Andrew Jackson
Known as the "people's president," Andrew Jackson sought to act as a direct representative of the common man as the seventh president of the United States (1829-1837). He is known for founding the Democratic Party and for his support of individual liberty. Before being elected to the presidency, Jackson was an American soldier and statesman who gained fame as a major general in the United States Army.
- The US became deb-free under his presidency (in 1935) -first time ever debt free
- Was a land speculator before becoming president
- Hated debt after a land deal went bad
- sold land to another person in order to raise money to fund a trading post
- Issued a promissory note to the other person (David Allison)
- Used the note as collateral to purchase supplies for the trading post
- David Allison went bankrupt - left Jackson deep in debt
- Viewed debt as a "moral Failing" and as "black magic"
- Determined to rid the US of national debt once he became president. Knew that debt makes you dependent on your creditors
- Knew that independence required being debt-free
- Attached federal institutions that supported debt - such as the banking system
- Shut down the Second Bank of the United States (central bank at the time)
- President Donald Trump placed a portrait of Andrew Jackson in his office - suggesting he knows the central bank is no good