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The long fight in Congress to secure a recharter of the Bank, though unsuccessful, was dignified and statesmanlike; but the ungoverned passions displayed by the removal of deposits resulted in nothing, and could have resulted in nothing of advantage to any theory of the Bank's management; and it would be difficult to say who were most to blame for the foolish and undignified crimination and recrimination which followed, the President, or the hostile Senate.
He chose to press the issue and on January 9, 1832, the formal application of the Bank for a renewal of its charter was presented to Congress, and within a few weeks bills to recharter were reported in both Houses. Realizing that defeat or even a slender victory in Congress would be fatal, the Bank flooded Washington with lobbyists, and Biddle himself appeared upon the scene to lead the fight.
The weight of the precedent of the bank of 1791 and the sanction of the great name of Washington, which has been so often invoked in its support, are greatly weakened by the development of these facts. The experiment of that bank satisfied the country that it ought not to be continued, and at the end of twenty years Congress refused to recharter it.
"Well, as I stated, I wouldn't take anything out of the Lion charter, because it's my duty to save you when somebody has a gun at your head; but on the Unicorn charter I thought well, if you can recharter at a profit I thought you might agree to split the profit with me. I'm a skipper, you know, and this sort of thing is out of my regular line; and besides, I'm not on your pay roll at present.
This power has been exercised by the Vice-President in a few instances, the most important of which was the rejection of the bill to recharter the Bank of the United States in 1811.
The country was tired of experiments and all the evils, which were many, that then afflicted the people, were attributed to the experiments of General Jackson in vetoing the bills for the recharter of the United States Bank and for the institution of the pet bank system.
The importance of the principles involved in the inquiry whether it will be proper to recharter the Bank of the United States requires that I should again call the attention of Congress to the subject. Nothing has occurred to lessen in any degree the dangers which many of our citizens apprehend from that institution as at present organized.
The whig attitude upon it appears in all that follows. II. The Bank. The First United States Bank had perished by the expiration of its charter in 1811. It had been very useful, indeed almost indispensable, in managing the national finances, and its decease, with the consequent financial disorder, was a most terrible drawback in the war. Recharter was, however, by a very small majority, refused.
"Very well, then," Cappy continued; "as fast as their present charters lapse, decline to recharter except for single trips. We must go on a war basis and be prepared to turn our ships over to the Government on short notice. I'll be too busy to keep my eye on the details of the Blue Star's transactions with the Government, so I'll give you a straight tip now I want no gouging.
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.
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