By Paul Dowling
“The Congress shall have Power . . . To coin Money, regulate the Value thereof, and of foreign Coin. . . .” —Article I, Section 8, Clause Five, of the US Constitution, also known as the Coinage Clause
“Is there no danger to our liberty and independence in a Bank that in its nature has so little to bind it to our country? . . . [W]ill there not be cause to tremble for the purity of our elections in peace, and for the independence of our country in war? . . . . [And] if any private citizen or public functionary should interpose to curtail its powers, or prevent a renewal of its privileges, it can not be doubted that he would be made to feel its influence.” —President Andrew Jackson, in a statement accompanying his veto of the renewal bill for the Second Bank of the United States
“Gentlemen! 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 [here Jackson brings his fist down on the table], I will rout you out!” ―President Andrew Jackson, explaining why he will not allow the Second Bank to continue
Trump’s Ambition of Taking Down America’s Central Bank
It is likely that the reason President Trump has chosen to hang a picture of Andrew Jackson in the Oval Office is because Jackson did something that Trump would like to emulate: President Andrew Jackson took down the central bank of his day—the Second Bank of the United States—after embarking on a Bank War that ended with Jackson’s striking a major blow to the Deep State of his day. By not renewing the Second Bank, America accomplished much in the way of reducing corruption among the fellows of the political elite, while increasing power among the members of the working class.
Central banks have, throughout America’s history, been accused of manipulating economic conditions as a means to bring about the monetary and political ends desired by the bankers who have run them—many with ties to the cabal that would later become popularly known as the Deep State. President Trump has accused America’s current incarnation of Deep State debt creators—the Federal Reserve—of raising interest rates irresponsibly, thereby causing huge sell-offs of stock. Many believe that the Fed is intentionally attempting to orchestrate an economic downturn in a political effort to turn Trump out of office, since one of Trump’s goals has been to convert the United States from an un-Constitutional system offiat currency to a Constitutional one where the US dollar is backed by gold, drastically altering the conditions under which the Fed operates, or even revoking the Fed’s charter in favor of a new banking system altogether—one that is based upon a Constitutional currency controlled by the representatives of the American people, per the Coinage Clause of the US Constitution.
If President Trump were to begin the printing of United States Notes, backed by gold, he could effectively destroy the Federal Reserve Note economy of debt-dependency and replace it with a people’s economy backed by real value in the form of gold. People would truly own the products of their labor, since they would be receiving gold (or money backed by gold) in payment for that labor. The maintenance of that wealth, in terms of its value possessing real staying power, would not be dependent upon a decision by central bankers as to how much the currency should be inflated and, therefore, devalued (https://godfatherpolitics.com/who-owns-the-money-and-is-a-constitutional-currency-possible/).
During his presidential transition, on November 28th, 2016, President-elect Trump met with banker John Allison (https://www.thenewamerican.com/usnews/politics/item/24730-trump-meets-with-former-banker-who-wants-to-end-the-fed), a critic of the Fed who would do away with the institution altogether. Allison, a huge fan of Ayn Rand’s Atlas Shrugged, has stated the following: “We wouldn’t have had a bubble in the economy if the Fed hadn’t printed too much money. It ended up in the housing market because of Freddie Mac and Fannie Mae, those two giant government-sponsored enterprises. So it wasn’t really the regulatory structure that created the problems, it was government policy from the Fed and [then] through Freddie Mac and Fannie Mae.” Trump, in his first debate with Hillary Clinton on September 26th, 2016, warned Americans that “[w]e are in a big, fat, ugly bubble. . . . And we have a Fed that’s doing political things. . . . The Fed is being more political than Secretary Clinton.” To be sure, Trump’s castigation of the Fed is in line with a long tradition of presidential criticism of the central bank.
Flashback to 1791: America Gets a Central Bank
It was Alexander Hamilton who convinced George Washington to permit the formation of a central bank to underwrite the debt for the Revolutionary War. So, in 1791, Hamilton facilitated the establishment of the First Bank of the United States; the bank was given a twenty-year charter which was eventually allowed to expire in 1811. English investors in the bank lobbied against its expiration, and, when their warnings went unheeded, the War of 1812 ensued (http://www.xat.org/xat/moneyhistory.html). Andrew Jackson, a hero of that war, was cognizant of the fact that many in Congress too much enjoyed the maintenance of political connections to central bankers, which is why Jackson would famously refer to these bankers as nothing less than a “den of vipers.”
President Jackson Gives the Second Bank the Axe
By 1816, the central bankers were back in business, having been granted a new charter to operate a Second Bank of the United States, under President James Madison. Opponents of the Second Bank were, some years later, able to nominate Andrew Jackson to run for the highest office in the land. Buoyed by his status as the Hero of the Battle of New Orleans, Old Hickory, after an unsuccessful presidential run in 1824, would eventually become, in 1828, the first man to be elected president who was not born to wealth and status. Jackson, who believed the central bank to be un-Constitutional to its core, was determined to take down the bank once in office.
During his first term as president, from 1829 to 1833, Jackson fired 2,000 of the 11,000 employees of the federal government, in an effort to remove the myriad lackeys of the central bankers. The bank’s renewal would not come up until 1836, the year that would hopefully see Jackson serving out his last year of a second term in office. But, having noticed just how aggressively Jackson was fighting the Deep State of his day, the Second Bank decided to ask the Congress to pass a renewal bill during the election year of 1832, in a move intended to make the president so controversial that he could not hope to stand reëlection.
President Jackson, his resolve having been underestimated by his adversaries, vetoed the bill to extend the central bank’s charter, on July 10th, 1832, writing the following words in his veto statement (https://historycentral.com/documents/Bank.html): “Is there no danger to our liberty and independence in a Bank that in its nature has so little to bind it to our country? . . . Should its influence become concentrated, as it may under the operation of such an act as this . . . will there not be cause to tremble for the purity of our elections in peace, and for the independence of our country in war? Their power would be great whenever they might choose to exert it. . . . But if any private citizen or public functionary should interpose to curtail its powers, or prevent a renewal of its privileges, it can not be doubted that he would be made to feel its influence.” These words may have proven prophetic for Jackson, with many believing the attempt on Jackson’s life that would eventually ensue was at the behest of central bankers.
The gutsy Jackson not only chose to veto the measure, but even doubled down on his opposition to the central bank by making his 1832 campaign slogan “Jackson and no Bank” and becoming the first presidential candidate to take his campaign on the road, something not considered to be “presidential” up to that time. Despite the fact that the central bankers dumped more than $3 million into the campaign in support of Henry Clay—a huge sum of money for 1832, worth over $83.3 million in today’s currency (https://davemanuel.com/inflation-calculator.php)—Jackson was reëlected handily!
The Deep State of Jackson’s Era Starts a Bank War
Regardless of Jackson’s decisive electoral victory, America’s seventh president still found himself opposed by two treasury secretaries, McClean and Duane, both refusing to follow his orders to withdraw all government funds from the Second Bank, in order to begin putting them on deposit with state banks instead. Jackson fired them both, each in his turn. It was Roger B. Taney, ironically never officially confirmed for Treasury by the US Senate, who, as Jackson’s acting Secretary of the Treasury, would ultimately carry out Jackson’s order. Taney began withdrawals from the Second Bank on October 1st, 1833.
In a retaliatory strike, calculated to make Jackson’s popularity suffer, Nicholas Biddle, the head of the Second Bank, declared war on the president by calling all of the bank’s loans, thereby bankrupting citizens and businesses that could not immediately pay off the principal they had borrowed. Biddle also announced that he would make money scarce by making new loans hard to come by. This policy of money-contraction brought about a deep depression. Of course, Biddle blamed Jackson for all the misery, claiming it was the president’s withdrawal of funds from the central bank that precipitated the hard times.
A Censured President Loses a Battle but Wins the War
Within months, Congress assembled in what was called the “Panic Session,” with the US Senate censuring Jackson by a vote in the Senate of 26 to 20. No president had ever before been censured. And support for Biddle in the Congress was beginning to reach the level of enabling an override of any presidential veto of a reauthorization of the central bank. However, the governor of Pennsylvania decided to speak out in support of Jackson. And, in addition to this small wonder, Biddle was heard, in public, bragging of his plan to intentionally crash the economy. Public opinion ultimately shifted back to Jackson, prompting an overwhelming vote of 134 to 82 against reauthorization of the bank in the House of Representatives. Additionally, when Congressional investigators arrived in Philadelphia with subpoenas to audit the Second Bank’s records, Biddle denied them access to the books, nor would he testify before the investigating committee in Washington.
Jackson Kills the Bank & Survives an Attempt on His Life
On January 8th, 1835, Jackson paid off America’s national debt, and, a few weeks later, on January 30th, an attempt was made on his life by a would-be assassin named Richard Lawrence, whose pistols both misfired! Lawrence was tried and found not guilty by reason of insanity, although he spent the rest of his days in insane asylums. Jackson credited the survival of his attempted murder to Divine Providence (http://time.com/3676512/andrew-jackson-assassination-attempt/). After Jackson had left the White House, when he was asked what he considered to be his greatest accomplishment, he answered, “I killed the bank.”
It is ironic—or perhaps it is an intentional insult to Jackson’s memory—that America’s third iteration of a central bank, the Federal Reserve, chose to feature Andrew Jackson prominently upon the obverse side of the twenty-dollar Federal Reserve Note. One thing is certain: Jackson would never have accepted such a dubious “honor” as to be placed upon any currency issued by the scions of that “den of vipers” he had so energetically opposed during his lifetime. Perhaps Jackson will finally be able to cease turning over in his grave if and when Harriet Tubman relieves his restlessness by replacing him (https://www.nytimes.com/2017/08/31/us/politics/mnuchin-harriet-tubman-jackson-money.html) or at such time as the US, owing to the leadership of President Donald J. Trump, once again begins to issue a debt free currency.
Can Trump Succeed, Where Other Presidents Have Failed, in Bringing the Central Bank to Heel?
Trump’s Q team has posted, in Q-drop 2619 (https://qmap.pub/), that “Gold shall destroy the FED.” So, there is, no doubt, a plan in place to restore America’s economy to its citizenry, returning to a Constitutional currency for the people. But what cards does the president hold that might help him to take control of the Federal Reserve, in order to bring down the Fed and institute a new structure? According to a CNBC “bread crumb” dropped by Q, per Q-drop 1695 (https://www.cnbc.com/2018/07/20/trump-poised-to-take-control-of-the-federal-reserve.html), “[t]he Board of Governors of the Federal Reserve is required to have seven members. It has three. Two of the current governors were put into their position by President Trump. Two more have been nominated by the president and are awaiting confirmation by the Senate. After these two are put on the Fed’s board, the president will then nominate two more to follow them. In essence, it is possible that six of the seven Board members will be put in place by Trump.” In apparent response to this story, Q has posted this: “2+2 confirmations. Fast. We will never again be under their control.”
According to Mark Grant (https://www.cnbc.com/2018/07/23/strategist-mark-grant-trump-has-a-right-to-call-out-the-fed.html), “President Donald Trump has ‘a right’ to call out the Federal Reserve if he feels the central bank is not acting in the best interest of the United States. The Federal Reserve Bank does not represent the emerging markets or the European Union. It represents the United States of America. If [the executive] feels like the Fed is not working within the policies of the United States government, they have a right to stand up and say something. You have the Fed moving in the opposite direction of the government.” Grant’s statement is in agreement with information that Trump and the Q team have made known, via Q-drop 2575 (https://qmap.pub/): “The plan to have the FED raise rates [steep incline beginning Mar 2019] in an effort to ‘kill’ the economy prior to 2020 P_elec is known and planned for. Structure change coming?” It would appear that some significant changes are in the offing—and likely to occur at some point in the future. Does the structural change hinted at by Q involve a total killing off of the central bank, in the style of Andrew Jackson, or, keeping in mind that this solution has never worked out permanently in the past, could a restructuring occur that would allow the bank to exist, while drastically altering its role to force it to serve the people, rather than the other way around? However things turn out, matters can only improve for the American people.
Who Is Paul Dowling?
Paul Dowling is an American patriot who believes that individual freedom and minority rights that only a republic can protect are the linchpin of Western Civilization. Paul has written a book on the Constitution, explaining the republican values on which it is based and how they protect against the dangers of a strictly majoritarian system of governance. The book is called Keeping a Free Republic: Learning the Blueprint for Liberty in the Constitution & the Bill of Rights. (It is on sale at Amazon, for $6.25 in paperback and $0.99 as a Kindle download:https://www.amazon.com/Keeping-Free-Republic-Blueprint-Constitution/dp/1724679082/ref=sr_1_1_twi_pap_2?ie=UTF8&qid=1536890421&sr=8-1&keywords=keeping+a+free+republic.)