A central bank president tried to buy the U.S. presidency. As president of the United States’ central bank, he was able to create money and use the money to generate power and buy off politicians. In essence, he used his financial power to wield political influence and control. To do this, he used the central bank to lend money to certain politicians. Additionally, he restricted loans to political enemies and certain geographic areas of the country to create recessions in these areas so that the local politicians would be perceived negatively.
The central bank president thought his power was so immense that he could control the whole country, and he financially supported a Presidential candidate using the central bank’s money. However, the incumbent saw through the evil use of money and refused to let the central bank recharter in 1836. The name of this central bank president was Nicholas Biddle, and his efforts to financially support Henry Clay in the 1832 election failed when the American public re-elected President Andrew Jackson. The United States did not have a central bank from 1836 until 1913.
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