The session of 1831-1832, when the country was preparing for the coming presidential election, marks the beginning of the fierce struggle with Andrew Jackson which was to give birth to a new and powerful organization known in our history as the Whig party, and destined, after years of conflict, to bring overwhelming defeat to the "Jacksonian democracy." There is no occasion here to enter into a history of the famous bank controversy. Established in 1816, the bank of the United States, after a period of difficulties, had become a powerful and valuable financial organization. In 1832 it applied for a continuance of its charter, which then had three years still to run. Mr. Webster did not enter into the personal contest which had already begun, but in a speech of great ability advocated a renewal of the charter, showing, as he always did on such themes, a knowledge and a grasp of the principles and intricacies of public finance unequalled in our history except by Hamilton. In a second speech he made a most effective and powerful argument against a proposition to give the States authority to tax the bank, defending the doctrines laid down by Chief Justice Marshall in McCullough vs. Maryland, and denying the power of Congress to give the States the right of such taxation, because by so doing they violated the Constitution. The amendment was defeated, and the bill for the continuance of the charter passed both Houses by large majorities. Jackson returned the bill with a veto. He had the audacity to rest his veto upon the ground that the bill was unconstitutional, and that it was the duty of the President to decide upon the constitutionality of every measure without feeling in the least bound by the opinion of Congress or of the Supreme Court. His ignorance was so crass that he failed to perceive the distinction between a new bill and one to continue an existing law, while his vanity and his self-assumption were so colossal that he did not hesitate to assert that he had the right and the power to declare an existing law, passed by Congress, approved by Madison, and held to be constitutional by an express decision of the Supreme Court, to be invalid, because he thought fit to say so. To overthrow such doctrines was not difficult, but Mr. Webster refuted them with a completeness and force which were irresistible. At the same time he avoided personal attack in the dignified way which was characteristic of him, despite the extraordinary temptation to indulge in invective and telling sarcasm to which Jackson by his ignorance and presumption had so exposed himself. The bill was lost, the great conflict with the bank was begun, and the Whig party was founded.