On January 8, 1835, President Andrew Jackson achieves his goal of entirely paying off the United States’ national debt. It was the only
time in U.S. history that the national debt stood at zero, and it precipitated one of the worst financial crises in American history.

The elimination of the national debt was both a personal issue for Jackson and the culmination of a political project as old as the
nation itself. Since the time of the Revolution, American politicians
had argued over the wisdom of the nation carrying debt. After independence, the federal government agreed to take on individual states’ war debts as part of the unification of the former colonies. Federalists, those who favored a stronger central government, established a national bank and argued that debt could be a useful
way of fueling the new country’s economy. Their opponents, most notably Thomas Jefferson,  saw the debt as a source of national
shame.

Andrew Jackson (March 15, 1767 – June 8, 1845)