reiterated in those of December, 1830 and 1831, and in that of 1830
he threw out for consideration some suggestions in relation to a
substitute. At the session of 1831-32 an act was passed by a majority
of both Houses of Congress rechartering the present bank, upon which
the President felt it his duty to put his constitutional veto. In his
message returning that act he repeated and enlarged upon the principles
and views briefly asserted in his annual message, declaring the bank
to be, in his opinion, both inexpedient and unconstitutional, and
announcing to his countrymen very unequivocally his firm determination
never to sanction by his approval the continuance of that institution
or the establishment of any other upon similar principles.

There are strong reasons for believing that the motive of the bank in
asking for a recharter at that session of Congress was to make it a
leading question in the election of a President of the United States the
ensuing November, and all steps deemed necessary were taken to procure
from the people a reversal of the President's decision.

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