on April 4, 1834, it was resolved that the Bank ought not to be re-chartered, that the deposits ought not to be restored, that the state banks ought to be made depositories of the public funds, and that a select committee on the Bank should be raised. The majority of this committee reported, on May 22, that the Bank had refused to submit to investigation, while the minority (Everett and Ellsworth) reported that the majority had made unreasonable demands. On February 4, 1834 the Senate had referred to the Finance Committee an inquiry in regard to the Bank; and at the next session, on December 18, 1834, the Committee reported, by John Tyler, favorably to the Bank in every respect. In the message of December, 1834, the President reviewed the whole war against the Bank and summed up the charges against it. Therewith the political and congressional war over the old Bank came to an end with a full victory for the administration. The earliest announcement of the policy of the administration in favor of a metallic currency was in a reply made by the President[56] in February, 1834, to a deputation from Philadelphia who came to complain of the hard times. According to the report they gave, the President was very rude and violent. He ascribed all the trouble to the “monster,” as he called the Bank over and over again. He declared that he would introduce a specie currency and that the government should use no other. He evidently knew little of the laws of money and finance, and, although much which he and his supporters afterwards urged in support of this policy was as true and sound as any propositions in physical science, yet it was mixed up with fallacies which neutralized it, and it degenerated into a kind of fanaticism about the precious metals. The measure of distributing the deposits amongst local banks, and thereby stimulating bank credits, was destructive to the other measure of introducing a specie currency. The distribution of the surplus revenue, which had accumulated in the banks amongst the states, was an opposition measure that was passed on account of the foolish belief, which so often leads our politicians astray, that there was political capital in it. Jackson signed the bill, but he criticized it in his next message, giving plain and statesmanlike reasons against it.