had disappeared.

PANIC OF 183l.--The course of business, having scarcely suffered a
stoppage, continued until 1831, and not till then did The Bank, being
the agent of the Treasury and having $11,600,000 on deposit, would have
been forced to become a borrower in order to pay out the $2,700,000
demanded from it. However, its request was granted.

Jackson soon learned with surprise that, business being more impeded
than ever, the President had despatched an agent to England to contract
with the Barings a loan of $6,000,000. Seeing the Bank to be insolvent
he resolved not to renew its charter. The Bank tried to hide its
insolvency by the most foolish land speculations, which had already
caused such great disaster in 1818 and 1820. The issue of bank notes had
given fresh spirit to speculation. These bank notes were received by the
National Treasury and returned to the Bank on deposit, which again
loaned them to pay for land upon security of the land sold, with the
result that the credit granted the Nation was merely fictitious.

In 1832, Congress having voted for the extension of the Bank's charter,
President Jackson refused to ratify it on account especially of certain
changes, it sought to introduce. "Why," said he, "grant a capital of
$35,000,000 when the first company only had $11,000,000?"

But though the Bank's charter could not be arranged, the law of July 10,
1832, dealing with the regulation of banks, prescribed that "a report"
upon their exact condition should be submitted to Congress every year.

In 1833 General Jackson ordered the withdrawal of the Government
deposits from the Bank. The law required that the reasons for the