Andrew Jackson hated debt. So when he became president, He worked hard to make sure the United States would be in the black. By 1835, he had reduced what the country owed from around $58 million to zero. For the first time in its history, the country was debt free. It lasted for a whole year. Since there was no national bank to store the excess money (because Jackson had done away with it) the surplus couldn't be placed there. It was decided that the money would be given back to the states to be split between them. Like a kid getting a big, fat check from grandma at birthday time, the states went on a spending spree and began printing money—lots of money. Jackson tried to stop the runaway train, but it was too late. The states were buying up land and spending like mad. This misspending resulted in a long depression, and the government found themselves borrowing money, again. The glory days of a debt-free America l...
The Preacher sought to find delightful words and to write words of truth correctly.