US Presidency
1832

As a source of profit these stocks are of little or no value; as a means of influence among the states they are adverse to the purity of our institutions. The whole principle on which they are based is deemed by many unconstitutional, and to persist in the policy which they indicate is considered wholly inexpedient. It is my duty to acquaint you with an arrangement made by the Bank of the United States with a portion of the holders of the 3 percent stock, by which the government will be deprived of the use of the public funds longer than was anticipated. By this arrangement, which will be particularly explained by the Secretary of the Treasury, a surrender of the certificates of this stock may be postponed until [ 1833 October ], and thus may be continued by the failure of the bank to perform its duties.