from Armstrong Economics:
Understanding Jackson’s Bank War is critical to our future. He was absolutely correct insofar as following the Jeffersonian view that a National Debt would not be a Blessing as Hamilton proclaimed, but the servitude of the people that would ultimately consume all liberty. In this vain of thinking, Andrew Jackson was correct and in his annual message to Congress in December 1834, President Andrew Jackson reported that the United States would be debt-free as of January 1, 1835. This marked the first and only time that the United States or any other major nation in history had ever been free from debt. Jackson declared:
“Let us commemorate the payment of the public debt as an event that gives us increased power as a nation and reflects luster on our Federal Union.”
Jackson had adhered to the prevailing view of Thomas Jefferson in his battle against Hamilton to create a national debt. Jefferson’s view was that incurring a national debt and passing it on to future generations condemned those generations to involuntary servitude.
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