When Jackson became President the bank was financially sound. The management was not faultless, but very fair. It did not meddle with politics. A financial institution of that kind is not naturally inclined to become a political agency. Its stockholders, who are anxious for the safety of their investments and desire to draw regular dividends, do not wish it to involve itself in the fortunes and struggles of political parties. This was the disposition of the United States Bank under Nicholas Biddle. Jackson's first attack upon the bank in that respect was therefore wanton and reckless. But it is also true that an institution whose interests depend upon the favor of the government is always apt to be driven into politics, be it by the exactions of its political friends, or by the attacks of its political enemies. Its capacity for mischief will then be proportioned to the greatness of its power; and the power of a central bank, acting as the fiscal agent of the government, disposing of a large capital, and controlling branch banks all over the country, must necessarily be very large. Being able to encourage or embarrass business by expanding or curtailing bank accommodations, and to favor this and punish that locality by transferring its facilities, it may benefit or injure the interests of large masses of men, and thereby exercise an influence upon their political conduct, — not to speak of its opportunities for propitiating men in public position, as well as the press, by its substantial favors. So it was in the case of the
