Old Hickory off the Double Sawbuck

Looks like a Broadway hit will keep Alexander Hamilton on the ten dollar bill.  And Andrew Jackson is getting bumped from the twenty.  There are many arguments to drop Jackson from the currency–mostly dealing with what we’d today call crimes against humanity  against Native Americans– but not least among them is that Jackson hated the idea of paper money.

His entire second term was dominated by a blood feud with Nicholas Biddle, president of the Second Bank of the United States.  Jackson’s contractionary monetary policy wrecked the economy shortly after he left office, making his hand-picked successor, Martin Van Buren, a one-term president.  I could make the case that if you don’t like Jackson, the worst thing you could do to him is leave him on the $20.

One thought on “Old Hickory off the Double Sawbuck

  1. But Washington, Hamilton, and the high-finance set of their time hated paper money too: “the curse of pulp,” as Robert Morris put it. They’re rolling in their graves, begging to be taken off the currency like Jackson.

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