Although the charter was approaching its termination, and the bank was
aware that it was the intention of the Government to use the public
deposit as fast as it has accrued in the payment of the public debt,
yet did it extend its loans from January, 1831, to May, 1832, from
$42,402,304.24 to $70,428,070.72, being an increase of $28,025,766.48
in sixteen months. It is confidently believed that the leading object of
this immense extension of its loans was to bring as large a portion of
the people as possible under its power and influence, and it has been
disclosed that some of the largest sums were granted on very unusual
terms to the conductors of the public press. In some of these cases the
motive was made manifest by the nominal or insufficient security taken
for the loans, by the large amounts discounted, by the extraordinary
time allowed for payment, and especially by the subsequent conduct of
those receiving the accommodations.
Having taken these preliminary steps to obtain control over public
opinion, the bank came into Congress and asked a new charter. The object
avowed by many of the advocates of the bank was _to put the President
to the test_, that the country might know his final determination
relative to the bank prior to the ensuing election.
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