Upon the renewal of the charter of the United States
Bank, during the Administration of Mr. Madison, the Republican party
again mooted its constitutionality; but its undisputed usefulness had
won for it immense popularity, and there were many who, though acting
with the Republicans, were willing (as Washington had approved it, and
the Supreme Court had pronounced it constitutional) to view the
question as settled, and vote to renew the charter.
It was subsequent to the veto of Mr. Madison (when he had reconsidered
his action, and recommended the re-chartering of the bank,) that
debates ensued, in which the question was exhausted. In these debates,
Mr. Crawford, Mr. Clay, Felix Grundy, William B. Giles, and Mr. Calhoun
led. They were continued through several sessions, up to 1816, when
they ultimated in the chartering of the last bank of the United States.
This charter expired during the Administration of General Jackson, and
by him the bank was finally crushed.
Three great measures constituted what was then termed the American
System--the United States Bank, a protective tariff, and internal
improvements within the States by the General Government.
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