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Poor Andy Jackson just wasn't politically correct enough I guess. Although he was without a doubt the most fiscally responsible POTUS we've ever had or will ever have.
Although he did eliminate the national debt, his other economic policies also helped lead to the depression known as the Panic of 1837.
Jackson got rid of Hamilton's awful central bank which had run inflation up 70 percent from money printing. Too bad the idea of a central bank didn't die with Hamilton.
My personal preference would be to honor the first two women legally elected (rather than appointed) to the United States Senate -- Hattie Caraway of Arkansas (1932) and Margaret Chase Smith of Maine (1948). Officially, they represented opposing parties, but Caraway was elected from a one-party state, and Maine hasn't had a reputation for partisanship in a long, long time. These were two low-keyed public servants who performed their duties quietly, Smith still holding the record for continuous Senate service by a woman at 24 years; a long stretch from the short-sight and pettiness that characterizes Washington today.
Last edited by 2nd trick op; 04-18-2016 at 06:09 PM..
Jackson got rid of Hamilton's awful central bank which had run inflation up 70 percent from money printing. Too bad the idea of a central bank didn't die with Hamilton.
Mr. DeForrest has raised a valid point, but a changing view of the circumstances of the day tends to oversimplify things. All central banks, including the Federal Reserve, have "covered" previous overspending by running the printing press and fueling inflation that "wiped out" the debt held by more-responsible lenders. The fifteen years between 1966 and 1981, when several administrations endured worsening inflation, sometimes at double-digit levels, was a consequence of Lyndon Johnson's 'guns and butter" policies during the Vietnam War era.
But the financial spasms of Hamilton's (and Nicholas Biddle's) time were tempered in part by the refusal of many participants in the commerce of the day ta accept fiat (paper) money and insist upon payment in gold and/or silver. And the repeal of Roosevelt's prohibition on the private ownership of hard (honest) currency provides an escape hatch for those who insist the system will collapse.
While I heartily agree that the overspending by the gang of idiots currently running the circus with in the Beltway is going to hurt us all sooner or later, the problems isn't so much the existence of central banking, (which is a feature of all developed economies) as its potential for misuse. And the proper remedy is to educate the average citizen about that potential -- no easy task by any measure.
It's worth noting as well that Jackson's answer to what he and his sycophants perceived as the "evil" influence of the Bank of the United States was to transfer Treasury funds to "pet" banks run by his cronies.
I'm glad. I doubt Jackson ever wanted to be on currency anyway. Hamilton IMO is much more deserving due to him advocating for a central bank/the federal reserve.
Poor Andy Jackson just wasn't politically correct enough I guess. Although he was without a doubt the most fiscally responsible POTUS we've ever had or will ever have.
Another good reason for retiring Mr Jackson from the 20 dollar bill is President Jackson killed the Bank of the United States as the Reserve Bank for this nation and the US Dollar (like the Bank of England is the Reserve Bank for the UK and the British Pound). This action crippled the use of the US Dollar in international finance for almost a century and made the US economy rather unstable (boom and bust) until President Wilson moved to create the Federal Reserve Banking System in 1913. Hamilton created
The Bank of the United States and charged it with maintaining a sound currency and making credit available for business ventures and to promote the common good. Until the Fed came along the US Dollar was very much like some 3rd World Currencies are today i.e. funny money.
So who are they going to put on the $20 now? There's really no women that are historically important enough in American history to put on one of our main bills.
They should have left Andy, but if they had to change it, I suppose Jefferson would be fine since the 2$ bill is barely in circulation. I would be fine with Teddy as well.
Who cares....put Betty Boop. Anyone is better than all these men who thought women and other minorities were inferior.
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