasn’t condemning Jackson as a racist, but that’s as may be.) I really wish I’d been exposed in grad school to more Austrian thought, instead of having to piece it together later and realize the woman was even more wrong that I thought.

Capn Mike September 6, 2011 at 11:05 pm

One Hundred and sixty-six years from now, history will record:
Andrew Jackson’s last words – “I killed the bank”.
Ron Paul’s last words – “Me Too!!”

P.S. Actually, an immortality drug which no one saw coming was administered to Dr. Paul. Long live the Doctor!

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