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Quote of the Day
“It has been urged as an argument in favor of re-chartering the present bank that the calling in of its loans will produce great embarrassment and distress. The time allowed to close its concerns is ample, and if it has been well-managed its pressure will be light, and heavy only in case its management has been bad. If, therefore, it shall produce distress, the fault will be of its own, and it would furnish a reason against renewing a power which has been so obviously abused. But will there ever be a time when this reason will be less powerful? To acknowledge its force is to admit that the bank ought to be perpetual, and as a consequence the present stockholders and those inheriting their rights as successors will be established a privileged order, clothed both with great political power and enjoying immense pecuniary advantages from their connection with the Government.”
-President Andrew Jackson after vetoing the charter for the Bank of the United States in 1832.
July 10th – This Day in Stock Market History
July 10th, 1832 – President Andrew Jackson vetoes extending the charter for the Bank of the United States, effectively ending the central bank’s monopoly on federal banking.
The bank would continue to operate on a state charter until 1841, when it declared bankruptcy. Quite a bit of “embarrassment and distress” did in fact occur, as the flood of paper that poured out from the state chartered banks led to one of the worst financial collapses in American history, known as the panic of 1837.
After Jackson’s veto, the role of currency issuer fell onto the private state banks. A tremendous amount of currency was printed up, causing price increases and a economic bubble. The bursting of this bubble in 1836 would become one of the worst financial crises America had ever seen. Unemployment would reach upwards of 25%, more than 600 banks would fail, and it would take more than 6 years for the countries economy to recover.
Source: Eyewitness to Wall Street – Years of Dreamers, Schemers, Busts and Booms
Best July 10th in Dow Jones Industrial Average History
1930 – Up 2.41%, 5.35 points.
Worst July 10th in Dow Jones Industrial Average History
2002 – Down 3.11%, 282.59 points.
Read of the Day
You can read President Jackson’s entire speech from his July 10th 1832 veto here.
<– Go To Previous Day: July 9th, 1977 – The Bell Telephone Company is organized.
Go To Next Day: July 11th, 2008 – IndyMac bank is seized by the FDIC, the first warning of the banking crisis to come…–>
