On Jan. 8, 1835, all the big political names in Washington gathered to celebrate President Andrew Jackson's outstanding accomplishment. A senator rose to make the big announcement: "Gentlemen ... the national debt ... is PAID."

This is the only time that the national debt was completely paid. This happened almost three years after Jackson vetoed a bill renewing the charter of The Second National Bank. The United States did not pass legislation to charter or create another "Central Bank" until 1913 when The Federal Reserve was created.

Jackson personally did not like debt or banks.

Unfortunately Jackson's accomplishment only lasted for a year.

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