Most of them are liable to the same constitutional objections for
which the present bank has been condemned, and perhaps to all there are
strong objections on the score of expediency. In ridding the country of
an irresponsible power which has attempted to control the Government,
care must be taken not to unite the same power with the executive
branch. To give a President the control over the currency and the power
over individuals now possessed by the Bank of the United States, even
with the material difference that he is responsible to the people, would
be as objectionable and as dangerous as to leave it as it is. Neither
one nor the other is necessary, and therefore ought not to be resorted
to.
On the whole, the President considers it as conclusively settled that
the charter of the Bank of the United States will not be renewed, and
he has no reasonable ground to believe that any substitute will be
established. Being bound to regulate his course by the laws as they
exist, and not to anticipate the interference of the legislative power
for the purpose of framing new systems, it is proper for him seasonably
to consider the means by which the services rendered by the Bank of the
United States are to be performed after its charter shall expire.
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