Chapter 17 6. New Front: Independent Financial System

In 1837, when President Jackson's vigorously supported successor, Martin.Feng.When Burren took over the White House, his biggest challenge was how to overcome the serious crisis caused by the tightening of the money supply by international bankers. His tit-for-tat strategy was to establish an independent fiscal system, and withdraw all the money controlled by the Ministry of Finance from the private banking system. Come out and deposit it in the Treasury's own system.Historians call this the divorce of finance and banking. The cause of the independent financial system is that when President Jackson vetoed the extension of the operating rights of the Second Bank of the United States, he also ordered that all government money be withdrawn from the bank and transferred to state banks.Who would have thought that the state-level banks in the back would not be fuel-efficient just after escaping the clutches of Rothschild.They used government money as a reserve and then flooded credit for speculation, which was another cause of the Panic of 1837.Martin.Feng.Boron proposed that the government's fiscal money should be decoupled from the financial system. It is of course to protect the government's funds, but it also takes into account the economic injustice caused by banks using the people's taxation to conduct a large amount of speculative lending.

Another feature of the independent financial system is that all money entering the financial system must be gold and silver currency, so that the government has a fulcrum to regulate the supply of gold and silver currency in the country to hedge against the control of European bankers on the issuance of US currency.This idea should be a good idea in the long run, but in the short term, it has detonated the credit crisis of many banks. Coupled with the fanning of the Second Bank of the United States, the crisis has become uncontrollable. Henry.Clay is a very pivotal figure.He is an important heir to Hamilton's idea of ​​a private central bank, and he is the darling of bankers.He is eloquent, thoughtful and provocative.Around him, a group of MPs who supported the banking industry and were supported by bankers formed the Whig Party under his organization.The Whigs were staunchly opposed to Jackson's banking policies and had always been committed to reviving the private central banking system.

The Whig Party launched the war hero Harrison in the 1840 presidential election. Due to the economic crisis and the people's change of mind, Harrison was successfully elected as the ninth president. Henry.Clay regarded himself as the leader of the Whig Party and taught Harrison many times how to govern.After Harrison was elected president, the conflict between the two became increasingly acute.Henry.Clay summoned the incoming president at his home in Lexington, and Harrison came to Henry in order to take care of the overall situation.Clay's home, the two ended up falling apart because of the National Bank, the independent financial system and other problems.Henry, who thought he could give orders as the overlord.Clay, who had ghostwritten the president's inaugural address without Harrison's consent, was rejected by Harrison. Harrison also drafted the inaugural address of more than 8,000 words himself.In this document that systematically expounds the thinking of governing the country, he and Henry.Clay's policy ideas of a private central bank and the abolition of independent finances slammed the bankers' interests deeply.

March 4, 1841 was a cold day. President Harrison delivered his inaugural address in the cold wind and caught cold.For President Harrison, who had spent his entire life in the army, it was not a big deal. Who knew that his illness became increasingly serious, and he died on April 4th.President Harrison, who had just taken office, was about to show his ambitions but suddenly caught a cold. The president who was alive and kicking a month ago passed away suddenly. Anyway, it was a very suspicious thing.Some historians believe that the president was poisoned to death by arsenic, possibly on March 30, and President Harrison died six days later.

The struggle over a private central bank and an independent fiscal system has intensified with the death of President Harrison.Henry.The Whig Party led by Clay proposed twice in 1841 to restore the central bank and abolish the independent financial system. As a result, it was twice rejected by President Harrison's successor, former Vice President John.Taylor rejected it.An angry Henry.Clay ordered President John.Taylor was expelled from the Whig Party. As a result, President Taylor had the honor of becoming the only orphan president in American history to be expelled from the party. By 1849, another Whig president, ZacharyWith Taylor elected, the hope of restoring the central bank seemed within reach.It is the highest dream of all bankers to establish a private central bank that is completely in line with the Bank of England model, which means that bankers ultimately determine the fate of the country and the people.Given the lessons learned by President Harrison, Taylor maintains considerable ambiguity on major central banking issues, but he also does not reconcile himself to being Henry.Clay's puppet.He has made it clear in private that the idea of ​​establishing a central bank is dead, and it will not be considered during my tenure.It turned out that it wasn't the central bank's idea that stuck, but President Taylor himself.

On July 4, 1850, President Taylor attended a National Day event at the Washington Monument.The weather was very hot that day. Taylor drank some iced milk and ate a few cherries, and as a result, he had some stomach problems. On July 9, the healthy and burly president died mysteriously. Such a mere ailment caused the unexplained death of two presidents who were former soldiers, which of course arouses people's attention.Historians have been arguing about this for a hundred years. In 1991, after obtaining the consent of President Taylor’s descendants, his body was excavated, and the president’s fingernails and hair were tested. As a result, arsenic was found, but the authorities It was quickly concluded that a small amount of arsenic was not fatal, and the case was hurriedly closed.No one knows why the president has all this arsenic in his system.