Vietnam or Thailand ? Vote for the TOP Country of the Week !
Adams next examines and severely reprobates the declaration of the President of the United States, that, "if the last Congress had continued in session one week longer, the bank would, by corrupt means, have procured a re-charter by majorities of two thirds in both houses of Congress;" and declares the imputation as unjust as it was dishonorable to all the parties implicated in it.
The bank, as a means of securing loans, would be indispensable during a war. The liberal-minded Gallatin brought in a report to Congress advocating a re-charter of the bank for another term of years. His arguments were much like those of Hamilton twenty years before. Is it given to the departed to know such a mortal pleasure as vindication?
Do not gentlemen remember the case of that same Supreme Court, some twenty-five or thirty years ago, deciding that a National Bank was Constitutional? * The Bank charter ran out, and a recharter was granted by Congress. That re-charter was laid before General Jackson.
The re-charter of the National Bank which was one of the first fruits of the new national movement, proved in the end to be the occasion of its most flagrant failure. The Bank was the national institution for the perpetuation of which the Whig leaders fought most persistently and loyally.
State banks, if given an opportunity, could care for the United States money as well as an aristocratic, exclusive institution, seven-tenths of whose stock was held in England. This plea for the individual was the argument by which the opponents of re-charter met the predictions of financial ruin with which the advocates of Gallatin's suggestion filled the air.
Do not gentlemen remember the case of that same Supreme Court, some twenty-five or thirty years ago, deciding that a National Bank was Constitutional? * The Bank charter ran out, and a recharter was granted by Congress. That re-charter was laid before General Jackson.
If the question of the re-charter of the National Bank had been submitted to popular vote in 1832, a popular majority would probably have declared in its favor.
Petitions both for and against a re-charter of the Hamilton bank poured in from merchants in various cities and from branches of the bank. Instructions against the bank came from the State Legislatures of Virginia, Pennsylvania, and Kentucky.
The bill for a re-charter of the National Bank reached the President on July 4. It was considered most carefully, and doubtless the desperate situation of the Administration was duly canvassed.
It has been the position of some American statesmen and jurists that judicial decisions on points of constitutional construction were not binding upon the executive or legislative department of the government. President Jackson asserted this with great force in his message to the Senate of July 10, 1832, disapproving the re-charter of the Bank of the United States.
Word Of The Day