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Updated: May 11, 2025
Having challenged Calhoun to do his worst, Clay now pressed upon Jackson the question of renewing the Bank charter. Under his instructions the president of the Bank, Nicholas Biddle, a very able man, hitherto inclining to settle matters with Jackson and his friendly advisers, offered a memorial for a re-charter.
When the next Congress assembled, General Harrison having lived only one month after his inauguration and the Vice-president, John Tyler, having succeeded him, the sub-treasury act was repealed; but the President refused to give his signature to the bill for the re-charter of the United States Bank, to the dismay of the Whigs, and the deep disappointment of Clay, who at once severed his alliance with Tyler, and became his bitter opponent, carrying with him the cabinet, which resigned, with the exception of Webster, who was engaged in important negotiations in reference to the northeastern boundary.
It is seldom that such a policy, pursued with vigour and determination by a body sufficiently wealthy to stick at nothing, fails, to carry a political assembly. With Congress the Bank was completely successful. A Bill to re-charter that institution passed House and Senate by large majorities. It was immediately vetoed by the President.
The veto aroused a thunder of debate, Webster and Clay leading the assault upon it, and Benton, with other Jacksonians, defending it. The attempt to pass the re-charter bill over the veto failed of the necessary two-thirds majority, and the President was triumphant. Jackson had no idea of yielding his opinions or his will to anybody, least of all to his political enemies.
He rejected the idea of leaving the currency to the control of the President, or of doing away entirely with paper, and advocated the re-charter of the present bank, or the creation of a new one; and, until the time for that should arrive, the return of the deposits, with its consequent relief to business and a restoration of stability and of confidence for the time being at least.
There were intimations in the spring of 1833 that the President, not content with preventing the re-charter of the bank, was planning to strike it down, and practically deprive it of even the three years of life which still remained to it by law.
Since the re-charter bill of 1811 had failed by only one vote, Dallas, Secretary of the Treasury in 1814, again proposed a national bank. Congress accepted the principle, but an amendment proposed by John C. Calhoun so altered the scheme that upon Dallas's advice Madison cast his first important veto against it on Jan. 30, 1815.
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