ication of the
truth of the position which I have assumed. If, then, any fiscal agent
which may be created shall be placed, without due restrictions, either
in the hands of the administrators of the Government or those of private
individuals, the temptation to abuse will prove to be resistless.
Objects of political aggrandizement may seduce the first, and the
promptings of a boundless cupidity will assail the last. Aided by the
experience of the past, it will be the pleasure of Congress so to guard
and fortify the public interests in the creation of any new agent as to
place them, so far as human wisdom can accomplish it, on a footing of
perfect security. Within a few years past three different schemes have
been before the country. The charter of the Bank of the United States
expired by its own limitations in 1836. An effort was made to renew
it, which received the sanction of the two Houses of Congress, but the
then President of the United States exercised his _veto_ power and the
measure was defeated. A regard to truth requires me to say that the
President was fully sustained in the course he had taken by the popular
voice. His successor to the chair of state unqualifiedly pronounced his
opposition to any new charter of a similar institution, and not only the
popular election which brought him into power, but the elections through
much of his term, seemed clearly to indicate a concurrence with him
in sentiment on the part of the people. After the public moneys were
withdrawn from the United States Bank they were placed in deposit with
the State banks, and the result of that policy has been before the
country. To say nothing as to the question whether that experiment
was made under propitious or adverse circumstances, it may safely be
asserted that it did receive the unqualified condemnation of most of its
early advocates, and, it is believed, was also condemned by the popular
sentiment. The existing subtreasury system does not seem to stand in
higher favor with the people, but has recently been condemned in a
manner too plainly indicated to admit of a doubt. Thus in the short
period of eight years the popular voice may be regarded as having
successively condemned each of the three schemes of finance to which
I have adverted. As to the first, it was introduced at a time (1816)
when the State banks, then comparatively few in number, had been forced
to suspend specie payments by reason of the war which had previously
prev