At the time President Jackson appointed Louis McLane (1786-1857) Secretary of the Treasury in 1831, the President was increasingly inclined to oppose the Second Bank of the United States. Though McLane's views on finance did not agree with those of the President, Jackson respected McLane and in making the appointment overlooked this potential conflict. During thirteen years in Congress (1816-1829), McLane had championed the cause of the Bank and had denied the power of Congress to interfere with its operations. As Secretary, he urged Congress to renew the Bank's charter when the measure was introduced in 1832, although Jackson was opposed to renewal. The bill to recharter the Bank, passed that year by Congress, was vetoed by the President.
Jackson ran for reelection that year on the Bank issue and he interpreted his resounding triumph at the polls as public disapproval of the Bank. He pressured McLane to remove government deposits from the Bank, since the Secretary of the Treasury was the only person authorized to do so. Though McLane refused to withdraw the deposits, he wanted to avoid further conflict with Jackson and readily agreed to move to the position of Secretary of State when that office became available in 1833.
- Text Courtesy of the Office
of the Curator
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos - Last Exhbit at the 2008 GOP Convention:
http://www.pinellasrepublican.org/
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos
Uncommon Sense: President Obama and
US China Trade 1784-2009
The United Colonies 1st
government began in a Philadelphia Tavern
and the United States 1st federal government ended in a
NYC Tavern!
The Founders convened the government in 11 different capitol buildings and
experienced 15 years of challenges that
included war,
hyper-inflation, a failed
constitution, judicial corruption, armed citizen and U.S. Army rebellions.
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