So admirably was the source of revenue
contrived, that no man knew or felt he paid a national tax. The Bank of
the United States received and disbursed the moneys arising from
customs, or tariffs upon imports, without one cent of expense to the
Government; affording at the same time every healthy facility to the
commerce of the country--holding in check and confining the local State
banks to a legitimate business--and was the most complete and perfect
fiscal agent ever organized. In the struggle for party ascendency, the
idea was conceived of using the bank in aid of one of the factions
which divided the country. The machinators of this scheme failed to
accomplish it, and, being in power at the time, determined to destroy
it, upon the plea of its unconstitutionality, and of having been used
to overturn the Government--that is, the party in power. It was
declared dangerous to the liberties of the country.
At the expiration of its charter, then approaching, it was refused a
renewal. So intimately was it connected with every interest in the
country, that its passing out of existence threatened universal
bankruptcy.
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