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
Biddle labored manfully to stem the tide. He tried to improve his
personal relations with the President, and he even allowed Jackson men
to gain control of several of the western branches. The effort,
however, was in vain. When he thought the situation right, Biddle
brought forward a plan for a new charter which received the assent of
most of the members of the official Cabinet, as well as that of some of
the "Kitchen" group. But Jackson met the proposal with his unshakable
constitutional objections and, to Biddle's deep disappointment,
advanced in his first annual message to the formal, public assault. The
Bank's charter, he reminded Congress, would expire in 1836; request for
a new charter would probably soon be forthcoming; the matter could not
receive too early attention from the legislative branch. "Both the
constitutionality and the expediency of the law creating this bank,"
declared the President, "are well questioned by a large portion of our
fellow-citizens; and it must be admitted by all that it has failed in
the great end of establishing a uniform and sound currency." The first
part of the statement was true, but the second was distinctly unfair.
The Bank, to be sure, had not established "a uniform and sound"
currency. But it had accomplished much toward that end and was
practically the only agency that was wielding any influence in that
direction. The truth is that the more efficient the Bank proved in this
task the less popular it became among those elements of the people from
which Jackson mainly drew his strength.
Nothing came of the President's admonition except committee reports in
the two Houses, both favorable to the Bank; in fact, the Senate report
was copied almost verbatim from a statement supplied by Biddle. A year
later Jackson returned to the subject, this time with an alternative
plan for a national bank to be organized as a branch of the Treasury
and hence to have "no means to operate on the hopes, fears, or
interests of large masses of the community." In a set of autograph
notes from which the second message was prepared the existing Bank was
declared not only unconstitutional but dangerous to liberty, "because
through its officers, loans, and participation in politics it could
build up or pull down parties or men, because it created a monopoly of
the money power, because much of the stock was owned by foreigners,
because it would always support him who supported it, and because it
weakened the state and strengthened the general government." Congress
paid no attention to either criticisms or recommendations, and the
supporters of the Bank took fresh heart.
Public-domain text, read in full here on John Shaqi.
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