The Bank War

With his usual furious vigor, Andrew Jackson posed a question that continues to trouble us to this day

The alarm bells are ringing for Social Security again. That’s not exactly news— predictions of the exhaustion of its trust fund have been made before. Earlier this year some members of yet another panel of experts proposed a new remedy: to wit, the investment of a part of those reserved billions in private securities instead of lesser-yielding but safer government bonds. That, of course, would make the United States of America a direct player in the market.Read more »

THE BANKING STORY

Banking as we’ve known it for centuries is dead, and we don’t really know the consequences of what is taking its place. A historical overview.

For the last several years congressional committees and presidential task forces have been nattering back and forth about what should be done to change the legal order that establishes and specifically empowers and regulates the nation’s banks. They have dealt with their subject as a collection of technical problems they could solve: a bit of oil here, a tightened bolt there, a replacement for a blown gasket—and the old machine will be as good as new. But, in fact, our banking problems are systemic: we need a new machine.Read more »

Jackson’s Fight With The ‘Money Power’

The third in a series on TIMES OF TRIAL IN AMERICAN STATECRAFT 

Old Hickory's attack on Biddle's bank had some unexpected consequences

Editor's Note: Bray Hammond wrote this essay for American Heritage in 1956 and developed it into Banks and Politics in America from the Revolution to the Civil War, for which he won the Pulitzer Prize for history in 1958.


“Relief, sir!” interrupted the President. “Come not to me, sir! Go to the monster. It is folly, sir, to talk to Andrew Jackson. The government will not bow to the monster. … Andrew Jackson yet lives to put his foot upon the head of the monster and crush him to the dust.”  Read more »