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.
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