The Works of Daniel Webster, Volume 1Webster, Daniel
History
The Works of Daniel Webster, Volume 1
Webster, Daniel
United States -- Politics and government -- 1815-1861
In the Twenty-second Congress (the second of General Jackson's
administration) the bank question became prominent. General Jackson had
in his first message called the attention of Congress to the subject of
the bank. No doubt of its constitutionality was then intimated by him.
In the course of a year or two an attempt was made, on the part of the
executive, to control the appointment of the officers of one of the
Eastern branches. This attempt was resisted by the bank, and from that
time forward a state of warfare, at first partially disguised, but
finally open and flagrant, existed between the government and the
directors of the institution. In the first session of the Twenty-second
Congress (1831-32), a bill was introduced by Mr. Dallas, and passed the
two houses, to renew the charter of the bank. This measure was supported
by Mr. Webster, on the ground of the importance of a national bank to
the fiscal operations of the government, and to the currency, exchange,
and general business of the country. No specific complaints of
mismanagement had then been made, nor were any abuses alleged to exist.
The bank was, almost without exception, popular at that time with the
business interests of the country, and particularly at the South and
West. Its credit in England was solid; its bills and drafts on London
took the place of specie for remittances to India and China. Its
convenience and usefulness were recognized in the report of the
Secretary of the Treasury (Mr. McLane), at the same time that its
constitutionality was questioned and its existence threatened by the
President. So completely, however, was the policy of General Jackson's
administration the impulse of his own feelings and individual
impressions, and so imperfectly had these been disclosed on the present
occasion, that the fate of the bill for rechartering the bank was a
matter of uncertainty on the part both of adherents and opponents. Many
persons on both sides of the two houses were taken by surprise by the
veto. When the same question was to be decided by General Washington, he
took the opinion in writing of every member of the Cabinet.
Public-domain text, read in full here on John Shaqi.
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