President Jackson, while shutting down the Fed

President Andrew Jackson did not lack courage, he was
a military general. He faced an assasination attempt
for shutting down the Fed, but this is what he had to say about it:

“I too have been a close observer of the doings of the Bank of
the United States. I have had men watching you for a long
time, and am convinced that you have used the funds of the
bank to speculate in the breadstuffs of the country. When you
won, you divided the profits amongst you, and when you lost,
you charged it to the Bank. You tell me that if I take the
deposits from the Bank and annul its charter I shall ruin ten
thousand families. That may be true, gentlemen, but that is
your sin! Should I let you go on, you will ruin fifty thousand
families, and that would be my sin! You are a den of vipers
and thieves. I have determined to rout you out and, by the
Eternal, (bringing his fist down on the table) I will rout you
out. ”

—Andrew Jackson, 1834, on closing the Second Bank of the United States.

Monday, November 30th, 2009 History

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