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To: Verginius Rufus

Agreed.

The obsession of Jackson and his peeps with destroying the Bank was probably a very bad idea, as it turned out.

The USA almost certainly needed a National Bank at the time, and now, for that matter. Which is not to necessarily say Biddle’s bank or the Federal Reserve was or are the banks we need.

When Jackson shut down the Bank, he made a speculative and inflationary bubble and the resultant eventual Panic of 1837 inevitable.


29 posted on 05/04/2013 7:49:47 AM PDT by Sherman Logan
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To: Sherman Logan

The Biddle family has produced a number of distinguished Americans. A great-great-grandson of Nicholas Biddle of Bank War fame was A. J. Drexel Biddle, Jr. (1897-1961), a U.S. diplomat under FDR and later, also a major general (buried in Arlington National Cemetery). Francis Biddle (1886-1968), Attorney General 1941-1945, was descended from a cousin of Nicholas Biddle. Francis Biddle initially opposed FDR’s internment of Japanese-Americans and Japanese citizens living in the US, but later went along with the policy. He was also one of the judges at the Nuremberg trials.


30 posted on 05/04/2013 8:09:05 AM PDT by Verginius Rufus
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