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Quote of the Day
“I have now done my duty to my country. If sustained by my fellow citizens, I shall be grateful and happy; if not, I shall find in the motives which impel me ample grounds for contentment and peace. In the difficulties which surround us and the dangers which threaten our institutions there is cause for neither dismay nor alarm. For relief and deliverance let us firmly rely on that kind Providence which I am sure watches with peculiar care over the destinies of our Republic, and on the intelligence and wisdom of our countrymen. Through His abundant goodness and heir patriotic devotion our liberty and Union will be preserved.”
-President Jackson after Vetoing the renewal of the charter for the Bank of the United States. On this day in 1836, the bank’s charter would expire leading to one of the few periods where the U.S. had no central bank.
March 1st – This Day in Stock Market History
March 1st, 1836 – The charter runs out for the Bank of the United States after President Jackson refused to renew its charter.
Jackson’s actual veto vote took place on May 10th 1832, and the bank operated under state charters through 1837 before failing. The result of the lack of a national bank led to an explosion in the number of “Free Banks” that were able to issue their own private currency, and would lead to the “Jacksonian Crisis of 1837”. The crisis, also known as simply the “Panic of 1837”, saw high inflation inflation followed by massive declines in stock prices that would lead to a 8 year long depression, unemployment would rise as high as 25%, and half the banks in country would fail.
March 1st, 2000 – The Nasdaq is up 108% over the last 12 months, the best 12 month gain in the index’s history.
But, signs that the rally is fading can be found everywhere besides the largest tech names.
The Dow Jones Industrial Average is up only 8.7% over that time, and the S&P 500 is up 11.5%. The Nasdaq would rise for another 9 days before reaching its tech bubble peak March 10th, 2000 at 5,048.60.
Source: Bull: A History of the Boom and Bust, 1982-2004
Best March 1st in Dow Jones Industrial Average History
1898 – Up 2.82%, 0.95 points.
Worst March 1st in Dow Jones Industrial Average History
2008 – Down 2.51%, 315.64 points.
Read of the Day
President Jackson’s profile at the Museum of American Finance
President Jackson’s entire statement upon his veto: Jackson Veto
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