The same inability to act, even where no apparent obstacle existed, was shown in regard to the United States Bank, whose charter, granted for twenty years by the First Congress in February, 1791, was to expire March 4, 1811. In the days of Federalist sway the Republicans had bitterly opposed the Bank and denied the constitutional power of Congress to grant the charter; but during the eight years of Jefferson’s rule the Bank had continued without a question to do the financial work of government, and no other agency existed or could be readily created capable of taking the place of this machine, which, unlike any other in the government, worked excellently well. If its existence was to be continued, public interest required that the Act should be passed at this session, since the actual charter was to expire in ten months. If a new charter was to be refused, public interest required even more urgently that ample warning of so radical a change should be given, that the Treasury might not be suddenly crippled or general bankruptcy be risked without notice. No complaint of any kind was at that time made against the Bank; no charge was brought against it of interference in politics, of corrupt influence, or of mismanagement. Gallatin was known to favor it; the President was not hostile, nor was any influence in the government opposed; the Federalists who had created were bound to support it; and except for the principles of some Southern Republicans who regarded functions of government as germs of despotism, every political faction in the country seemed consenting to the charter. January 29 the subject was referred to a special committee. The committee reported a Resolution, and in due course John Taylor of South Carolina brought in a bill, the result of negotiations between the Treasury and the Bank, granting a new charter on condition that the Bank should increase its capital two-and-a-half million dollars, half of which should be paid outright to the government; that, further, the Bank should bind itself to lend the government at three months’ notice any amount not exceeding in the whole five million dollars at a rate not exceeding six per cent; that on all government deposits above the sum of three millions, which should remain for one year, the Bank should pay interest at the rate of three per cent; and that the government should have the right at any time to increase the capital stock, and subscribe and own the new stock to a fixed amount. These terms were especially valuable at the moment, because they assisted the Treasury to meet an actual deficit, and provided, as far as human foresight went, for financial dangers that might rise from further foreign troubles. No serious opposition showed itself. April 21 the House, by a majority of seventy-five to thirty-five, voted to accept the price fixed for the charter; but the session closed without further action.