1

Andrew Jackson, a nearly infamous character in the history of the presidency, has been something of an enigma for many biographers and historians. They have come to acknowledge that Jackson was the architect of many policies that led to what, by modern standards, would be considered human rights violations, not the least of which would be his Indian Removal Act of 1830. The question of Jackson’s basic character, however, becomes more difficult to speak to directly when one objectively considers his stand against central banking. Certain commentators on Jackson’s famous “War on the Bank” of the 1830s have approached the event with extreme bias. They have either totally condemned him or lauded him for his earnest attack on the Second Bank of the United States, and they have likely developed their assessment of his actions on the basis, however subconsciously, of their own views on central banking, which remains a hot-button issue to this day. …

2

In order to gain a new perspective, it will be necessary to appeal to a fictional character, Mr. Atticus Amhurst, antebellum financier from Gettysburg, Pennsylvania. Amhurst is clearly convinced of the necessity of central banking in order to establish a means by which the many different paper notes from banks across the State of Pennsylvania, and across the nation at large, could be gathered into one form and universally redeemed. He also carries strong opinions about competition between American and foreign creditors in international money markets and believes that a central bank is the only way to establish a foundation for the further satisfaction of American interests in those markets. Amhurst, eminently practical when it comes to money, does have an idealistic side, which is obvious as he gives his opinions about Jackson’s character, a character which he knows well and tends to romanticize as he reminisces.

Letter from Atticus Amhurst, Fictional Financier

To Lieutenant William J. Cooper of Martin’s Ferry, Ohio, April 2, 1844

My Dear, Dear Mr. Cooper,

3

Were I not nearly so old and forgetful, I would write a book about General Jackson. Today, as I was sifting through some old newspapers, more keepsakes now than anything with a ready utility, I came across some editorials from about 15 years ago during that dreadful business between Old Hickory and the Bank. I remember being incensed in those times as I read some of the intolerable libels against our old fine commander, and I find I have little patience for reading them through even now. Equally striking to me then, but even more so these days, was the ignorance of Jacksonians who, knowing neither the man nor his mind, but merely sympathizing with his cause, shamefully slandered the Second Bank of the United States, that institution which, for a time, promised to make our nation the envy of the modern world of finance. … [Amhurst continues, reviewing his newspaper clippings from the 1830s.]

Your good friend and brother-in-arms,

Atticus D. Amhurst

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