The Reign of Andrew Jackson: A Chronicle of the Frontier in PoliticsOgg, Frederic Austin
History
The Reign of Andrew Jackson: A Chronicle of the Frontier in Politics
Ogg, Frederic Austin
Jackson, Andrew, 1767-1845; United States -- Politics and government -- 1829-1837
"Nothing lacks now to complete the love-feast," wrote Isaac Hill
sardonically to Thomas H. Benton after the collapse of nullification,
"but for Jackson and Webster to solemnize the coalition [in support of
the Union] with a few mint-juleps! I think I could arrange it, if
assured of the coˆperation of yourself and Blair on our side, and Jerry
Mason and Nick Biddle on theirs. But never fear, my friend. This mixing
of oil and water is only the temporary shake-up of Nullification. Wait
till Jackson gets at the Bank again, and then the scalping-knives will
glisten once more."
The South Carolina controversy had indeed brought Jacksonians and
anti-Jacksonians together. But once the tension was relaxed, there
began the conflict of interests which the New Hampshire editor had
predicted. Men fell again into their customary political relationships;
issues that for the moment had been pushed into the
background--internal improvements, public land policy, distribution of
surplus revenue, and above all the Bank--were revived in full vigor.
Now, indeed, the President entered upon the greatest task to which he
had yet put his hand. To curb nullification was a worthy achievement.
But, after all, Congress and an essentially united nation had stood
firmly behind the Executive at every stage of that performance. To
destroy the United States Bank was a different matter, for this
institution had the full support of one of the two great parties in
which the people of the country were now grouped; Jackson's own party
was by no means a unit in opposing it; and the prestige and influence
of the Bank were such as to enable it to make a powerful fight against
any attempts to annihilate it.
The second Bank of the United States was chartered in 1816 for twenty
years, with a capital of thirty-five million dollars, one-fifth of
which had been subscribed by the Government. For some time it was not
notably successful, partly because of bad management but mainly because
of the disturbance of business which the panic of 1819 had produced.
Furthermore, its power over local banks and over the currency system
made it unpopular in the West and South, and certain States sought to
cripple it by taxing out of existence the several branches which the
board of directors voted to establish. In two notable
decisions--M'Culloch vs. Maryland in 1819 and Osborn vs. United States
Bank in 1824--the Supreme Court saved the institution by denying the
power of a State to impose taxation of the sort and by asserting
unequivocally the right of Congress to enact the legislation upon which
the Bank rested. And after Nicholas Biddle, a Philadelphia
lawyer-diplomat, succeeded Langdon Cheves as president of the Bank in
1823 an era of great prosperity set in.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account