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early period of my administration, to call
the attention of Congress to t h e practicability ol'organizing 6n instilteiion oombin» all its advantages, and o b v i a t i n g (|,
objections. 1 sincerely regret t h a t , in the
act before me, L can perceive n o n e of those
modifications,7' &c. " That a B a n k of the
United States, competent to a l l t l i e duties
which maybe required by the Government,
might be so organised as not to infringe an
own delegated powers, or t h e reserved
h»3 of (he States, 1 do not e n t e r t a i n a
doubt.
Had the Executive b e e n called
on to furnish the project of bitch an rnslitvn, the duty would have been cheerfully
performed.?' The message is nrincipj
employed in discu^ing the objections which
the President entertained to the particular
provisions of the charter, and ^riot to the
bank itself; such as the right of foreigners
to hold stock in it;its exemption f r o m State
taxation; its capacity to hold r e a l estato,
&c, &c- Does the President, e v e n in this
•message, array himself in opposition to at \
Bank of the United States? Hoes h e even
oppose himself to the existing R a n k , under
every organization of which it is susceptible? On the contrary, does he not d e c u
that he does not entertain a doubt that a
bank may be constitutionally organized?
- for not
means. Mr- President, nobody better knows Does he not. even rebuke Cor
than you and I)— [_cheeringio t» e galleries] calling on him to furnish a project «jf a
—'* i felt it my duty, in ivry former mes- bank, which he would have cheerfully supsages, ''frankly to disclose them* "
tl'ntnk plied? Is it not fairly deduciblo, from the
disclosures!} Now, sir, I recollect per- message, that the charier of t h e present
lectlv well the impressions made on my bank might have been so amended as t>
<
mind, and on those of other Senators with have securer! the President's approbation
whom I conversed, immediately after that to the institution?
S> far was t h e me
:
message was read. W e thought, and said
jje from being decisive against all I?aitkto each other, the President has left a d
of the United States, or against the existing
open to p;iss out. Jt is not the bank; ii is bank antler any modification, the President
not any Hank o the •
f
I States to wh
expressly declares that the question was
lie is opposed, but it is to the particular or- adjourned. He says: *fc A general ciiscusganization of the existing bank. And we riiiji will now take place, eliciting new
ail concluded that* if amendments could be light, and ^et>litig important principles; and
made to the charter satisfactory to the Pre- Knew Congress, ejected in the mitlst of such
sident* he would approve a bill for its re- discus
,<;;! fumisHins an equal reprenewal.
intation © the peuple, according t o i
f
We come now to the famous message ol ! fast census, will bear to the Camiotthe v erJuly, 1839, negativing the bill to re-charter diet of public opinion, and I doubt J
the bank. Here, it might be expected, we bring this important question to a satisfac,
g
p *
should certainly find clear opinions, un- tory result,*'
Xhis review of the various messages of
equivocally expressed. The President cannot elude the question. He must now be the President conclusively evinces that they
frankly and «<
1
perfectly franh.
We shall presently see. were far from exprci
Ho says: * i A Bank nf the United States is, cjsively, any opinions of the Chief Marate, except that he was opposed to the
ift many respects, convenient to the Goamendments of the charter contained in the
vernment, and useful to the people. Entertaining this opinion, and deeply im- bill subtmtted to him for its renewal, anil
pressed with the beliel that seme of the that ho required further amendments. It
powers and privileges possessed by the ex- demonstrates ilrnt he entertained no doubt
isting brink aie' unauthorised by the con- that it was practicable and desirable to esstitution," &c., " I felt it my duty, at au tablish a Bank of the United States; it jus-

occurred to lessen, in any degree, the
(lungers which memy of our dtitizena apprehend from that institution, as at prc»ent organized.
In the spirit of im]
merit and compromise which *
our country and its institutions,it bee.'us to inquire whether it be not ;
secure the advantages afforded by the present bank through the agency of it Hani.
the United States, so iikotiifie; 1 in i
icipies and structure as to obviate constitutional and other objections." H» .
iin,
the Preaideni recites (he apprehensions of
" many of our citixens," rather than avows
his opinion. Again Iiis me
is a noncommittal. He admits indeed " the advantages afforded by the present bank,** bat
suggests an inquiry whether it be possible
(of course doubting) to secure them by a
bank differently consti ueteil. And towards
ihe conclusion <f that part of the niossne,
;
his language Cully justifies the implication
that it was not the banTc itse: i", but to ** its
present fo; in,'* that he objected.
The message of 1831, when treating of
the bank, was veiy brief. ''Entertaining
the opinions (says the President) heretofore expressed in relation to the Bank of
the United States, an at present, organized^9
(non-committal once more$ and what that




tified the hope that he might be ultimately
reconciled to the continuation of (be pres e n t bank, with suitable modifications; and
it expressly proclaimed that the whole subj e c t was adjourned to the new Congies:?, to
be assembled under the la&i t ansus. If the
p a r t s ot the messages which I have cited, or
o t h e r expressions in the same document,
be doubtjul,or susceptible of a different interpretation, the review is sufficient for my
purpose; which is, to refute the argument
so confidently advanced, that the Pr<
d e n t s opinion, in opposition to the'present
or any other Bank of the United Sta1
was frankly and (airly stated to the people
prior to the late election, was fuliy understood, ant 1 finally decided by them.
Accordingly, ni the canvass which ensue
*> i !t Y a s bo *"ly asserted by the partisans
of the President that he was not opposed to
a Bank of the United Staies, nor to the existing bank, with proper amendments.
FP&y [maintained, at least, wherever those
Inendly to a national bank were in the majority, that his re-election would be followed by a recharter of the bank, with proper
amendments. They dwelt, it is true, with
great earnestness, upon his objections to
the bank, as at present modified, and especially to the pernicious influence or foreigner* m holding stock in it; but they nevertheless contended that these objections
would be cured if he was re-elected, and
the bank sustained. I appeal to the whole

found in the result of a Presidential election. 1 had supposed that the constitution
and the laws were the sole source of Executivc authority; that the constitution could
only be amended in the mode which it has
itself prescribed^ that the issue of a Presidential election was merely to place the
Chief Magistrate in the post assigned to
him; and that he had neither more nor less
power, in consequence of the election, than
the constitution defines and delegates. But
it seems that if,prior to an election r certain
opinions, no matter how ambiguously put
forth by a candidate, are known to tfwjjpeop!e, these loose opinions, in virtue or the
election, incorporate themselves with tfo«
constitution, and afterwards are to be r.
g&rded and expounded as parts of the i n strument .
4. The public money ought not, the Secretary thinks, to remain in the. bank until
the last moment of the existence of the charter. Hut that was not the question which he,
had to decide on the SGih September last.
'l'hc real question then was, could lu* 0
wait sixty days for the meeting of t toffgresa?
There were many last moments, nw' i'H and a hall, between the iJGth of Sep
tember and the day of the expiration of
the charter. Bui why not let the public
money remain in the bank until the la»l day
of the charter? It is a part of th« chmt*m
that it shall so remain; and Congress hi
ing so ordered it, t\iv Secretary ought to
have acquiesced in the will ot Congress,
unless the exigency had arisen on which
alone it. was supposed his po we rover the
deposited would be exercised* '1 He Secreof tbis statement.
tary is greatly mistaken in believing thut
- After all this, was it anticipated by the
1
pitople of the United States, that in the re iliv" bank will be less secure in the las ! hours
election of the President, they were deciding of its existence than previously.. It will
against on institution of sneh vital import- then be collecting itsresources, with • viewance? Could they have imagined that, ut- to the immediate payment ot its notes, ami
ter an express adj mrntncnt of the whole the ultimate division among the stockhold*
mutter to a new Congress by the President ers of their capital; and at n > period ot its
existence will it bo so strong uiui able in
himself, he would have prejudged the action of this new Congress, and pronounced \>;\y all demands upon it. As tothe deprethat a question expressly by himself refer- ciation in the value of its notes in the intered to its authority was previously settled rior at thai time, why, sir, is the Secretary
:1 of 1he least knowledge ot tinJ»y the people? lie claimed no such result pn
in his message, immediately after the re- course of the trade ut the interior, and eselection; although in it he denounced the pecially of the western States? If he hud
bank as an unsafe depository of the public
y, he could not have m i l e such a suggesmoney, and invited Congress to investigate tiou. When the bank itself is not drawing,
its condition. The President, then, and ii- notes form thebesi medium ofremittani »
•
the Secretary of the Treasury, are without from the interior to the Atlantic capitals.
all color i-.i' justification For their assertions They are sought, after by merchants and
thftt the qi;
o.f bank or no bank was traders with avidity, are nover below pur,
fully and fairly submitted to IJK l>e^p!e, and, in the absence of bank drafts, .may
ami a decision pronounced against it by command a premium. This will continue
them.
to be the case as long as the charter endures,
Sir, I am surprised and alarmed at the and especially during the last moments ot
w source ol Executive
cr which is its existence, when its ability will be uu-