Yes FFA👍 I have read the same thing. Also read the putting Jackson on the twenty was a posthumous slap in the face.

I don't recall Jackson being real popular with the Indians. My grandmother wouldn't accept a $20 bill!
I later learned why.

Some Founding Fathers were strongly opposed to the formation of a central banking system; the fact that England tried to place the colonies under the monetary control of the Bank of England was seen by many as the "last straw"[verification needed] of oppression which led directly to the American Revolutionary War.[citation needed]

Others were strongly in favor of a central bank. Robert Morris, as Superintendent of Finance, helped to open the Bank of North America in 1782, and has been accordingly called by Thomas Goddard "the father of the system of credit and paper circulation in the United States." As ratification in early 1781 of the Articles of Confederation had extended to Congress the sovereign power to generate bills of credit, it passed later that year an ordinance to incorporate a privately subscribed national bank following in the footsteps of the Bank of England. However, it was thwarted in fulfilling its intended role as a nationwide central bank due to objections of "alarming foreign influence and fictitious credit", favoritism to foreigners and unfair policies against less corrupt state banks issuing their own notes, such that Pennsylvania's legislature repealed its charter to operate within the Commonwealth in 1785.

In 1791, former Morris aide and chief advocate for Northern mercantile interests, Alexander Hamilton, the Secretary of the Treasury, accepted a compromise with the Southern lawmakers to ensure the continuation of Morris's Bank project; in exchange for support by the South for a national bank, Hamilton agreed to ensure sufficient support to have the national or federal capitol moved from its temporary Northern location, New York, to a "Southern" location on the Potomac. As a result, the First Bank of the United States (1791–1811) was chartered by Congress within the year and signed by George Washington soon after. The First Bank of the United States was modeled after the Bank of England and differed in many ways from today's central banks. For example, it was partly owned by foreigners, who shared in its profits. Also, it was not solely responsible for the country's supply of bank notes. It was responsible for only 20% of the currency supply; state banks accounted for the rest. Several founding fathers bitterly opposed the Bank. Thomas Jefferson saw it as an engine for speculation, financial manipulation, and corruption.[1] In 1811 its twenty-year charter expired and was not renewed by Congress.

After five years, the federal government chartered its successor, the Second Bank of the United States (1816–1836). James Madison signed the charter with the intention of stopping runaway inflation that had plagued the country during the five-year interim. It was basically a copy of the First Bank, with branches across the country. Andrew Jackson, who became president in 1828, denounced the bank as an engine of corruption. His destruction of the bank was a major political issue in the 1830s and shaped the Second Party System, as Democrats in the states opposed banks and Whigs supported them. He was unable to get the bank dissolved, but refused to renew its charter. Jackson attempted to counteract this by executive order requiring all federal land payments to be made in gold or silver. This produced the Panic of 1837.
1837–1862: "Free Banking" Era Edit

Main article: Wildcat banking
Period % Change in Money Supply % Change in Price Level
1832–37 + 61 +28
1837–43 − 58 −35
1843–48 +102 + 9
1848–49 − 11 0
1849–54 +109 +32
1854–55 − 12 + 2
1855–57 + 18 + 1
1857–58 − 23 −16
1858–61 + 35 − 4
In this period, only state-chartered banks existed. They could issue bank notes against specie (gold and silver coins) and the states heavily regulated their own reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. These banks had existed since 1781, in parallel with the Banks of the United States. The Michigan Act (1837) allowed the automatic chartering of banks that would fulfill its requirements without special consent of the state legislature. This legislation made creating unstable banks easier by lowering state supervision in states that adopted it. The real value of a bank bill was often lower than its face value, and the issuing bank's financial strength generally determined the size of the discount. By 1797 there were 24 chartered banks in the U.S.; with the beginning of the Free Banking Era (1837) there were 712.


Privately issued note, 1863
During the free banking era, the banks were short-lived compared to today's commercial banks, with an average lifespan of five years. About half of the banks failed, and about a third of which went out of business because they could not redeem their notes.[2] (See also "Wildcat banking".)

During the free banking era, some local banks took over the functions of a central bank. In New York, the New York Safety Fund provided deposit insurance for member banks. In Boston, the Suffolk Bank guaranteed that bank notes would trade at near par value, and acted as a private bank note clearinghouse.[citation needed]

Lincoln and Jackson fought the central banks...that is part of the picture.
Yes, that is what we are told of Harding.
What was interesting to me, and I had heard it before, that the act was never fully ratified by the states...only 4 states ratified the act...so how did they get away with that...many people/lawyers/judges know this...guess everyone likes the kool aid...

Maybe they say we have an uncivilization.....just saying.lol