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Against Central Banking

On August 16, 1841, U.S. President John Tyler vetoed a bill to re-​establish the Second Bank of the United States. This made him deeply unpopular with his former supporters in the Whig Party — which was the party of “internal improvements” as well as an anti-​Jacksonian party, and Andrew Jackson had previously set himself against central banking. It is apparent that Tyler did this because he had come to believe a central bank was unconstitutional.

We have a central bank, now, of course. It is called the Federal Reserve.

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