Biddle laughed at Jackson's message of 1832 which denounced the Bank. He
expected to receive from Congress in due time the charter which the
President had denied. More than fifty members of that body, including
Clay, Webster, George McDuffie,--Calhoun's ally and the chairman of the
House Committee on Ways and Means,--and the famous Davy Crockett, were
borrowers from the Bank on the easiest of terms. The greater newspaper
editors of New York, Philadelphia, Baltimore, Washington, and Richmond
were either opposed to the President or on Biddle's list of
beneficiaries; while scores of hack writers all over the country
received their stipends from the "Monster," as Jackson designated the
Bank. It might have been an easy matter for Biddle and Clay to secure
their charter from the Congress which sat in its closing session in the
winter of 1833. But the great thing before them at that time was the
nullification-tariff problem, which threatened civil war, and the
friends of the Bank joined the protectionists and, under Clay's deft
leadership, as we have seen, defeated Jackson's plan for tariff reform.
The short session drew to a close, and Biddle, Clay, and Webster
prepared for renewing their fight when Congress came together in
December.
When the lines began to tighten in the summer of 1833, Duane weakened
and finally refused to withhold the government deposits from the Bank.
He was dismissed from office and Roger B. Taney, the Attorney-General,
took the vacant place and agreed to do Jackson's bidding. From October
1, 1833, the income of the Treasury was placed as it accrued in the
custody of the state banks which had been made ready for the new policy.
Jackson declared that the National Bank had become unsafe and therefore
an unfit place for the keeping of $10,000,000 of the people's money,
the amount then on deposit. But the real reason of the change was social
and political. The President desired to weaken the Bank, lest its
representatives, its masterful lobbyists, and the financial pressure it
was bringing to bear should wrest from Congress a charter which the
people had repudiated.
Public-domain text, read in full here on John Shaqi.
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