Statesmen -- United States; United States -- Biography
During the first year of the Presidency, the unfortunate maxim which had
found favor in New York politics, "To the victors belong the spoils,"
began to be carried out in the removal, it is believed, of nearly two
thousand persons from office, and substituting those of different
political opinions. The removals raised a storm of indignation from the
opposite party, which did not in the least disturb General Jackson.
In his first message to Congress, after maintaining that a long tenure
of office is corrupting, urging that the surplus revenue be apportioned
among the several States for works of public utility, he took strong
ground against rechartering the United States Bank. This caused much
alarm, for the influence of the bank was very great. Its capital was
thirty-five million dollars. The parent bank was at Philadelphia, with
twenty-five branches in the large cities and towns. Since Alexander
Hamilton's time, a government bank had been a matter of contention. When
the second was started in 1816, after the war of 1812, business seemed
to revive, but many persons believed, with Henry Clay, that such a bank
was unconstitutional, and a vast political power that might be, and was,
corruptly used. Complaints were constantly heard that officials were
favored.
When the bill to recharter the bank passed Congress, Jackson promptly
vetoed the bill. He said, "We can, at least, take a stand against all
new grants of monopolies and exclusive privileges, against any
prostitution of our government to the advancement of the few at the
expense of the many." A few years later he determined to put an end to
the bank by removing all the surplus funds, amounting to ten millions,
and placing them in certain State banks. When Mr. Duane, the Secretary
of the Treasury, would not remove the deposits, General Jackson
immediately removed him, putting Roger B. Taney in his place. Congress
passed a vote of censure on the President, but it was afterward expunged
from the records. Speculation resulted from the distribution of the
money; the panic of 1836-37 followed, which the Whigs said was caused by
the destruction of the bank, and the Democrats by the bank itself.
The United States Bank was not the only disturbing question in these
times. The tariff, which was advantageous to the manufacturers of the
North, was considered disadvantageous to the agricultural interests of
the South. Bitter feeling was engendered by the discussion, till South
Carolina, under the leadership of John C. Calhoun, declared that the
acts of Congress on the tariff were null and void; therefore,
nullification or disunion became the absorbing topic. Then came the
great dispute between Robert Y. Hayne and Daniel Webster.
Public-domain text, read in full here on John Shaqi.
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