Mr. Webster had become satisfied that the bank was, on the whole, a
useful and even necessary institution. No one was better fitted than he to
decide on such a question, and few persons would now be found to differ
from his judgment on this point. In a general way he may be said to have
adopted the Hamiltonian doctrine in regard to the expediency and
constitutionality of a national bank. There were intimations in the spring
of 1833 that the President, not content with preventing the re-charter of
the bank, was planning to strike it down, and practically deprive it of
even the three years of life which still remained to it by law. The scheme
was perfected during the summer, and, after changing his Secretary of the
Treasury until he got one who would obey, President Jackson dealt his great
blow. On September 26 Mr. Taney signed the order removing the deposits of
the government from the Bank of the United States. The result was an
immediate contraction of loans, commercial distress, and great confusion.
The President had thrown down the gage, and the leaders of the opposition
were not slow to take it up.
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