Beacon Lights of History, Volume 12: American Leaders

The war of 1812 had, by shutting out foreign products, stimulated certain manufactures difficult to import, but necessary for military operations, like cheap clothing for soldiers, blankets, gunpowder, and certain other articles for general use, especially such as are made of iron. When the war closed and the ports opened, the country received a great inflow of British products. Hence the tariff of 1816, the earliest for protection, imposed a tax of about thirty-five per cent on articles for which the home industry was unable to supply the demand, and twenty per cent on coarse fabrics of cotton and wool, distilled spirits, and iron; while those industries which were in small demand were admitted free or paid a mere revenue tax. This tariff, substantially proposed by George M. Dallas, Secretary of the Treasury, was ably supported by Clay. But his mind was not yet fully opened to the magnitude and consequences of this measure,–his chief arguments being based on the safety of the country in time of war. In this movement he joined hands with Calhoun, one of his warmest friends, and one from whose greater logical genius he perhaps drew his conclusions.

At that time party lines were not distinctly drawn. The old Federalists had lost their prestige and power. The Republicans were in a great majority; even John Quincy Adams and his friends swelled their ranks Jefferson had lost much of his interest in politics, and was cultivating his estates and building up the University of Virginia. Madison was anticipating the pleasures of private life, and Monroe, a plain, noncommittal man, the last of "the Virginia dynasty," thought only of following the footsteps of his illustrious predecessors, and living in peace with all men.

The next important movement in Congress was in reference to the charter of the newly proposed second United States Bank, and in this the great influence of Clay was felt. He was in favor of it, as a necessity, in view of the miserable state of the finances, the suspension of specie payments, and the multiplication of State banks. In the earlier part of his career, in 1811, he had opposed a recharter of Hamilton's National Bank as a dangerous money-corporation, and withal unconstitutional on the ground that the general government had no power to charter companies. All this was in accordance with Western democracy, ever jealous of the money-power, and the theorizing proclivities of Jefferson, who pretended to hate everything which was supported in the old country. But with advancing light and the experience of depreciated currency from the multiplication of State banks, Clay had changed his views, exposing himself to the charge of inconsistency; which, however, he met with engaging candor, claiming rather credit for his ability and willingness to see the change of public needs. He now therefore supported the bill of Calhoun, which created a national bank with a capital of thirty-five million dollars, substantially such as was proposed by Hamilton. The charter was finally given in April, 1816, to run for twenty years.

Doubtless such a great money-corporation–great for those times–did wield a political influence, and it might have been better if the Bank had been chartered with a smaller capital. It would have created fewer enemies, and might have escaped the future wrath of General Jackson. Webster at first opposed the bill of Calhoun; but when it was afterwards seen that the Bank as created as an advantage to the country, he became one of its strongest supporters. Webster was strongly conservative by nature; but when anything was established, like Lord Thurlow he ceased all opposition, especially if it worked well.

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