Public Revenue Quotes
The United States government had for many years deposited all its funds in a single private bank, the Bank of the United States. In 1833, President Andrew Jackson, without any congressional authorization, ordered the federal deposits to be distributed among state banks instead. The Senate was furious and passed the first resolution of censure of a President in United States history:. Carried by a vote of 26 to 20. Four years later a pro-Jackson Senate majority voted to expunge the resolution.
The country which had been in great financial difficulty as a result of the Revolutionary War debt, was solvent for the first time—and some jokingly say the last time—until the Clinton administration. It was not any particular management, but it was the incredible growth both in population with people coming from the entire world to become a part of the new experiment in government, and in industrial and agricultural productivity. The growth was so fast that there was no longer any need for any internal taxation and the entire government and the retirement of the war debt could be managed by the revenue from customs duty.
The major revenue of the Federal Government had initially been import duties. (There was no income tax then.) The sale of the vast public lands turned out to be another Federal income source.