been exposed. Banking has become
a political topic of the highest interest, and trade has suffered in
the conflict of parties. A speedy termination of this state of things,
however desirable, is scarcely to be expected. We have seen for nearly
half a century that those who advocate a national bank, by whatever
motive they may be influenced, constitute a portion of our community too
numerous to allow us to hope for an early abandonment of their favorite
plan. On the other hand, they must indeed form an erroneous estimate
of the intelligence and temper of the American people who suppose that
they have continued on slight or insufficient grounds their persevering
opposition to such an institution, or that they can be induced by
pecuniary pressure or by any other combination of circumstances to
surrender principles they have so long and so inflexibly maintained.

My own views of the subject are unchanged. They have been repeatedly and
unreservedly announced to my fellow-citizens, who with full knowledge
of them conferred upon me the two highest offices of the Government.
On the last of these occasions I felt it due to the people to apprise
them distinctly that in the event of my election I would not be able to
cooperate in the reestablishment of a national bank. To these sentiments
I have now only to add the expression of an increased conviction that
the reestablishment of such a bank in any form, whilst it would not
accomplish the beneficial purpose promised by its advocates, would
impair the rightful supremacy of the popular will, injure the character
and diminish the influence of our political system, and bring once more
into existence a concentrated moneyed power, hostile to the spirit and
threatening the permanency of our republican institutions.

Local banks have been employed for the deposit and distribution of
the revenue at all times partially and on three different occasions
exclusively: First, anterior to the establishment of the first Bank of
the United States; secondly, in the interval between the termination of
that institution and the charter of its successor; and thirdly, during
the limited period which has now so abruptly closed. The connection thus
repeatedly attempted proved unsatisfactory on each successive occasion,
notwithstanding the various measures which were adopted to facilitate
or insure its success. On the last occasion, in the year 1833, the
employment of the State banks was guarded especially,