Clay's help, in 1816. Its charter was to run for twenty years, and would therefore expire in 1836. In order to understand how the rechartering of that bank became a burning question in 1831, a short retrospect is necessary.
When President Jackson came into office the country was in a prosperous condition. There was little speculation, but business in all directions showed a healthy activity, and yielded good returns. The currency troubles, which had long been disturbing the country, especially the South and West, were over. The “circulating medium” was more uniform and trustworthy, and, on the whole, in a more satisfactory condition than it ever had been before. The agency of the Bank of the United States in bringing about these results was generally recognized. In the first two years after its establishment the bank had been badly managed. But Langdon Cheves, appointed its president in 1819, put the conduct of its business upon a solid footing, and thereafter it continued steadily to grow in the confidence of the business community. No serious difficulty was therefore anticipated as to the rechartering; and as there would be no necessity for final action on that matter until 1836, three years after the expiration of General Jackson's first presidential term, the public generally expected that any question about it would be permitted to rest at least until after the election of 1832.
Great was therefore the surprise when, in his
