It was characteristic of the man that he at once proceeded to carry the
war into Africa. Biddle, though bitterly disappointed, was not yet
resigned to despair. It was believed--and events in the main confirm the
belief--that he contemplated a new expedient, the use of what still
remained of the financial power of the Bank to produce deliberate
scarcity and distress, in the hope that a reaction against the
President's policy would result. Jackson resolved to strike the Bank a
crippling blow before such juggling could be attempted. The Act of
Congress which had established the Bank gave him power to remove the
public deposits at will; and that power he determined to exercise.
A more timid man would have had difficulty with his Cabinet. Jackson
overcame the difficulty by accepting full personal responsibility for
what he was about to do. He did not dismiss the Ministers whose opinion
differed from his, he brought no pressure to bear on their consciences;
but neither did he yield his view an inch to theirs. He acted as he had
resolved to act, and made a minute in the presence of his Cabinet that
he did so on his own initiative. It was essential that the Secretary of
the Treasury, through whom he must act, should be with him. McLane had
already been transferred to the State Department, and Jackson now
nominated Taney, a strong-minded lawyer, who was his one unwavering
supporter in the struggle. Taney removed the public deposits from the
United States Bank. They were placed for safe keeping in the banks of
the various States. The President duly reported to Congress his reasons
for taking this action.
In the new House of Representatives, elected at the same time as the
President, the Democrats were now predominant; but the Senate changes
its complexion more slowly, and there the "Whigs" had still a majority.
This majority could do nothing but exhibit impotent anger, and that they
most unwisely did. They refused to confirm Taney's nomination as
Secretary to the Treasury, as a little later they refused to accept him
as a Judge of the High Court. They passed a solemn vote of censure on
the President, whose action they characterized, in defiance of the
facts, as unconstitutional. But Jackson, strong in the support of the
nation, could afford to disregard such natural ebullitions of bad
temper. The charter of the Bank lapsed and was not renewed, and a few
years later it wound up its affairs amid a reek of scandal, which
sufficed to show what manner of men they were who had once captured
Congress and attempted to dictate to the President. The Whigs were at
last compelled to drink the cup of humiliation to the dregs. Another
election gave Jackson a majority even in the Senate, and in spite of the
protests of Clay, Webster and Calhoun the censure on the President was
solemnly expunged from its records.
Public-domain text, read in full here on John Shaqi.
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