The beginning of the new year brought further glad tidings. When the federal accounts were tallied on January 1, 1835, the United States government was no longer in debt. Jackson had been paying down the debt since his first day in office, in the Jeffersonian belief that the debt was a Federalist plot to fatten bankers and subvert the republic. After six years, his administrative reforms and spending vetoes paid off in this proud accomplishment, which gave the lie to charges that a democracy could never control its fiscal appetites.
-H. W. Brands, Andrew Jackson: His Life and Times
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