NO. Not "Jackson Federal Reserve System" Read…
What Jackson [did is] got rid of was the Bank of the United States, a national bank which was first created in 1791, but whose charter expired in 1811. The Bank of the United States was the idea of Alexander Hamilton, who overlooked constitutional concerns about its legality (Thomas Jefferson, James Madison and AG Edmund Randolph all told Washington that the Bank was unlawful), and convinced President George Washington to sign it into law. In 1811, Madison initially let it die, but it was revived in 1816 for another 20 years, now called the “Second Bank of the United States.”
Jackson, like many of the Founding Fathers, believed it was unconstitutional, even though the SCOTUS had ruled that it was legal in 1819. He also believed it was corrupt and had not done its stated role of keeping the currency stable. When a bill was sent to his desk renewing the bank’s charter, he vetoed it and then removed all U.S. government funds from the bank years before the charter ended. It survived until 1841 as a Pennsylvania state-chartered bank, but had long ceased to be the U.S. “national bank.”
The end of the Second Bank, coupled with the Bank of England raising interest rates at about the same time, caused a recession in the United States called the “Panic of 1837.” The U.S. economy was strongly tied into Britain’s at this time, and without a central banking system, there was no way to organize a response to alleviate the Bank of England’s move. It took a few years for the economy to recover.
However, once this was resolved,the U.S. survived without a “national bank” for more than 70 years. The Fed was created in response to another recession in 1907, with the idea that allowing the government to manipulate the money supply at will would prevent recessions. Instead, we’ve gotten even worse ones since then—often because the Fed bungles recessions into even worse recessions. But no one will ever convince Progressives that more government isn’t the solution to everything…