The American Revolution created single debt issue $75 million in 1790. Andrew Jackson takes office 1829 with $58 million left and sees it as his personal duty to rid us of the national curse that is its debt. Seeing debt as a moral failing and something of black magic to receive money for debt, he pays it all off by selling Western real estate and vetoing spending bills. Clean and clear, America and the states find themselves debt-free 1835. The Deposit and Distribution Act of 1836 breaks up the consolidated banks into state pet banks, but the