Democratic (constitutionalist) President Jackson signs the Deposit Act 1833, establishing a 5,000,000 Dollar emergency reserve fund, with any future Treasury surpluses to be deposited in at least one private bank in each State in the voluntary Union.
Postscript: The “pet banking” Act quickly gave rise to such corruption that it was abandoned within two years.
[updated 3/13/2022]
Subsequent Events:
Authority:
Article I, Section 8 [Clauses 1 and 2]
ccc-2point0.com/constitution-for-the-united-states
Article I, Section 9 [Clause 6]
ccc-2point0.com/constitution-for-the-united-states
References:
Deposit Act, 5 Stat.52, 55 (1836).
Calvin D. Linton, ed. The Bicentennial Almanac: 200 Years of America, 1776-1976, (Nashville, Tennessee: Thomas Nelson, 1975), 110.
us events
www.duke.edu/~charvey/Country_risk/chronology/us-events.htm
U.S. Banking Timeline
www.libertyforlife.com/banking/currency-us-timeline.html
Current U.s. National Debt:
