Banks And A Den Of Vipers?

Banking has a history in and of itself. President Jackson used some pretty strong words in 1832!

“You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.end quote

Andrew Jackson, to a delegation of bankers discussing the recharter of the Second Bank of the United States, 1832

The Second Bank of the United States was chartered in 1816 for a term of 20 years. The time limitation reflected the concerns of many in Congress about the concentration of financial power in a private corporation. The Bank of the United States was a depository for federal funds and paid national debts, but it was answerable only to its directors and stockholders and not to the electorate.

The supporters of a central bank were those involved in industrial and commercial ventures. They wanted a strong currency and central control of the economy. The opponents, principally agrarians, were distrustful of the federal government. The critical question — with whom would President Jackson side? Click here to find out.

Donna

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Posted on May 21, 2014, in Research. Bookmark the permalink. Comments Off on Banks And A Den Of Vipers?.

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