Andrew Jackson

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ...the points implied by him, but, in form, raised by Biddle. He says that if the Bank should abuse its powers the Secretary is authorized to remove the deposits. Hence the three points which Biddle found in his former letter are good. It does not appear that Biddle ever thought of this power as within the range of the discussion, or of the exercise of this power as among the possibilities. Ingham says there are two theories of the Bank: (1) That it is exclusively for national purposes and for the common benefit of all, and that the " employment of private interests is only an incident,--perhaps an evil,--founded in mere convenience for care and management." (2) That it is intended "to strengthen the arm of wealth, and counterpoise the influence of extended suffrage in the disposition of public affairs," and that the public deposits are one of its means for performing this function. He says that there are two means of resisting the latter theory: the power to remove the deposits, and the power to appoint five of the directors. He adds that, if the Bank should exercise political influence, that would afford him the strongest motive for removing the deposits. Biddle's reply of October 9th shows that he recognizes at last what temper he has to deal with. He is still gay and good-natured, and he recedes gracefully, only maintaining that it is the policy of the Bank to keep out of politics. In Ingham's letters of July 23d and October 5th is to be found the key to the "Bank War." Ingham argues that the Bank cannot keep out of politics, that its officers ought to be taken from both parties, and that, if it meddles with politics, he will remove the deposits. The only road left by which to escape from the situation he creates is to go into politics on his...