President Jackson did not agree. Nor was he very friendly toward the bank. Not many people from western states were. They did not trust the bank's paper money. They wanted to deal in gold and silver.
Jackson criticized the bank in each of his yearly messages to Congress. He said the Bank of the United States was dangerous to the liberty of the people. He said the bank could build up or pull down political parties through loans to politicians.
Jackson opposed giving the bank a new charter. He proposed that a new bank be formed as part of the Treasury Department.
The president urged Congress to consider the future of the bank long before the bank's charter was to end in 1836. Then, if the charter was rejected, the bank could close its business slowly over several years. Changing the banking system slowly, Jackson said, would prevent serious economic problems for the country.
But the bank’s president wanted to renew the charter early. He made the request in January 1832 — nine months before the next presidential election.
Jackson’s opponent, Senator Henry Clay of Kentucky, was sure that the issue of the bank could win him some votes. Clay argued his case on the floor of the Senate for three days. He strongly urged the Senate to renew the bank's charter. He said the country was in the middle of a revolution, not yet a bloody revolution. But things were happening that pointed to a total change of the pure republican character of the government. Power was being centered in the hands of one man, he said. He meant President Jackson.
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2013-11-25
2013-11-25
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2013-11-25