"When President James Monroe announced in his 1824 message to Congress that the [nation's] large public debt, [accumulated since the Revolution], would be extinguished on January 1, 1835, Congress crafted legislation to transform that prediction into reality. Yet John Quincy Adams, Monroe's successor, seemed not to share the commitment to debt freedom, resulting in the rise of opposition to his administration and his defeat for reelection in the bitter presidential campaign of 1828. The new president, Andrew Jackson, was thoroughly committed to debt freedom, and when it was achieved, it became the only time in American history when the country carried no national debt. Lane shows that the great and disparate issues that confronted Jackson, such as internal improvements, the 'war' against the Second Bank of the United States, and the crisis surrounding South Carolina's refusal to pay federal tariffs, become unified when debt freedom is understood as a core element of Jacksonian Democracy."--

The Only Time America Was Free of Debt--and How It Led to the Two-Party Political System "An engaging treatment of a topic of perennial concern and frequent misunderstanding, this lucid tale of the brief moment when the United States was debt-free should be on every Congress member's bedside table."--Peter J.Woolley, Professor of Comparative Politics, Fairleigh Dickinson University When President James Monroe announced in his 1824 message to Congress that, barring an emergency, the large public debt inherited from the War for Independence, the Louisiana Purchase, and the War of 1812 would be extinguished on January 1, 1835, Congress responded by crafting legislation to transform that prediction into reality. Yet John Quincy Adams, Monroe's successor, seemed not to share the commitment to debt freedom, resulting in the rise of opposition to his administration and his defeat for reelection in the bitter presidential campaign of 1828. The new president, Andrew Jackson, was thoroughly committed to debt freedom, and when it was achieved, it became the only time in American history when the country carried no national debt. In A Nation Wholly Free: The Elimination of the National Debt in the Age of Jackson, award-winning economic historian Carl Lane shows that the great and disparate issues that confronted Jackson, such as internal improvements, the "war" against the Second Bank of the United States, and the crisis surrounding South Carolina's refusal to pay federal tariffs, become unified when debt freedom is understood as a core element of Jacksonian Democracy. The era of debt freedom lasted only two years and ten months. As the government accumulated a surplus, a fully developed opposition party emerged--the beginning of our familiar two-party system--over rancor about how to allocate the newfound money. Not only did government move into an oppositional party system at this time, the debate about the size and role of government distinguished the parties in a pattern that has become familiar to Americans. The partisan debate over national debt and expenditures led to poorly thought out legislation, forcing the government to resume borrowing. As a result, after Jackson left office in 1837, the country fell into a major depression. Today we confront a debt that exceeds $17 trillion. Indeed, we have been borrowing ever since that brief time we freed ourselves from an oversized debt. A thoughtful, engaging account with strong relevance to today, A Nation Wholly Free is the fascinating story of an achievement that now seems fanciful.

Class I. Foreign relations. 6 v. 1st Cong.-20th Cong., 1st sess., April 30, 1789-May 24, 1828.--class II. Indian affairs. 2 v. 1st Cong.-19th Cong., May 25, 1789-March 1, 1827.--class III. Finance. 5 v. 1st Cong.-20th Cong., 1st sess., April 11, 1789-May 16, 1828.--class IV. Commerce and navigation. 2 v. 1st Cong.-17th Cong., April 13, 1789-Feb. 25, 1823.--Class V. Military affairs. 7 v. 1st Cong.-25th Cong., 2d sess., Aug. 10, 1789-March 1, 1838.--class VI. Naval affairs. 4 v. 3d Cong.-24th Cong., 1st sess., Jan 20, 1794-June 15, 1836.--class VII. Post Office department. 1 v. 1st Cong., 2d sess.-22d Cong., Jan. 22, 1790-Feb. 21, 1883.--class VIII. Public lands. 8 v. 1st Cong.-24th Cong., July 1, 1790-Feb. 28, 1837.--class IX. Claims. 1 v. 1st Cong., 2d sess.-17th Cong., Feb. 5, 1790-March 3, 1823.--class X. Miscellaneous. 2 v. 1st Cong.-17th Cong., April 17, 1789-March 3, 1823

Considers the London Treaty on the limitation of naval armaments, between the U.S., Britain, and Japan.

From the authors of the national bestseller 13 Bankers, a chilling account of America’s unprecedented debt crisis: how it came to pass, why it threatens to topple the nation as a superpower, and what needs to be done about it. With bracing clarity, White House Burning explains why the national debt matters to your everyday life. Simon Johnson and James Kwak describe how the government has been able to pay off its debt in the past, even after the massive deficits incurred as a result of World War II, and analyze why this is near-impossible today. They closely examine, among other factors, macroeconomic shifts of the 1970s, Reaganism and the rise of conservatism, and demographic changes that led to the growth of major—and extremely popular—social insurance programs. What is unquestionably clear is how recent financial turmoil exacerbated the debt crisis while creating a political climate in which it is even more difficult to solve.