Andrew Jackson comments on the economic crisis and ending the Fed

Andrew Jackson comments on the economic crisis and ending the Fed Posted by Matt Hawes on 10/17/08Well, not quite, but the warnings against the paper money system made in his 1837 farewell address can be directly transferred to our day."The distress and sufferings inflicted on the people by the bank are some of the fruits of that system of policy which is continually striving to enlarge the authority of the Federal Government beyond the limits fixed by the Constitution. The powers enumerated in that instrument do not confer on Congress the right to establish such a corporation as the Bank of the United States, and the evil consequences which followed may warn us of the danger of departing from the true rule of construction and of permitting temporary circumstances or the hope of better promoting the public welfare to influence in any degree our decisions upon the extent of the authority of the General Government. Let us abide by the Constitution as it is written, or amend it in the constitutional mode if it is found to be defective....""The paper-money system and its natural associations--monopoly and exclusive privileges--have already struck their roots too deep in the soil, and it will require all your efforts to check its further growth and to eradicate the evil. The men who profit by the abuses and desire to perpetuate them will continue to besiege the halls of legislation in the General Government as well as in the States, and will seek by every artifice to mislead and deceive the public servants. It is to yourselves that you must look for safety and the means of guarding and perpetuating your free institutions. In your hands is rightfully placed the sovereignty of the country, and to you everyone placed in authority is ultimately responsible."An ominous task nowadays to be sure, but one which Jackson was confident the people could win if they stuck at it."But it will require steady and persevering exertions on your part to rid yourselves of the iniquities and mischiefs of the paper system and to check the spirit of monopoly and other abuses which have sprung up with it, and of which it is the main support. So many interests are united to resist all reform on this subject that you must not hope the conflict will be a short one nor success easy. My humble efforts have not been spared during my administration of the Government to restore the constitutional currency of gold and silver, and something, I trust, has been done toward the accomplishment of this most desirable object; but enough yet remains to require all your energy and perseverance. The power, however, is in your hands, and the remedy must and will be applied if you determine upon it."There are two main courses of action to take. First, we must educate ourselves so that we can not only articulate sound economics, but also adequately combat the pro-fiat arguments. Second, we must spread the word. One great step toward that second goal would be to forward around Dr. Paul's CNN interview from earlier this morning to your friends and family.(Source for Jackson's Address: http://www.msplinks.com/MDFodHRwOi8vd3d3LnByZXNpZGVuY3kudWNzYi5lZHUvd3MvaW5kZXgucGhwP3BpZD02NzA4Nw==)