ll to run. Mr. Webster did not enter into the personal contest
which had already begun, but in a speech of great ability advocated a
renewal of the charter, showing, as he always did on such themes, a
knowledge and a grasp of the principles and intricacies of public finance
unequalled in our history except by Hamilton. In a second speech he made a
most effective and powerful argument against a proposition to give the
States authority to tax the bank, defending the doctrines laid down by
Chief Justice Marshall in McCullough vs. Maryland, and denying the power of
Congress to give the States the right of such taxation, because by so doing
they violated the Constitution. The amendment was defeated, and the bill
for the continuance of the charter passed both Houses by large majorities.

Jackson returned the bill with a veto. He had the audacity to rest his veto
upon the ground that the bill was unconstitutional, and that it was the
duty of the President to decide upon the constitutionality of every measure
without feeling in the least bound by the opinion of Congress or of the
Supreme Court. His ignorance was so crass that he failed to perceive the
distinction between a new bill and one to continue an existing law, while
his vanity and his self-assumption were so colossal that he did not
hesitate to assert that he had the right and the power to declare an
existing law, passed by Congress, approved by Madison, and held to be
constitutional by an express decision of the Supreme Court, to be invalid,
because he thought fit to say so. To overthrow such doctrines was not
difficult, but Mr. Webster refuted them with a completeness and force which
were irresistible. At the same time he avoided personal attack in the
dignified way which was characteristic of him, despite the extraordinary
temptation to indulge in invective and telling sarcasm to which Jackson by
his ignorance and presumption had so exposed himself. The bill was lost,
the great conflict with the bank was begun, and the Whig party was founded.

Another event of a different character, which had occurred not long before,
helped to widen the breach and to embitter the contest between the parties
of the administration and of the opposition. When in 1829 Mr. McLane had
received his instructions as Minister to England, he had been directed by
Mr. Van Buren to reopen negotiations on the subject of the West Indian
trade, and in so doing the Secretary of State had reflected on t