United States -- History -- 1815-1861; United States -- Politics and government -- 1815-1861
Senator Dallas presented the memorial, but said that he personally had
discouraged its presentation at that juncture out of apprehension that
the question of the re-charter of the Bank might, at the moment, be
drawn into real or imagined conflict with "some higher, some more
favorite, some more immediate wish or purpose of the American people."
Senator Dallas was a Bank Democrat. The more favorite wish to which he
referred was the re-election of Jackson, and the inference to be drawn
from his words was that the Bank Democrats did not want to be obliged
to choose between the Bank and Jackson at the next election.
The Senate referred the petition for re-charter to a committee
composed of Mr. Dallas, Mr. Webster, Mr. Ewing, Mr. Hayne, and Mr.
Johnston.
[Sidenote: Benton's charge of illegal practices.]
Before the committee made its report Mr. Benton made another attack
upon the Bank. This time he charged it with illegal practices in
issuing drafts which passed as currency. The Senate, however, repelled
the attack and refused to allow Mr. Benton to introduce his resolution
declaring such drafts illegal.
[Sidenote: Passage of the bill for re-charter.]
On March 13th Mr. Dallas brought in the bill from his committee for
the re-charter of the Bank for fifteen years from the expiration of
its existing charter in 1836.
{202} While the bill was passing through the Senate a demonstration
against the Bank was in progress in the House. Mr. Clayton, of
Georgia, an enemy of the Bank, secured the appointment of a committee
by the Speaker of the House, Mr. Stevenson, another enemy of the Bank,
to inquire into the affairs of the Bank, and make report thereof to
the House. A majority report was offered by Mr. Clayton severely
criticising the Bank, and a minority report by Mr. McDuffie defending
the Bank most ably and vigorously, and, if we may judge from the vote
of the House upon the Senate bill for re-charter, which had passed the
Senate, and appeared at this moment in the House for concurrence, most
successfully. The House passed the Senate bill, with a few immaterial
changes, by a vote of one hundred and seven to eighty-five.
The National Republicans felt sure that they had driven Jackson into a
blind alley. But the "Old Hero" stood his ground and hurled a veto at
the bill, which both killed it and conquered the National Republican
party in the election of 1832 with its own chosen weapon.
[Sidenote: The veto of the Bank Bill.]
[Sidenote: The Bank and foreign powers.]
Public-domain text, read in full here on John Shaqi.
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