The Bank of the United States, capitalized at $35 million, is one of the most important and precious instruments this used to effectively administer our government. The bank has inhibited an extraordinary efficiency, intelligence, organization, and above all, independence. As the regulator of the currency, the bank has provided the country with a safe and convenient circulating medium, and prevented the disorder that would otherwise result from the insecurity of state banks.
The bank took out country out of the financial difficulties of the War of 1812. It effectively facilitated our foreign and domestic trade and was a simple institution for loaning money. It became especially prosperous under the management of Nicholas Biddle, who said regarding Jackson's veto of the recharter bill, "President Jackson caught me while my back was turned."ÃÂ The veto was largely the production of Jackson's arrogance and hypocrisy. The veto denied the Supreme Court's authority to decide upon the constitutionality of the laws.
Jackson destroyed the structured financial system of the country and led our country into financial disarray. As Daniel Webster clearly states, the veto is "intended to secure the mad-caps of the South, and as such, deserves the execration of all who love their country or its welfare."ÃÂ