Pictures equally appalling were paraded before him when this bank came
to demand a new charter. But what was the result? Has the country been
ruined, or even distressed? Was it ever more prosperous than since that
act? The President verily believes the bank has not the power to produce
the calamities its friends threaten. The funds of the Government will
not be annihilated by being transferred. They will immediately be issued
for the benefit of trade, and if the Bank of the United States curtails
its loans the State banks, strengthened by the public deposits, will
extend theirs. What comes in through one bank will go out through
others, and the equilibrium will be preserved. Should the bank, for the
mere purpose of producing distress, press its debtors more heavily than
some of them can bear, the consequences will recoil upon itself, and in
the attempts to embarrass the country it will only bring loss and ruin
upon the holders of its own stock. But if the President believed the
bank possessed all the power which has been attributed to it, his
determination would only be rendered the more inflexible. If, indeed,
this corporation now holds in its hands the happiness and prosperity of
the American people, it is high time to take the alarm.
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