Such were Mr. Madison’s views in relation to a national bank, which were immediately referred to the committee on the national currency; and on the eighth of January, 1816, the chairman of that committee, Mr. John C. Calhoun, of South Carolina, presented an able and elaborate report in relation thereto, advocating the immediate chartering of such a bank as the president had recommended, and detailed its prominent features. When the bill was brought forward for the action of the house, Mr. Clay unequivocally declared himself in favor of its provisions in a speech of great ability and argumentative force, although well knowing that he would thereby subject himself to the charge of inconsistency. He was charged with it by his political enemies, who magnified his departure from the position taken by him in 1811 in relation to the same bank, into a monstrous blemish in his political character; which, if correctly considered, is seen to constitute an ornament, instead. A careful contrast of the grounds _on_ which, and the circumstances _under_ which he then opposed that institution, with those on and under which he now advocated it, will, to any unprejudiced mind, forever exempt him from that charge. Such a contrast will clearly show, that the total change of circumstances which had taken place during the five years that had elapsed since he first examined the merits of that bank, and that wrought in the policy of the general government in that time, to say nothing of the experience received in prosecuting the war, of the utility of and necessity for such an establishment, not only disarmed and rendered invalid now, objections which then were both valid and weighty when directed against it, but absolutely converted them into arguments in its favor. At the time when it was proposed to renew the charter of the old United States bank, Mr. Clay did not think it so essential in accomplishing any of the objects definitely specified in the constitution, as to justify its establishment, on grounds purely constructive. It was supported, too, principally by the federal party, and on the ground that its agency was requisite in executing the financial concerns of government; which ground then was falsely assumed, inasmuch as the local banks of the several states had, in certain cases, been employed to perform that office, which they were successfully executing. They, therefore, being known to compass the specific object for which it was stated the charter of the bank was to be renewed, it was justly regarded by Mr. Clay as a matter of supererogation to renew it, and accordingly he opposed its renewal. In 1816, Mr. Clay supported the bank mainly on the ground of its _necessity_, to enable congress to exercise that ample and salutary supervision over the commercial and monetary interests of the country, which the constitution expressly gave it; and that, therefore, out of this very necessity, was fairly deducible its constitutionality, since