United States -- History -- 1815-1861; United States -- Politics and government -- 1815-1861
{200} It is true that Benton did not go so far as Jackson in the
socialistic direction. He said that he was willing to vote for the
President's Government bank scheme, since it would substitute for the
existing Bank an institution which would be divested of the essential
features of a bank, the power to make loans and discounts, but that he
would prefer to see the charter of the Bank expire without any
substitute being created for it.
The Senate was not, however, convinced by Mr. Benton's argument, and
refused to allow him to introduce his resolution.
[Sidenote: Jackson's challenge to make the continued existence of the
Bank the issue in the campaign of 1832.]
In his message of December 6th, 1831, President Jackson referred to
what he had said in former messages concerning the Bank, and closed
his allusion with the following significant words: "Having thus
conscientiously discharged a constitutional duty, I deem it proper, on
this occasion, without a more particular reference to the views of the
subject then expressed, to leave it for the present to the
investigation of an enlightened people and their representatives."
[Sidenote: The challenge accepted.]
This language certainly seemed to imply that the President would, so
far as he was able, make the question of the re-charter of the Bank
one of the issues of the election campaign of 1832. His opponents so
interpreted him, and they gladly accepted the challenge, for they
believed the Bank to be popular with the voters. They thought that the
Senators and Representatives in Congress, a majority of whom favored
the Bank, truly represented the views of their constituencies, and
they calculated to be able to split the Democratic party itself on the
issue.
The president and directors of the Bank, however, were most reluctant
to have the existence of the Bank made a party question. The leaders
of the National {201} Republicans, on the other hand, insisted upon
it. Clay, who, six days after the appearance of the President's
message, had been nominated by a national convention at Baltimore as
the candidate of the National Republicans for the presidency, was
certain that under the issue of the renewal of the Bank's charter
Jackson would be signally defeated. The Bank's officers yielded to his
advice, enforced by that of Mr. Webster, and on January 9th, 1832,
sent in the memorial for a re-charter.
[Sidenote: The Bank's petition for re-charter.]
Public-domain text, read in full here on John Shaqi.
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