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The date was 177
A few miles from Boston
Lived a miserly couple that wished for wealth over deliverance to heaven
They sought out wealth in any way possible too often.
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Tom the met the devil first
However, his wife was the initial casualty
Rumors of her demise was the only thing that was dispersed
In the end, Tom too fell to be his casualty.
Showing that no good
Comes from ill-gotten riches.
One should work hard for it’s numerous or meager food
If one takes the dirty route to the top, he will reside forever in the ditches.
Then when one becomes to deep in trouble
He will seek an easy way out in this case, it was church
Though no matter how hard one tries he will be trapped in a immoral and guilt bubble
He will find his home in hell on a perch.
In addition, when one becomes rich and greedy
His friends and neighbors abandon him
Then this is when he is truly needy
As a result, no one will carry out his dying whim.
One of my great ancestors, Christopher J. Birkett, was there during the Panic of 17. He was an average businessman in the north. He owned no slaves, and believed in the elaboration of the slaves. He was average in every shape and form. He use to tell his children the story of the panic and it was passed down all the way to me. The Panic of 187 was one of the first panics to hit. It affected everyone from the president down to the common man. This is the story he told.
The panic was an incident involving an unsuitable currency and financial system resulting in a lack of confidence in both government and the banks. A n independent treasury system was emerged when president Andrew Jackson transferred in 18 government funds of the United States to the state banks.
The bank of the United States was a national bank created by the U.S. congress. The first bank gained apposition from the West because of its conservative policies, which meant it was against inflating the money supply through its means of paper money that was unbacked by gold or silver. From these policies the charter was allowed to expire which it did. This was the first things that did not help Christopher. He had no way to feed his family since the paper money he had was not backed up with hard cash. Christopher was then forced into poverty.
Andrew Jackson soon came into fame when in 1818 he led retaliation against the Seminoles in Florida and captured Pensacola involving the US in serious trouble with Spain and Britain. Christopher was never one of Jackson’s followers. So when the presidency fell into the hands of The House of Representatives and John Quincy Adams won. Christopher was pleased, but on the other hand Jackson got a sour taste in his mouth from the election. Even though Jackson did not win this time he ran again and became the president in 188. Jackson’s victory brought a strong element of “personalism” to Washington and his admistration became known as the “Kitchen Cabinet”.
Andrew Jackson was alson the first President to create the “Spoil System” which simply meant that all his buddies who helped him get into office got a fat paying in government. The “spoils” of the victory were given to his political supporters.
When Christopher got wind or this he was filled with rage, here he was living in poverty and all of Jackson little rats were living in luxery. Sally, Christopher daughter, was soon becoming ill.
From the anti-establishment and the anti-Eastern States perspective, the fight against the bank of the United States of the United States became an important issue in the presidential election of 18, in which Jackson defeated Henry Clay for the presidency. Following the victory, Jackson went about destroying the central banking system of the United States and transferred federal assets to chosen state banks. This action seriously impaired the confidence in the currency and in 186 Jackson issued the “Specie Circular,” which stated that all public lands must be paid for in gold or silver (specie). This effect hastened the Panic of 187 and tended to contradict the private script system where indival banks were allowed to issue their own paper currency.
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