And now, fellow-citizens, I will say a word or two on the history of the transactions on this subject.  At the special session of Congress, the Secretary of the Treasury, Mr. Ewing, arranged a plan for a national bank.  That plan was founded upon the idea of a large capital, furnished mainly by private subscriptions, and it included branches for local discounts.  I need not advert, Gentlemen, to the circumstances under which this scheme was drawn up, and received, as it did, the approbation of the President and Cabinet, as the best thing that could be done.  I need not remind you, that he whom we had all agreed should hold the second place in the government had been called to the head of it.  I need not say that he held opinions wholly different from mine on the subjects which now came before us.  But those opinions were fixed, and therefore it was thought the part of wisdom and prudence not to see how strong a case might be made against the President, but to get along as well as we might.  With such views, Mr. Ewing presented his plan to Congress.  As most persons will remember, the clause allowing the bank to establish branches provided that those branches might be placed in any State which should give its consent.  I have no idea that there is any necessity for such a restriction.  I believe Congress has the power to establish the branches without, as well as with, the consent of the States.  But that clause, at most, was theoretical.  I never could find anybody who could show any practical mischief resulting from it.  Its opponents went upon the theory, which I do not exactly accord with, that an omission to exercise a power, in any case, amounts to a surrender of that power.  At any rate, it was the best thing that could be done; and its rejection was the commencement of the disastrous dissensions between the President and Congress.

Gentlemen, it was exceedingly doubtful at the time when that plan was prepared whether the capital would be subscribed.  But we did what we could about it.  We asked the opinion of the leading merchants of the principal commercial cities.  They were invited to Washington to confer with us.  They expressed doubts whether the bank could be put into operation, but they expressed hopes also, and they pledged themselves to do the best they could to advance it.  And as the commercial interests were in its favor, as the administration was new and fresh and popular, and the people were desirous to have something done, a great earnestness was felt that that bill should be tried.

It was sent to the Senate at the Senate’s request, and by the Senate it was rejected.  Another bill was reported in the Senate, without the provision requiring the consent of the States to branches, was discussed for six weeks or two months, and then could not pass even a Whig Senate.  Here was the origin of distrust, disunion, and resentment.