Andrew Jackson As a Public Man: What He Was, What Chances He Had, And What He Did With Them

Cover Andrew Jackson As a Public Man: What He Was, What Chances He Had, And What He Did With Them
Andrew Jackson As a Public Man: What He Was, What Chances He Had, And What He Did With Them
William Graham Sumner
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(4.) Sales of public stocks. The bank was forbidden by the charter to sell public stocks, the object being to prevent it from manipulating the price of tha same. In 1824, in aid of a refunding scheme, the bank took some public stocks from the government, and had spe- cial permission by act of Congress to sell them. The majority disapproved of the sale.
(5.) Gifts to roads, canals, etc. The bank had made two subscriptions of $1,500 each to the stock of turn- pike companies. The other cases were
...all petty gifts to fire companies, etc. The majority argued that, since the adminiistration had pronounced against internal im- provements, the bank ought not to have assisted any such works. Adams said that the administration had opposed internal improvements, on the ground that they were unconstitutional when undertaken by the federal govem- Yient; but he asked what argument that furnished against such works when undertaken by anybody else.
(6.) Building houses to rent or selL The bank had 1 See below, page 270-1.


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