In August, 1814, Mr. Webster was reëlected to Congress. The treaty of Ghent, as is well known, was signed in December, 1814, and the prospect of peace, universally welcomed by the country, opened on the Thirteenth Congress toward the close of its third session. Earlier in the season a project for a Bank of the United States was introduced into the House of Representatives on the recommendation of Mr. Dallas, Secretary of the Treasury. The charter of the first incorporated bank of the United States had expired in 1811. No general complaints of mismanagement or abuse had been raised against this institution; but the opinions entertained by what has been called the "Virginia School" of politicians, against the constitutionality of a national bank, prevented the renewal of the charter. The want of such an institution was severely felt in the war of 1812, although it is probable that the amount of assistance which it could have afforded the financial operations of the government was greatly overrated. Be this as it may, both the Treasury Department and Congress were now strongly disposed to create a bank. Its capital was to consist of forty-five millions of the public stocks and five millions of specie, and it was to be under obligation to lend the government thirty millions of dollars on demand. To enable it to exist under these conditions, it was relieved from the necessity of redeeming its notes in specie. In other words, it was an arrangement for the issue of an irredeemable paper currency. It was opposed mainly on this ground by Mr. Calhoun, Mr. Webster, Mr. Lowndes, and others of the ablest men on both sides of the House, as a project not only unsound in its principles, but sure to increase the derangement of the currency already existing. The speech of Mr. Webster against the bill will be found in one of these volumes, and it will be generally admitted to display a mastery of the somewhat difficult subjects of banking and finance, rarely to be found in the debates in Congress. The project was supported as an administration measure, but the leading members from South Carolina and their friends united with the regular opposition against it, and it was lost by the casting vote of the Speaker, Mr. Cheves. It was revived by reconsideration, on motion of Mr. Webster, and such amendments introduced that it passed the House by a large majority. It was carried through the Senate in this amended form with difficulty, but it was negatived by Mr. Madison, being one of the two cases in which he exercised the veto power during his eight years' administration.