Excerpt from Farewell Address of Andrew Jackson to the People of the United States

But when the charter for the' Bank ofthe United States was obtains cd from Congress, it pe11ft1ctcd the schemes of the paper system, and gave to its advocates the position they have struggled to obtain, from the commencement of the Federal Governmento down to the present hour. The immense capital, and peculiar privileges bestowed upon it, enable it to exercise despotic sway over the other banks ln every partof the country. From its superior strength, it could seriously injure, if not destroy, the busipess of any-oi, them whichtmight incur its resentment; and it openly claimed for itself the power of regulat ing the currency throughout the United States. In. Other words, it' asserted (and 1t undoubtedly possessed) the power to make money plenty or scarce, at its pleasure, at any time, and in any quarten of the Union, by controlling the issues of other banks, and permitting an expansion, or compelling a general contraction of the Circulating me dium, ' according to its own will. The other banking institutions23 were sensible of its strength, and they. Soon generally became its obedient instruments, teady at all times, to execute its mandates, and With the banks necessarily went, also that numerous class of persons in our commercial cities, who depend altogether on bank credits for their solvency and means of business and who are, therefore, obhged, for their own safety, to p1opitiate the favor of the money power by distin guishéd zeal and devoti on in its service. The result of theill adviseci legislation which established this great monopoly was, to concene t1ate the whole monied power ofthe Union, with its boundless means of coriuption, and its numerous dependents, under the direction and command of one acknowledged head; thus organizingthis particular: interest as one body, and secur111g to it unity and concert of action throughout the United States, and enabling it to brmg forward, upon any occasion, its e11ti1e and undivided strength to support or defeat any measure of the Government. In the hands of this formidable power, thus perfectly organized, was also plased unlimited dominion over the amount of the ci1culating medium, giving it the power to regulate the value of propt11ty and the fruits of labor in every quaiter of the Union, and to bestow prosperity or bring ruin, upon any city or section of the country, as might best comport with its own interest or policy.

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