Sold – President Andrew Jackson, Thought of As Foe of the Rich and Powerful, Intervenes to Assist a “Capitalist” of “Extensive Means”

This is one of the earliest, if not the earliest, use of the term “capitalist” by an American president.

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Started by Joseph D. Beers after he came to New York in 1815, J.D. Beers & Co. was a Wall Street banking and brokerage firm with offices on Wall Street. Beers formally retired from the firm in 1835, but stayed active until his death twenty-eight years later, principally concerning himself with land speculation...

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Sold – President Andrew Jackson, Thought of As Foe of the Rich and Powerful, Intervenes to Assist a “Capitalist” of “Extensive Means”

This is one of the earliest, if not the earliest, use of the term “capitalist” by an American president.

Started by Joseph D. Beers after he came to New York in 1815, J.D. Beers & Co. was a Wall Street banking and brokerage firm with offices on Wall Street. Beers formally retired from the firm in 1835, but stayed active until his death twenty-eight years later, principally concerning himself with land speculation and stock investments. Shortly after his retirement, Beers planned a trip to England to consider investments there.

"Mr. Beers is a gentleman of the highest respectability and is very favorably known in the commercial and banking affairs of his country as a capitalist whose extensive means have been safely and usefully employed."

Somewhat anomalously, banker Beers was a staunch friend of populist President Jackson. For his trip, Jackson provided him with an introduction to the U.S. Ambassador to Great Britain, Aaron Vail. Letter Signed as President, Washington, February 12, 1836, to Vail. “Allow me to present to your acquaintance J.D. Beers Esq. of the city of New York who is about to visit Europe. Mr. Beers is a gentleman of the highest respectability and is very favorably known in the commercial and banking affairs of his country as a capitalist whose extensive means have been safely and usefully employed. I solicit for him your kind attentions and have the honor to remain…Andrew Jackson.” After returning to the United States, Beers became president of the North American Trust and Banking Company.

This may be the earliest use of the term “capitalist” by a president, at least in its modern sense, and if it is not, it must be close to it. Extensive research has failed to disclose any other prior use. It is of the greatest interest that Jackson, renowned as foe of the privileged and powerful,  was not opposed to banking tycoons gathering “extensive means.”

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