Financial Institution Quotes
Morgan had arranged to lend the government $36 million in Gold when the national treasury was virtually bankrupt.
The State and local bankers and financers had opposed this of course as they often made money when everyone else including the government was broke and paid very high interest rates to borrow anything. Later, under Andrew Jackson, the Bank of the United States was ended. Later it was recreated and has evolved to the Federal Reserve System. However, as in Jackson’s day, populists and local bankers and financiers still argue against the idea of a national or central bank.