Second Bank of the United States. Resumption of Specie Payments.

It was during this state of things that the Second Bank of the United States came into existence. It is a remarkable proof, if proof were needed, of the inconsistency of politicians, that this bank was sustained and established by those very men, who five or six years before, had exerted every nerve to prevent the re-charter of the first National Bank. The capital of the new Bank was thirty-five millions, and its charter conformed in all important particulars, to that of its predecessor.

The reasons alleged for the establishment of this Bank were principally two. First, that experience had proved the necessity of such an institution for the convenient management of the public finances. Second, that a National Bank was a means, and the only means, of securing the restoration of specie payments.

Both these reasons were entirely destitute of foundation.

1.Experience had not proved the necessity of such an institution for the convenient management of the public finances. From the closing of the First Bank, to the year 1813, no difficulty was experienced in the management of the finances; and the difficulties afterwards encountered, grew out of the simple fact, that the government spent money a great deal faster than they could collect or borrow it, a pretty certain cause of embarrassment to all finances both public and private.

2.There was a sure and simple means of compelling the resumption of specie payments whenever Congress saw fit. It was only necessary to