PERIOD IV.—1829 TO 1845.
CHAPTER XII.
The Bank War.
HE opposition party which was forming around Jackson during Adams's administration, especially the southern and western wing of it, was disposed to put opposition to the Bank of the United States on its program. At the session of 1827-8, P. P. Barbour brought forward a proposition to sell the stock owned by the United States in the Bank. The debate which followed is chiefly important as showing to what an extent the Bank had lived down the evil reputation of its first years, and how difficult it was to start a movement against it. The stock fell two points when the proposition was made, but recovered when Barbour's resolution was tabled, 174 to 9.
Jackson was inaugurated March 4, 1829. The campaign had been passionate and malignant on both sides, but there was peace and prosperity in spite of monetary stringency. "The currency of the country was as sound in the year 1829 as may probably be expected under any system which admits the substitution of paper for the precious metals."[1] The United States Bank had lived down its early bad behavior, and. was accepted as one of the fundamental institutions of the country. It is true that it was allowed to pass with reservations by many democratic politicians of the old school, who still denied its constitutionality, but only on dogmatic grounds.
- ↑ Gallatin's Writings, 390. (1841.)
