bank as the fiscal agent of the government, with a capital of thirty millions, to be incorporated in the District of Columbia, branches to be established in the several states only with the assent of the states concerned. It was to be called the “Fiscal Bank of the United States.” Clay reported a bill from his committee conforming in its main features to the Secretary's plan, with the exception of the requirement that the establishment of branches should depend on the expressed assent of the respective states. But, as it was generally believed that the President would not sign any bill without such a clause, an amendment was adopted providing that such assent should be assumed unless dissent were expressed by the legislature of the state concerned at its session next ensuing. So amended, the bill passed, although it commanded in neither house the full vote of the party.
Then the crisis came. Rumors had long been current that the President would refuse to sign the bill. The excitement caused by the anticipation of a veto was so intense as to interfere with the amenities of official as well as social intercourse. At last, on August 16, the veto appeared. The President reminded Congress of the fact that he had always pronounced himself against the assumption by Congress of the power to create a national bank that would “operate per se over the Union.” He thought he had a right to assume that the people had elected him Vice-President “with a full knowledge of the opinions thus en-
