US Presidency
1832

The old Bank of the United States possessed a capital of only $ 11,000,000, which was found fully sufficient to enable it with dispatch and safety to perform all the functions required of it by the Government. The capital of the present bank is $ 35,000,000- at least twenty-four more than experience has proved to be necessary to enable a bank to perform its public functions. The public debt which existed during the period of the old bank and on the establishment of the new has been nearly paid off, and our revenue will soon be reduced. This increase of capital is therefore not for public but for private purposes. The Government is the only proper judge where its agents should reside and keep their offices, because it best knows where their presence will be necessary. It can not, therefore, be necessary or proper to authorize the bank to locate branches where it pleases to perform the public service, without consulting the Government, and contrary to its will.