In
1832 it applied for a continuance of its charter, which then had three
years still to run. Mr. Webster did not enter into the personal contest
which had already begun, but in a speech of great ability advocated a
renewal of the charter, showing, as he always did on such themes, a
knowledge and a grasp of the principles and intricacies of public finance
unequalled in our history except by Hamilton. In a second speech he made a
most effective and powerful argument against a proposition to give the
States authority to tax the bank, defending the doctrines laid down by
Chief Justice Marshall in McCullough vs. Maryland, and denying the power of
Congress to give the States the right of such taxation, because by so doing
they violated the Constitution. The amendment was defeated, and the bill
for the continuance of the charter passed both Houses by large majorities.
Jackson returned the bill with a veto. He had the audacity to rest his veto
upon the ground that the bill was unconstitutional, and that it was the
duty of the President to decide upon the constitutionality of every measure
without feeling in the least bound by the opinion of Congress or of the
Supreme Court.
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