Chapter 15 4. International bankers make a comeback: Second Bank of the United States

The domination that the banking institutions have over the consciousness of the people must be broken, or it will break us.Letter from Jefferson to Monroe (fifth President of the United States) in 1815 The Second Bank of the United States has been authorized to operate for 20 years. This time, the total share capital has been increased to 35 million US dollars, 80% of which is still owned by private individuals, and the remaining 20% ​​belongs to the government.Like the First Bank, the Rothschilds had a firm grip on the power of the Second Bank. In 1828, Andrew.Jackson, who ran for president, said in a speech to bankers with no pretense:

You are a pack of vipers.I intend to uproot you, in the name of God, I will uproot you.If the people even knew how unjust our currency and banking system is, there would be a revolution before dawn tomorrow. When Andrew.When Jackson was elected president in 1828, he resolved to abolish the Second Bank.He pointed out that if the Constitution authorizes Congress to issue currency, it is for Congress to exercise this power itself, not for Congress to authorize any individual or company.Out of 11,000 federal workers, he fired more than 2,000 people related to banks. 1832 was the year when President Jackson ran for re-election. If he was re-elected, the validity period of the Second Bank would end in 1836 during his next term. Everyone knows the President’s impression of the Second Bank. To avoid long nights and dreams, the bank wants to take advantage of the chaos in the general election year to extend its operating franchise for another 20 years in advance.At the same time, the banker spared no effort to fund Jackson's rival Henry.Clay, and Jackson's campaign slogan was Jackson, not the bank.In the end Jackson won by a landslide.

The proposal to extend the bank's operating rights was passed in the Senate by 28 to 20, and in the House of Representatives by 107 to 85. The second bank chairman Peter (Biddle) is confident that he has the powerful Rothschild in Europe. The German financial empire was used as a backup, and the president was not taken seriously.When people were discussing that Jackson might veto the proposal, Peto said unflinchingly that if Jackson vetoed the proposal, I would veto him. President Jackson, of course, vetoed the Second Bank's extension without question. He also ordered the Secretary of the Treasury to immediately withdraw all government savings from the Second Bank account and transfer them to the state banks.On January 8, 1835, President Jackson paid off the last national debt. This was the only time in history that the U.S. government reduced the national debt to zero and generated a surplus of $35 million.Historians have hailed this great achievement as the President's most splendid honor and the most important service he has made to this country.The Boston Post compared the achievement to Jesus driving the moneylenders out of the temple.