Today in Supreme Court History

Today in Supreme Court History: July 10, 1832

|The Volokh Conspiracy |

7/10/1832: President Jackson vetoes the bill to recharter the Second Bank of the United States. He wrote that the bill was unconstitutional.

President Andrew Jackson

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  1. Resulting in the Panic of 1837. Of course, he knew he’d be out of office by then. Still some Native Americans left in Tennessee but he was too ill to lift a gun by that point.

    1. Of course, the government’s reduction in market meddling was the cause, as it always has been and always will be. Nothing to do with business cycles, crop failures, foreign government market meddling. Nothing.

      Leave aside where in the Constitution it allows the federal government to create a national bank. No, just do whatever meddling feels good, regardless of constitutionality, basic economics, and basic common sense. That’s the way to prosperity!

        1. Oh excellent, a Hamilton video. Yes, Hamilton the actual historical figure is such a compelling constitutional scholar, and Hamilton the character in a musical is such a fine encapsulation of all his wisdom, wit, and scholarship, not to mention his incredible common sense, and then there’s how much he knew about international finances 30+ years after his death.

          Yes, excellent rebuttal.

      1. Well, a bank would certainly seem to qualify as interstate commerce. (Not agreeing with the wisdom of it; just that isn’t unconstitutional.)

        1. It obviously is. We’ve had the Federal Reserve since 1913 and it serves most of the functions Hamilton intended for his National Bank.

  2. Great man.

    1. Being on the $20 bill gave him a huge electoral advantage. In those days, $20 could buy a house. Or a couple of good slaves.

  3. Those who wonder about the merit’s of Jackson’s veto should read the actual veto message (available several places on the web). I, for one, found it compelling. But Jackson was heavily criticized at the time by the press. To annoy them, he held a press conference announcing the veto in his favorite watering hole, The Buckland Tavern, about a day’s ride west of DC on the way towards TN. I bought the Tavern three years ago, and now every July 10 I drink a toast to the veto — with Old Hickory bourbon (alas, now made in NJ). Cheers!

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