A Compilation of the Messages and Papers of the Presidents. Volume 3, part 1: Andrew Jackson (Second Term)
History
A Compilation of the Messages and Papers of the Presidents. Volume 3, part 1: Andrew Jackson (Second Term)
Jackson, Andrew, 1767-1845; Presidents -- United States; United States -- History -- Sources; United States -- Politics and government
With these facts before him in an official report from the Government
directors, the President would feel that he was not only responsible for
all the abuses and corruptions the bank has committed or may commit, but
almost an accomplice in a conspiracy against that Government which he
has sworn honestly to administer, if he did not take every step within
his constitutional and legal power likely to be efficient in putting an
end to these enormities. If it be possible within the scope of human
affairs to find a reason for removing the Government deposits and
leaving the bank to its own resource for the means of effecting its
criminal designs, we have it here. Was it expected when the moneys of
the United States were directed to be placed in that bank that they
would be put under the control of one man empowered to spend millions
without rendering a voucher or specifying the object? Can they be
considered safe with the evidence before us that tens of thousands have
been spent for highly improper, if not corrupt, purposes, and that the
same motive may lead to the expenditure of hundreds of thousands, and
even millions, more? And can we justify ourselves to the people by
longer lending to it the money and power of the Government to be
employed for such purposes?
It has been alleged by some as an objection to the removal of the
deposits that the bank has the power, and in that event will have the
disposition, to destroy the State banks employed by the Government,
and bring distress upon the country. It has been the fortune of the
President to encounter dangers which were represented as equally
alarming, and he has seen them vanish before resolution and energy.
Pictures equally appalling were paraded before him when this bank came
to demand a new charter. But what was the result? Has the country been
ruined, or even distressed? Was it ever more prosperous than since that
act? The President verily believes the bank has not the power to produce
the calamities its friends threaten. The funds of the Government will
not be annihilated by being transferred. They will immediately be issued
for the benefit of trade, and if the Bank of the United States curtails
its loans the State banks, strengthened by the public deposits, will
extend theirs. What comes in through one bank will go out through
others, and the equilibrium will be preserved. Should the bank, for the
mere purpose of producing distress, press its debtors more heavily than
some of them can bear, the consequences will recoil upon itself, and in
the attempts to embarrass the country it will only bring loss and ruin
upon the holders of its own stock. But if the President believed the
bank possessed all the power which has been attributed to it, his
determination would only be rendered the more inflexible. If, indeed,
this corporation now holds in its hands the happiness and prosperity of
the American people, it is high time to take the alarm. If the despotism
Public-domain text, read in full here on John Shaqi.
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