Read the previous parts of this series:

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Can We Finally Face Up to America’s Bankruptcy? Monetary Reform for the 2028 Election. Part I

By Richard C. Cook, October 08, 2026

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The Historical Theft of the Sovereign Power of Money Issuance by the Money Power. Part I

By Richard C. Cook, October 13, 2026

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Monetary Reform for the 2028 Election: American Constitutional Confusion. Part 1.3

By Richard C. Cook, October 15, 2026

The articles in this series leading up to the 2028 election are not intended to be a complete American history. Many readers will want to have additional background. For this I recommend my own book Our Country, Then and Now, published by Clarity Press in January 2024. The best resource I know of for the era from 1800 through the 1830s is Arthur Schlesinger Jr.’s “The Age of Jackson.” With all due respect, I think it fair to say that most works on American history are written by and for the Money Power or, at best, exclude or distort key information. The two works cited above are not Money Power works. Schlesinger was JFK’s personal historian. I view JFK as one of our country’s true “people’s presidents,” which was why the Money Power got rid of him. Now to resume our story. For previous installments, see A Bankrupt Nation, The Historic Theft of the Sovereign Power of Money Issuance, and American Constitutional Confusion.

We resume our story when Alexander Hamilton resigned and left his post as Secretary of the Treasury on January 31, 1795, returning to his home in New York City. While he would never become president himself, he stayed in close touch with President George Washington and authored Washington’s Farewell Address.

Though John Adams of Massachusetts was elected to be Washington’s successor as the second president of the U.S. in 1796, Hamilton remained the acknowledged head of what had become the Federalist Party. This was the party of the urban monetary elite from the Northeast states, an elite centered in Philadelphia, New York, and Boston, with strong commercial and political ties to London and Amsterdam.

When Thomas Jefferson was elected president by defeating the incumbent Adams, who served only one term, it was so much a triumph over Hamilton’s Federalists that it was called “The Revolution of 1800.” The number one issue was war and peace. The Federalists, who had controlled the government until then, had become the party of what we are calling throughout this series the “Money Power,” starting with Hamilton’s creation of the First Bank of the United States which was heavily oriented toward European investors.

The main function of the Bank was to lend money to the federal government—money to be repaid with interest—for consolidation and payment of Revolutionary War debt incurred by the Continental Congress and the states. The fundamental governing principle of the Federalist Party was that the U.S. should be ruled by the Money Power, which included the monetary elite, not only of America, but also of Great Britain and Britain’s ally, the Netherlands.

Hamilton and his associates had wanted to take the nation to war against France in an alliance with what was becoming the British Empire, with Hamilton seeing himself in his self-designed commander’s uniform at the head of an expanded standing army. This army would be paid for by a “funded debt”; i.e., a permanent federal government deficit, constantly growing as it rolled over, with the interest paid by taxes levied on the nation’s population. Taxes would start with import duties and excise taxes on commodities, leading to higher consumer prices for manufactured goods.

Fortunately for the nation, President Adams, nominally a Federalist but also an ardent patriot and distrustful of banks and debt, made peace with Napoleon after a period of naval skirmishes called the “Quasi-War,” so that Hamilton’s desired war against France never took place.

Instead, a dozen years later, Jefferson’s successor, President James Madison, fought a short but violent conflict with Great Britain that ended with the Capitol and White House being burnt by British troops but also with General Andrew Jackson’s stunning victory over British regulars at New Orleans after the peace treaty had already been signed on the basis of status quo ante bellum.

The War of 1812 also saw the last attempt by the U.S. to conquer Canada at the Battle of Lundy’s Lane. The U.S. had previously failed to take over Canada during the Revolutionary War. From now on, the U.S. would be sharing North America with an aggressive Great Britain growing in power. The head of the Canadian state was, and would remain until today, the British monarch.

Returning to Thomas Jefferson’s electoral victory in 1800, Hamilton said what he had always believed: that the Constitution was a “frail and worthless fabric.” (Age of Jackson,p. 15) Jefferson’s fiscal policy, implemented by Treasury Secretary Albert Gallatin (served 1801-1814), was to slash government expenditures, reduce reliance on the financiers who ran the First Bank, and diminish the Bank’s role in the growing US. economy.

Jefferson and Gallatin cut military spending nearly in half, eliminated excise taxes, and abolished “unnecessary offices.” The resulting budget surplus, combined with tariff revenues from a growing economy, was directed at paying down the federal debt. The Jeffersonians also understood that the federal government didn’t need to borrow money to spend on promoting manufactures, because the expanding private sector was doing that on its own.

Rather than continuing to run up the debt to ensure support of the government by the financial elite, the Jeffersonians did the opposite. Countering Hamilton, they saw the financial aristocracy, whose wealth lay in pieces of paper of artificially inflated worth, as the greatest threat possible to both agricultural and, as time went on, manufacturing value derived from honest skilled labor. They also understood that the best way to defeat the Money Power was to make peace, not war.

The Money Power always viewed war as their pathway to control, and continue to do so today. “Endless war” might well be their motto, with any competing power subject to attack under whatever pretext is convenient.

Early in Jefferson’s presidency, the U.S. government negotiated the Louisiana Purchase, signed on April 30, 1803, which bypassed the Bank altogether. When the offer came from Napoleon for the deal that would double the size of the U.S. overnight, the Treasury held only $5.86 million in specie at a time when it needed to pay an asking price of $15 million in cash to the desperate French emperor who had run out of money in his war with Great Britain.

Secretary of the Treasury Gallatin was able to cover $3.75 million of the purchase price by taking over French debts owed to American citizens from seized ships and cargoes during the Quasi-War. Gallatin raised the remaining $11.25 million by selling bonds at 6% interest to Dutch and British investors who would be paid in semiannual installments, with the entire debt to be retired by 1822. Payment of the debt represented 95% of the government’s annual revenue but was paid off on-schedule through customs duties and public land sales, with no new taxes or borrowing.

The Louisiana Purchase and its financing by Jefferson and Gallatin was the most brilliant geopolitical coup in American history, with the First Bank of the United States sitting uselessly on the sidelines. By 1811, when the Bank’s charter expired, James Madison, known as the “Father of the Constitution,” had succeeded his mentor Thomas Jefferson as president and leader of what was now the National Republican Party.

Instead of fighting France on behalf of the British Empire, the U.S. was now moving toward a war against Britain itself—The War of 1812—which may be seen as an extension of the American Revolution. The pro-British Federalists, even with Hamilton long dead from his duel with Jefferson’s Vice-President Aaron Burr, adamantly opposed the war. This opposition doomed the Federalists as a viable political force and also doomed the First Bank.

Delegates from the New England states who opposed the war tried to mount a secession vote at their Hartford Convention in December 1814-January 1815 and make a separate peace with Britain. The movement collapsed when the Madison administration signed the Treaty of Ghent, ending the war.

A major development that undermined the Money Power was the fact that the First Bank went out of business in 1811 due to the opposition to its charter being renewed by the more than 200 state-chartered banks, fear of foreign ownership of the appreciating Bank stock, and the longstanding concerns among Jeffersonians about the Bank’s constitutionality.

Yet a national currency was still needed. Madison’s administration now took the historic step of financing federal government operations for the first time by printing bills of credit, with no new debt and no additional taxes. Added to the genius of the Louisiana Purchase, a vast region where settlers were now flocking in, the Federalists and the Money Power had been routed.

The Treasury now issued what were called Treasury Notes between 1812 and 1815, after which the Second Bank of the United States was chartered when the Money Power attacked the Notes by driving them out of circulation. At the same time, the Treasury sold government bonds, a debt instrument, directly to investors.

As we saw in our previous article—”American Constitutional Confusion”—the U.S. Constitution as ratified banned the states from issuing bills of credit (Article I, §10).; i.e., paper money backed only by the good faith of a state government and their acceptance in payment of taxes.

Many in Congress argued that a similar prohibition on issuance of bills of credit by the federal government was also implied. The congressional debate was strenuous. So in order to sidestep the constitutional question, the government at first structured the notes in four successive issuances as interest-bearing debt. Unlike bonds, they were paid directly to the soldiers and suppliers fighting the War of 1812 against the British. Similar to bonds, they matured in one year with interest paid in the amount of 5⅖%.

The fifth and final issuance, however, released on February 24, 1815, carried no interest, had no expiration date, and were released in denominations as small as $3, thus constituting the first true circulating federal government currency.

It was this currency, issued directly by the Treasury Department, that allowed the U.S. to keep armies in the field against the British during the War of 1812. This included Andrew Jackson’s victorious army at New Orleans, as well as the army that fought the British and their Indian allies in the Ohio country, though, as we have seen, that army failed to secure Canada when it attacked the British there.

The mere existence of bills of credit went a long way toward settling the constitutional question of their legality, created a precedent that paved the way for the Civil War Greenbacks, and threw the American and British financiers—the Money Power—into a raging panic.

To this day, no one in the professional history establishment even dares to reveal that it was Treasury bills of credit that saved the nation from catastrophic defeat in the War of 1812. In addition to paying its soldiers with Treasury Notes, the government provided them with free land for settlement in the Northwest Territories. One of my own ancestors received a land grant in Illinois for his wartime service.

The printing of Treasury Notes during the War of 1812 was the first of many times that Treasury-backed bills of credit have been issued by the federal government and spent into circulation for congressionally-authorized expenses. The most well-known such issuance was the Civil War Greenbacks. The last such issuance took place in 1974, after which the Money Power running the Federal Reserve slammed the door shut against any federal government spending except through its own debt-based Federal Reserve Notes.

President John F. Kennedy had such an issuance in mind when he proposed a new series of silver certificates in an executive order that was rescinded after his assassination. Today, we have on the books of Congress Representative Dennis Kucinich’s proposed NEED Act of 2011 which would authorize government bills of credit and which will be discussed extensively later in this series of articles.

Of course, one of the tricks of the Money Power, when faced with incontrovertible evidence of its crimes and conspiracies, is to undermine public confidence. The British did so during the Revolution by printing counterfeits of the Continental Currency. The first attack on the 1811-1815 bills of credit came from state banks and private investors who received them as investments or in commerce and then immediately used them to purchase U.S. government bonds at 7%.

This kept the Treasury Notes from continuing to circulate. Meanwhile, prices were inflating with the near-doubling in the number of state-chartered banks—117 to 212—that were created as a source of lending with the First Bank now defunct. Despite allegations that the bills of credit were inflationary, they were trading at par—full face value—in 1815. The wholesale price inflation of 35% between 1811 and 1815 resulted from expanded state bank lending and from commodity import shortages resulting from the British naval blockade, not from government-printed money.

Another response to the need for spendable cash was the issuance of scrip—paper IOUs—by businesses such as taverns, general stores, lumberyards, and many others. The scrip circulated as local currency, a practice which was—and is—entirely legal and which continued off and on throughout the 19^th century and on to the present. Today, cryptocurrencies have become the new scrip. Scrip, however, does not constitute legal tender for payment of taxes.

Returning to history, controlling the mushrooming growth of state banks was a primary motive in congressional action to charter a new national bank—the Second Bank of the United States—in 1816. Another factor—or excuse—was to manage the wartime debt by rolling over the federal war bonds and stretching out repayment. But in its zeal, the Second Bank first inflated the money supply with cheap loans, then suddenly raised interest rates to tighten credit. The result was the Panic of 1819, with Britain benefiting by flooding American markets with cheap manufactured goods and the state banks being forced to call in loans while demanding scarce specie in the payment of new loans. The British role will be repeated in the Panic of 1837, as we shall see.

As I wrote in Our Country, Then and Now (p.54):

“The Panic of 1819 was triggered by a collapse in cotton prices [in Britain] due to a contraction in credit. The contraction resulted when the Second Bank of the United States tightened lending after its Baltimore branch collapsed under the weight of non-productive speculative loans. Critics of banking had long foreseen the dangers of such speculation.

“The Bank tried to save itself by importing $7 million in specie from European banks [including the Bank of England]—at a price, of course. State-chartered banks were forced to call in their own loans in order to remain solvent, and foreclosures of farms and bank failures resulted. The effects of the Panic of 1819 lasted for two years and were felt most in the West and South.”

The Panic of 1819 was the country’s first major financial depression, caused directly by the Money Power’s actions in first inflating, then squeezing the money supply to prevent payoff of loans from banks in inflated wartime dollars and to save its own skin in the face of its shaky lending to land speculators.

To this day, speculative lending is one of the most egregious flaws of bank credit. In the 1820s it was for land speculation in the millions of acres the government was selling in the Midwest and South, much of the land for planting in cotton. This tied the U.S. economy to markets in Britain and Europe.

Today, it’s derivatives, along with stocks and bonds bought on margin, plus asset stripping of whole companies and industries purchased by “vulture capitalists.” The vehicles have not changed, only the scale. The federal government is deeply in collusion with the banks and vulture capitalists by taxing their proceeds, maintaining Treasury bonds as the banks’ reserve base, and allowing such shady investment practices in the first place. But all this began early in the nation’s history.

Another result of the Panic of 1819, doubtless planned by the Second Bank and its partners in the states, was to drive landowners and manufacturers into bankruptcy, then purchase their farms and businesses for pennies on the dollar. The same abuse has taken place in every economic downturn in U.S. history.

Actually, banks don’t care what they lend for or to whom they lend, as long as they make a profit. In the absence of profit or the case of borrower default, they write the laws which legislators in their pay utilize to seize the collateral of such borrowers.

In the case of the Second Bank, the Bank quickly came up with the practices of lending to members of Congress to overlook their transgressions and making outright payments to newspapers that spouted a pro-Bank party line. Such abject corruption continues in full force today, with the U.S. mainstream media being owned and operated by Wall Street-connected billionaires.

But even more corrupt was the way the Money Power passes off its inflated paper as “real.” Schlesinger wrote in The Age of Jackson (p.24), “But the aristocracy’s greatest source of strength lay in its success in cloaking ‘fictitious’ property—bank paper and stocks—with the prestige of honest private property,” action he described as “redistribution”—i.e., of wealth, “from above.” In fact, the chokehold of the money lenders robs both the worker and the honest businessman of the fruits of their labor.

The power of the bankers was cemented during the reign of John Marshall, chief justice of the United States, who served as chief justice from February 4, 1801, until his death on July 6, 1835—a tenure of over 34 years, making him the longest-serving chief justice in Supreme Court history.

Marshall, who resided in Richmond, Virginia, was a staunch Federalist who came to be viewed as Alexander Hamilton’s successor as party leader at a time when the triumph of Jeffersonian Democracy had caused the Money Power to claw their way into the unelected national judiciary as a bastion for their elitist ideals and to bide their time before resuming their plans for ultimate takeover of the American economy.

It was Marshall who made court decisions that elevated the corporation, especially the banks, to the controlling position in the U.S. economy, while the same thing was being done in Great Britain and throughout Europe. It was the “personhood” of the corporation and its legal right to exert exclusive property rights over assets it acquired, while the owners avoided all personal liability, that displaced the independent farmer and journeyman as industries grew and became larger and more mechanized.

This reduced farmers and mechanics to mere employees and debtors without any right to tenure or to sharing in the profits of the enterprise. A person who was gainfully employed and supporting a family one day could now be fired and thrown into the street the next. By the 1820s, labor unions were starting to be born to contest such practices, but with little or no legal standing.

It was John Marshall and the Federalist bench that codified these horrors into a permanent feature of U.S. governance. In the case of McCulloch vs. Maryland, denying the right of any state to tax a branch bank of the Second Bank of the U.S., Marshall also affirmed the doctrine of “implied powers” first broached by Alexander Hamilton. This allowed the federal government to take any action it deems fit to implement such provisions as the “General Welfare,” regardless of specific constitutional authorization. The path to tyranny under control of the Money Power was now wide open.

Gone was any sense of community responsibility or sharing in the abundance of the Industrial Revolution. The phenomenon of “poverty in the midst of plenty” became the ruling dynamic of American society. The Protestant clergy took up the cause of supporting the rich in its campaign against the rights of the marginalized rank-and-file of society, decrying “that rampant freedom which is so characteristic of the American people” and stating that “opposition to corporations would be opposition to the Christian religion.” (Age of Jackson, p.16-17)

Sitting atop the entire corporate structure were the bankers who, with every loan they made, acquired a lien on the mortgaged assets, so were, by law, the potential ultimate owners of everything.

All this was the work of John Marshall and his fellow justices. It was also Marshall who created the doctrine that lands formerly inhabited by Native Americans had passed from their ownership into the hands of white society on the basis of “the law of conquest,” thus depriving the Indians of all legal rights. Naturally, Marshall et.al. were also the staunchest bulwark of the system of black chattel slavery.

The Money Power also promoted the doctrine that the franchise—the right to vote—should belong only to property owners. But by the 1820s, the tide had turned. The right of the people to participate in elections could not be stopped. The result was that in 1828 a revolution took place similar to the one in 1800—General Andrew Jackson was elected president.

Jackson was the most famous man in America, previously a U.S. Representative and Senator, now back home at his Hermitage plantation near Nashville, Tennessee, a war hero after the Battle of New Orleans and victor over the Seminole Indians and the Spanish in Florida. Jackson marked well the power over the economy exerted by the Money Power and its backers in the courts and among the clergy in taking over commerce to benefit the money lenders.

Jackson had a long memory, and when he resumed his political career after a losing run for the presidency in 1824 when he had won a plurality of both the popular and electoral votes, he was already looking toward renewing the battle against newly-elected President John Quincy Adams in 1828. Adams had won the presidency by a vote in the House of Representatives, when another losing candidate, Henry Clay, threw Adams his support in exchange for appointment as secretary of state. Seething at what he saw as a direct attack by the Money Power, Jackson now placed elimination of the Second Bank on his short list for reform.

The Second Bank, headed by Nicholas Biddle, a Philadelphia aristocrat and staunch Hamiltonian, had, once the dust cleared from the Panic of 1819, begun a new program to reestablish national banking under the auspices of private investors. His agenda was to restore control of the nation’s finances to the Money Power—and the social class with which he was comfortable—as the nation’s memory of Jeffersonian democracy was fading away.

A powerful political movement was now stirring through an alliance among Henry Clay of Kentucky—John Quincy Adams’ secretary of state—Senator Daniel Webster of Massachusetts—spokesman for New England’s growing mercantile power—and states’ rights advocate John Calhoun of South Carolina. As a Jackson victory in 1828 loomed, these advocates for what they called the “American System” created the Whig Party as successors to the defunct Federalists (though Calhoun later shifted into becoming a states’ rights secessionist).

The conflict came to a head with the “Bank War,” during which Jackson put the Second Bank out of business.

Jackson knew exactly what was at stake and that the key fact with respect to how the government should be run was the permanent “funded debt.” He said, “I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country.” (Age of Jackson, p.36) He foresaw a constant hovering of rich people around the levers of government in order to obtain profit from what should be public decisions. Sound familiar?

Nor did the forces behind Jackson buy into Clay and Webster’s American System, seeing in that seductive name merely Money Power propaganda.

Of the three legs of the American System, a privately-owned and run national bank meant turning over financial control of the republic to the Money Power; protective tariffs meant raising prices for consumers without any corresponding benefit to them in terms of income or ownership of property; and “internal improvements” meant federal money for private corporations that paid workers starvation wages for projects that could be better accomplished by the states and localities without the necessity of the permanently funded federal debt.

James K. Polk, Jackson supporter, Tennessee congressman, and future president, went further in an 1830 speech:

“It is a tripod, it is a stool that stands upon three legs; first, high prices of the public lands….the policy of this branch of the system is to sell your lands high, prevent thereby the inducements to emigration, retain a population of paupers in the East, who may, of necessity, be driven into manufactories, to labor at low wages for their daily bread. The second branch of the system is high duties…first, to protect the manufacturer by enabling him to sell his wares at higher prices, and next to produce an excess of revenue [i.e., taxes collected from duties]. The third branch of the system is internal improvements, which is the sponge which is to suck up the excess of revenue.” (Age of Jackson, p.62)

In other words, the American System was a Trojan horse, with Jackson and his vast constituency seeing it as such. What they wanted was their fair share of the bounty of the land they loved and had fought for and a solid currency with which to do their legitimate everyday business. They saw the American System as destructive of economic equality and providing no real boost to economic opportunity for the ordinary farmer or worker. (Age of Jackson, p.58)

Jackson himself saw currency as specie—“hard money”—i.e. gold and silver as the basis for the federal government’s own operations while it paid off its debt. Jackson paid off the entire federal debt by 1835, for the first, and last, time in U.S. history. The private sector, meanwhile, functioned perfectly well through the state and local banking system derided by the moneyed aristocracy as “Wildcat Banks,” along with investments by way of burgeoning stock markets in New York and elsewhere.

Jackson and his supporters, including the hundreds of thousands who voted for him in 1828, were disgusted by the opportunism of the lords of money who cared nothing for the integrity of the people’s right to live in their homes and work on their farms and in their shops unmolested.

It was also a time when the deeper thinkers in American society were addressing the question of what, really, is the essence of American democracy. The most superficial interpretation lay with the “social contract” theories handed down from the so-called Enlightenment by writers such as John Locke (1632-1704).

Locke wrote, “The only way whereby any one divests himself of his natural liberty, and puts on the bonds of civil society, is by agreeing with other men to join and unite into a community for their comfortable, safe, and peaceable living one amongst another, in a secure enjoyment of their properties.”

But Locke’s ideology was essentially transactional, shallow, and self-serving. While he affirmed the natural “rights of man” prior to any formation of government, he had no good answer if an entire class of wealthy lords of money chose to use financial and legal subterfuge to overthrow his “ideal” state of society and erect their own oligarchy of wealth, influence, and power.

Their interpretation of “human rights” was their own “right” to always make a profit. What society then devolves into is ordinary people fighting with each other for the crumbs that fall from the master’s table. This philosophy found itself perfectly formulated later in President Ronald Reagan’s “supply-side” economics, which critics accurately characterized as “trickle-down.” But “trickle-down” has a much longer history than its proponents care to admit.

A potent alternative was evoked by individuals such as Abraham Lincoln, whose attitude toward the sanctity of the Union and its preservation was almost mystical in its intensity, as well as the poetry of Walt Whitman, and in works like the classic “Battle Hymn of the Republic” by Julia Ward Howe. We can also invoke writers like Orestes Brownson (1803-1876), one-time Transcendentalist, advisor to Lincoln, and editor of the Boston Quarterly Review.

In his 1865 treatise The American Republic: Its Constitution, Tendencies, and Destiny, Brownson wrote:

“Providence, or God operating through historical facts, constituted the American people [as] one political or sovereign people, existing and acting in particular communities, organizations, called states. This one people organized as states, met in convention, framed and ordained the constitution of government…The constitution of the people as one people, and the distinction at the same time of this one people into particular States, precedes the convention, and is the unwritten constitution, the Providential constitution, of the American people or civil society.” (p.121)

Relating to the Bill of Rights, Brownson wrote: “The doctrine of individual freedom before the state is due to the Christian religion, which asserts the dignity and worth of every human soul, the accountability to God of each man for himself, and lays it down as law for every one that God is to be obeyed rather than men.” (p.43)

He wrote that:

“The United States Bank [i.e., the First and Second Banks] was manifestly unconstitutional, as probably are the present co-called national banks [created by the National Banking Act of 1863]. The United States Bank was a private or particular corporation, and the present national banks are only corporations of the same sort.” (p.128)

Brownson would no doubt agree that the same applies to the Federal Reserve System and that to turn over the God-given sovereignty of the people in creating their constitutional government to the Money Power through such banking corporations is to defy God and invite destruction. Truly St. Paul said, “The love of money is the root of all evil.”

Obviously, the constitutional prohibition that “Congress shall make no law respecting the establishment of religion,” did not cancel the idea that a nation that looks to God for guidance has a more profound way to relate to its inhabitants and neighbors than one founded merely on a transactional relationship. The Golden Rule is not a transaction. It is a solemn and timeless compact between man and God and among people with each other.

Similarly, looking deeply into 19^th century history, despite the emerging discontent among American farmers and workers, we see that scarcely anyone in the U.S. has gone in the direction of Marxism or “class warfare,” much less “dictatorship of the proletariat.” “Dialectical materialism” leading to a “classless” society was just as absurd. Here again, we seek the Golden Rule for guidance. We also see that a constitutional republic has both rulers and those that are ruled and that the rulers must be freely elected by the people.

In actuality, the American “proletariat,” if it can even be called that, sensed that they lived in a great country, loved their families and their work, were capable of selecting leaders of their constitutional republic, and mainly wanted to be left in freedom to work and thrive. They accepted the rule of law and the existence of social classes, but also expected the government to assure fairness and to this day have not given up, while the Money Power seeks the exact opposite.

All this heritage was arguably part of President Andrew Jackson’s source of strength in the Bank War where he did not intend to surrender for the sake of Bank president Nicholas Biddle and Biddle’s investors dominated by American, British, and Dutch plutocrats. Jackson was a member, by the way, of the Presbyterian Church. As president of the United States, he and his successors filled the only elective office of the national government that represented all the people. So naturally, it was to Jackson to whom the people looked for their safety and to guard their freedoms.

In the next installment we take up the subject of the “Bank War” between President Andrew Jackson and the Second Bank, which Jackson won in an epic battle that reverberates to this day.

But the Money Power was lurking. The January 30, 1835, attempted assassination of Jackson by English-born Richard Lawrence arguably came from that source. When the assailant’s pistols failed to discharge, Jackson beat the culprit with his cane.

Future presidents were not so fortunate. In fact, subsequent assassinations of Abraham Lincoln, James Garfield, and William McKinley also can likely be traced to the Money Power. The murder of President John F. Kennedy on November 22, 1963, undoubtedly came from that source whose actions always included actors both from within the U.S. and abroad. The Money Power, after all, is an international conspiracy.

But for now, with Jackson having faced down the Bank, a constitutional Union was destined to prevail with at least a fighting chance. In the next article we shall see how the Bank War happened and what were the results.

Thanks for reading. Coming up: Monetary Wars continued.

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Research for this article has been facilitated by Brave AI.

Richard C. Cook is a retired U.S. federal analyst with extensive experience across various government agencies, including the U.S. Civil Service Commission, FDA, the Carter White House, NASA, and the U.S. Treasury. He is a graduate of the College of William and Mary. As a whistleblower at the time of the Challenger disaster, he exposed the flawed O-ring joints that destroyed the Space Shuttle, documenting his story in the book “Challenger Revealed.” After serving at Treasury, he became a vocal critic of the private finance-controlled monetary system, detailing his concerns in “We Hold These Truths: The Hope of Monetary Reform.” He served as an adviser to the American Monetary Institute and worked with Congressman Dennis Kucinich to advocate for replacing the Federal Reserve with a genuine national currency. See his new book, Our Country, Then and Now, Clarity Press, 2023. Also see his Three Sages Substack and his American Geopolitical Institute articles at https://www.vtforeignpolicy.com/category/agi/.

“Every human enterprise must serve life, must seek to enrich existence on earth, lest man become enslaved where he seeks to establish his dominion!” Bô Yin Râ (Joseph Anton Schneiderfranken, 1876-1943), translation by Posthumus Projects Amsterdam, 2014. Also download the Kober Press edition of The Book on the Living God here.  

He is a Research Associate of the Centre for Research on Globalization (CRG).

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