President Andrew Jackson started his time in office with a zeal to completely wipe out America’s national debt. The states borrowed heavily to finance their rebellion from the British – some $75 million all told – and Jackson thought it reflected badly on the new nation to carry the burden. So like any good politician, he raised funds by dramatically cutting spending and creating a new source of revenue in the Western territories.

On this day, January 8th, in 1835, due to his aggressive revenue-raising efforts, President Andrew Jackson paid off the entire national debt of the United States. It proved to be a fleeting victory, as a financial crash several years later massively increased the debt of the United States to record levels, and the nation never again would reach zero.

Jackson’s pursuit of zero debt was merciless – he refused to pay for state infrastructure projects with federal funds, and offered sales of land in the Western states occupied by Indians to anyone who would drive out the Indians. The newly-cleared lands brought in tens of millions of dollars.