It is true that Benton did not go so far as Jackson in the socialistic direction. He said that he was willing to vote for the President's Government bank scheme, since it would substitute for the existing Bank an institution which would be divested of the essential features of a bank, the power to make loans and discounts, but that he would prefer to see the charter of the Bank expire without any substitute being created for it.
The Senate was not, however, convinced by Mr. Benton's argument, and refused to allow him to introduce his resolution.
| Jackson's challenge to make the continued existence of the Bank the issue in the campaign of 1832. |
In his message of December 6th, 1831, President Jackson referred to what he had said in former messages concerning the Bank, and closed his allusion with the following significant words: "Having thus conscientiously discharged a constitutional duty, I deem it proper, on this occasion, without a more particular reference to the views of the subject then expressed, to leave it for the present to the investigation of an enlightened people and their representatives."
| The challenge accepted. |
This language certainly seemed to imply that the President would, so far as he was able, make the question of the re-charter of the Bank one of the issues of the election campaign of 1832. His opponents so interpreted him, and they gladly accepted the challenge, for they believed the Bank to be popular with the voters. They thought that the Senators and Representatives in Congress, a majority of whom favored the Bank, truly represented the views of their constituencies, and they calculated to be able to split the Democratic party itself on the issue.
The president and directors of the Bank, however, were most reluctant to have the existence of the Bank made a party question. The leaders of the National Republicans, on the other hand, insisted upon it. Clay, who, six days after the appearance of the President's message, had been nominated by a national convention at Baltimore as the candidate of the National Republicans for the presidency, was certain that under the issue of the renewal of the Bank's charter Jackson would be signally defeated. The Bank's officers yielded to his advice, enforced by that of Mr. Webster, and on January 9th, 1832, sent in the memorial for a re-charter.