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SEC. 20. And be it further enacted, That in consideration of the exclusive privileges and benefits conferred by this act, upon the said bank, the president, directors, and company thereof, shall pay to the United States, out of the corporate funds thereof, the sum of one million and five hundred thousand dollars, in three equal payments; that is to say: five hundred thousand dollars at the expiration of two years; five hundred thousand dollars at the expiration of three years; and five hundred thousand dollars at the expiration of four years after the said bank shall be organized, and commence its operations in the manner herein before provided.

SEC. 21. And be it further enacted, That no other bank shall be established by any future law of the United States during the continuance of the corporation hereby created, for which the faith of the United States is hereby pledged..

SEC. 23. And be it further enacted, That it shall, at all times, be lawful, for a committee of either house of Congress, appointed for that purpose, to inspect the books, and to examine into the proceedings of the corporation hereby created, and to report whether the provisions of this charter have been, by the same, violated or not; and whenever any committee, as aforesaid, shall find and report, or the Presi dent of the United States shall have reason to believe that the charter has been violated, it may be lawful for Congress to direct, or the President to order a scire facias to be sued out of the circuit court of the district of Pennsylvania, in the name of the United States, (which shall be executed upon the president of the corporation for the time being, at least fifteen days before the commencement of the term of said court,) calling on the said corporation to show cause wherefore the charter hereby granted, shall not be declared forfeited; and it shall be lawful for the said court, upon the return of the said scire facias, to examine into the truth of the alleged violation, and if such violation be made appear, then to pronounce and adjudge that the said charter is forfeited and annulled......-Statutes at Large, III., 266-276.

JUNE 6, 1829. SECRETARY INGHAM TO PRESIDENT BIDDLE.

"I am fully sensible of the disposition of the bank to afford all practicable facility to the fiscal operations of the government, and the offers contained in your letters with that view are duly appreciated. As you have expressed the willingness of the bank to make the funds of the Treasury immediately available at the various points where they may be required for the approaching payment of the debt, the drafts for effecting the transfers for that object will be made to suit the convenience of the bank as far as the demands of other branches of the service will permit." And, on the 19th of June, when the business had been nearly done, he added: "I cannot close this communication without expressing the satisfaction of the department at the arrangement which the bank has made for effecting these payments in a manner so accommodating to the Treasury, and so little embarrassing to the community." And when all was over, the Secretary again expressed his gratitude and admiration.-Parton, Life of Andrew Jackson, III., 256-60.

DEC. 8, 1829. EXTRACT FROM JACKSON'S

ANNUAL MESSAGE.

The charter of the bank of the United States expires in 1836, and its stockholders will most probably apply for a renewal of their privileges. In order to avoid the evils resulting from precipitancy in a measure involving such important principles, and such deep pecuniary interests, I feel that I can not, in justice to the parties interested, too soon present it to the deliberate consideration of the legislature and the people. Both the constitutionality and the expediency of the law creating this bank are well questioned by a large portion of our fellow-citizens; and it must be admitted by all, that it has failed in the great end of establishing a uniform and sound currency.-Statesman's Manual, II., 713.

DEC. 7, 1830. EXTRACT FROM JACKSON'S
ANNUAL MESSAGE.

The importance of the principle 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. In the spirit of improvement and compromise which distinguishes our country and its institutions, it becomes us to inquire whether it be not possible to secure the advantages afforded by the present bank, through the agency of a bank of the United States so modified in its principles and structure as to obviate constitutional and other objections.

It is thought practicable to organize such a bank with the necessary officers, as a branch of the treasury department, based on the public and individual deposites, without power to make loans or purchase property, which shall remit the funds of the government, and the expenses of which may be paid, if thought advisable, by allowing its officers to sell bills of exchange to private individuals at a moderate premium. Not being a corporate body, having no stockholders, debtors, or property, and but few officers, it would not be obnoxious to the constitutional objections which are urged against the present bank; and having no means to operate on the hopes, fears, or interests of large masses of the community, it would be shorn of the influence which makes that bank formidable. The states would be strengthened by having in their hands the means of furnishing the local paper currency through their own banks; while the bank of the United States, though issuing no paper, would check the issue of the state banks by taking their notes in deposite, and for exchange only, so long as they continue to be redeemed with specie. In times of public emergency, the capacities of such an institution might be enlarged by legislative provisions.

These suggestions are made, not so much as a recommendation, as with a view of calling the attention of Congress to the possible modifications of a system which can not continue to exist in its present form without occasional collisions with the local authorities, and perpetual apprehensions and discontent on the part of the states and the people.Statesman's Manual, II., 753

DEC. 6, 1831. EXTRACT FROM JACKSON'S

ANNUAL MESSAGE.

Entertaining the opinions heretofore expressed in relation to the bank of the United States, as at present organized, I felt it my duty, in my former messages, frankly to disclose them, in order that the attention of the legislature and the people should be seasonably directed to that important subject, and that it might be considered and finally disposed of in a manner best calculated to promote the ends of the constitution, and subserve the public interests. Having thus conscientiously discharged a constitutional duty, I deem it proper, on this occasion, without a more particular reference to the views of the subject then expressed, to leave it for the present to the investigation of an enlightened people and their representatives.—Statesman's Manual, II., 765.

JULY, 1832. EXTRACTS FROM THE BANK BILL.

An act to modify and continue the act entitled "An act to incorporate the subscribers to the Bank of the United States."

Be it enacted............. That the act entitled "An act to incorporate the subscribers to the Bank of the United States," approved on the tenth day of April, in the year one thousand eight hundred and sixteen, shall continue in full force and effect for the term of fifteen years from and after the period therein limited for its expiration, to wit, the third day of March, in the year one thousand eight hundred and thirty-six ;. . . . .

SEC. 4. And be it further enacted, That the notes or bills. of the said corporation, although the same be, upon the faces thereof, respectively, made payable at one place only, .shall, nevertheless, be received by the said corporation at the bank, or at any of the offices of discount and deposite thereof, if tendered in liquidation or payment of any balance or balances due to said corporation, or to such office of discount and deposite, from any other incorporated bank.....

SEC. 7. And be it further enacted, That, in consideration of the exclusive benefits and privileges continued by this act to the said corporation for fifteen years as aforesaid, the said corporation shall pay to the United States the annuity

or yearly sum of two hundred thousand dollars; which said sum shall be paid on the fourth day of March in each and every year, during the said term of fifteen years.

SEC. 8. And be it further enacted, That it shall be lawful for Congress to provide, by law, that the said bank shall be restrained, at any time after the third day of March, in the year one thousand eight hundred and thirty-six, from mak ing, issuing, or keeping in circulation, any notes or bills of said bank, or any of its offices, of a less sum or denomination than twenty dollars.........-Senate Journal, 22 Cong., 1 Sess., pp. 451-3.

JULY 10, 1832. EXTRACTS FROM JACKSON'S VETO MESSAGE.

A bank of the United States is in many respects, convenient for the government and useful to the people. Entertaining this opinion, and deeply impressed with the belief that some of the powers and privileges possessed by the existing bank are unauthorized by the constitution, subversive of the rights of the states, and dangerous to the liberties of the people, I felt it my duty, at an early period of my administration, to call the attention of Congress to the practicability of organizing an institution combining all its advan tages, and obviating these objections. I sincerely regret that, in the act before me, I can perceive none of those modifications of the bank charter which are necessary, in my opinion, to make it compatible with justice, with sound policy, or with the constitution of our country.

....

Every monopoly, and all exclusive privileges, are granted at the expense of the public, which ought to receive a fair equivalent. The many millions which this act proposes to bestow on the stockholders of the existing bank must come directly or indirectly out of the earnings of the American people. It is due to them, therefore, if their government sell monopolies and exclusive privileges, that they should at least exact for them as much as they are worth in open market. The value of the monopoly in this case may be correctly ascertained. The twenty-eight millions of stock would probably be at an advance of fifty per cent., and command in market at least forty-two millions of dollars, sub

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