had grown up from the necessities of the nation--consequently it
was assumed to be a national policy to promote national independence,
and protection was claimed for national industry against European
competition. This policy in the Government would encourage
extravagance, waste, and corruption--such a bane to republics--because
it would create an immense surplus in the national treasury, unless
some scheme for its expenditure could be devised which should seem to
promote the national interest. To this end, the party of the
Administration claimed a constitutional power in Congress to carry on a
system of internal improvements; and heavy appropriations were made for
this purpose, not only absorbing the surplus revenue, but creating a
necessity for more--and this necessity was an excuse for increasing the
tariff.

The Bank of the United States was the depository of the moneys of the
nation and her disbursing agent. The constitutionality of this
institution had been a mooted question from the day it was first
proposed by Robert Morris. Mr. Madison, who was a Republican, had at
one time vetoed it; at another, approved it. Mr. Crawford, a most
inveterate States-rights man and strict constructionist of the
Constitution, had uniformly supported it. Mr. Clay had both supported
and opposed it. The question was finally adjudicated by the Supreme
Court, and, so far as that decision could make it, was decided to be
constitutional. This, however, did not satisfy the Republican or
States-rights party; a large majority of whom always insisted upon its
unconstitutionality. At the time of its creation, a necessity existed
for some such institution, to aid the Government in its financial
operations, and at the time of the renewal of its charter the
Government had just emerged from a war; every State was creating banks,
and the country was flooded with an irredeemable and worthless
currency, disturbing commerce, unsettling values, and embarrassing the
Government. A power was wanted somewhere to control these State banks,
and to give a redeemable and uniform currency to the country.

The State banks had proved destructive to the public interest; with no
power to restrain their issues except that imposed by their charters
and the honesty of their officers--a frail security for the public, as
experience had attested. The example of Washington was pleaded by the
advocates of the bank. At the very outset it had been opposed for want
of cons