Bank of the United States. Although Jackson's denunciations of its corrupting practices went far beyond the truth, there can be no doubt that, when it at last fought for the renewal of its charter and against the removal of the deposits, it did use its power for political effect.
It might be said that it did so in self-defense, and that, had there not been so violent a character in the presidential office, it would not have been obliged to defend itself. This would be an unsafe conjecture. A great central banking institution, a government agent, enjoying valuable privileges, will always have the flavor of monopoly about it — and there is nothing more hateful than the idea of monopoly among a democratic people. It will always excite popular jealousy by the appearance of offering to a limited circle of persons superior opportunities of acquiring wealth at the public expense. It will always arouse popular apprehensions with regard to the harm it might do as a great concentrated money power. These apprehensions and jealousies will, in a democratic community, at any time be apt to break out, cause an attack upon the institution, and oblige it to “fight” in self-defense. Being attacked on the political field it will, in obedience to a natural impulse, try to protect itself on the political field, and thus easily become a dangerous and demoralizing factor in politics.
An institution like the Bank of the United States, whatever its temporary usefulness may have
