The Forgotten Man, and Other EssaysSumner, William Graham
Science
The Forgotten Man, and Other Essays
Sumner, William Graham
Economics; Social sciences
At the outset the Bank was guilty only of neutrality where he demanded
support. At this time it had lived down much of the hatred it had
justly incurred at the outset, but there was no difficulty in reviving
it. The Bank was never in a stronger or sounder condition than in 1829,
and it enjoyed high credit both at home and abroad. The word went out,
however, that the Bank was a monopoly, the possession of the moneyed
aristocracy, undemocratic, and hostile to liberty. The first blow fell,
in spite of some vague premonitory rumors, with great suddenness. In
the annual message of December, 1829, Jackson incorporated a short
paragraph questioning the constitutionality of the Bank and proposing
a Bank on the credit and revenues of the government. The alarm thus
created was twofold, first on account of the Bank which was threatened,
and second on account of the new institution which sounded like a
government paper money bank. Parties did not as yet divide on this
issue. The strongest partisans of Jackson took up the cry against the
Bank, but not yet with vigor; the more intelligent supporters of the
administration still favored it. In 1830 the message was much milder in
regard to the Bank, and the Treasury Report was even favorable to it.
In 1831, however, the message was once more strongly hostile.
In the meantime the President had vetoed an internal improvement bill
and taken up a position of hostility to the policy of improvements.
The tariff of 1828 had provoked the South to more and more energetic
protests until South Carolina adopted the doctrine and policy of
nullification. There never was a greater political error, for she
alienated the vast body of the nation, even in the South, which
might have been brought to oppose protection but would not favor
nullification as a means of destroying it. It was in this connection
that Jackson’s traits availed to procure him, in his own day, the
approval of men like Webster and has availed to give him a place
amongst our political heroes and in the hearts of people who to-day
know little more about him than that he prevented nullification. He
certainly acted with very commendable firmness in giving it to be
understood that nullification meant rebellion and war. His attitude
and, far more, the legislation of the session of 1832–1833 including
the compromise tariff of March 2, 1833, averted civil war. What part
in all this drama was played by his hostility to Mr. Calhoun it is
difficult to say. They were now sworn enemies, General Jackson having
been informed (by Mr. Crawford) that Mr. Calhoun, instead of being
his friend in the cabinet of Mr. Monroe, had been one of those who
disapproved of his acts in the Seminole war in 1878. General Jackson
upon this diverted the succession from Mr. Calhoun and, after taking a
second term himself, gave the succession to Martin Van Buren, a weak
and unpopular candidate, who had, by virtue of his position in the
Albany Regency, given New York to Jackson. Mr.
Public-domain text, read in full here on John Shaqi.
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