: Henry Clay TO Biddle

{confidential) Ashland llth. Sept. 1830 Dear Sir

Major Tilford having mentioned to me that you were considering whether it was proper to apply, at the ensuing Session of Congress, for a renewal of the charter of the B.U.S. and that you entertained some doubts on the subject, I had a conversation with him and Mr. Harper, which I informed them that they were at liberty to communicate to you. I added that, perhaps, I might address a letter to you on the same matter. A leisure hour allows me to fulfill that intention.

It may be assumed, as indisputable, that the renewal of the charter can never take place, as the Constitution now stands, against the opinion and wishes of the President of the U.S. tor the time being. A bill, which should be rejected by him for that purpose, could never be subsequently passed by the constitutional majority. There would always be found a sufficient number to defeat such a bill, after its return with the President' objection, among those who are opposed to the Bank on constitutional grounds, those who, without being influenced by constitutional considerations, might be opposed to it upon the score of expediency, and those who would be operated upon by the influence of the Executive.

I think it may even be assumed that a bill to renew the Charter cannot be carried through Congress, at any time, with a neutral executive. To ensure its passage, the Presidents opinions and those of at least a majority of his Cabinet must be known to be in favor of the renewal.

President Jackson, if I understand the paragraph of his message at the opening of the last Session of Congress, relating to the Bank, is opposed to it upon Constitutional objections. Other sources of information corroborate that fact. If he should act upon that opinion, and reject a bill, presented for his aprobation, it would be impossible to get it through Congress at the next Session against the Veto.

That a strong party, headed by Mr. V. Buren, some Virginia politicians and the Richmond Enquirer, intend, if practicable to make the Bank question the basis of the next Presidential election, I have, I believe, heretofore informed you. I now entertain no doubt of that purpose. I have seen many evidences of it. The Editors of certain papers have received their orders to that effect, and embrace every occasion to act in conformity with them. This fact cannot have escaped your observation.

If you apply at the next Session of Congress, you will play into the hands of that party. They will most probably, in the event of such application, postpone the question, until another Congress is elected. They will urge the long time that the Charter has yet to run; that therefore there is no necessity to act at the next Session on the measure; and that public sentiment ought to be allowed to develope itself &c. These and other considerations will induce Congress, always disposed to procrastinate, to put off the question. In the mean time, the public press will be put in motion, every prejudice excited and appeals made to every passion. The question will

incorporate itself with all our elections, and especially with that as to which there is so great a desire that it should be incorporated. It will be difficult, when Congress comes finally to decide the question, to obtain a majority against the accumulation of topics of opposition.

But suppose, at the next Session, on the contingency of your application for a renewal of the Charter, instead of postponing, Congress was to pass a bill for that object, and it should be presented to the President, what would he do with it? If, as I suppose, he would reject it, the question would be immediately, in consequence, referred to the people, and would inevitably mix itself with all our elections. It would probably become, after the next Session, and up to the time of the next Presidential election, the controlling question in American politics. The friends of the Bank would have to argue the question before the public against the official act of the President, and against the weight of his popularity.

You would say what ought the Corporation to do? I stated to the above gentleman that, in my opinion, unless you had a satisfactory assurance that your application at the next Session would be successful, you had better not make it. If, contrary to my Impressions, you could receive such an assurance from both departments of the Government, who would have to act on the case, that would present a different state of the question, and would justify the presentation of your petition.

If not made at the next Session, when should it be made? I think the Session immediately after the next Presidential election would be the most proper time. Then every thing will be fresh; the succeeding P. election will be too remote to be shaping measure in reference to it; and there will be a disposition to afford the new administration the facilities in our fiscal affairs which the B. of the U.S. perhaps alone can render. But suppose Gen Jackson should be again elected? If that should be the case, he will have probably less disposition than he now has to avail himself of any prejudices against the Bank. He will then have also less influence; for it may be loosely asserted, at least as a general rule, that the President will have less popularity in his second than in his first term. And that I believe would emphatically be the fate of the present President. At all events, you will be in a better condition by abstaining from applying to renew the charter during his first term, than you would be in, if you were to make the application and it should be rejected. Upon the supposition of such a rejection, and that the question should be afterwards blended with the Presidential contest, and Gen. Jackson should be elected, his re-election would amount to something like a popular ratification of the previous rejection of the renewal of the charter of the Bank. Indeed, if there be an union of the Presidents negative of the Bank bill with the next P. election, and he should be reelected, would it not be regarded as decisive against any Bank of the U.S. hereafter?

My opinion, upon the whole, then is, that it would be unwise to go to Congress without something like a positive assurance of success at the next Session; and that the Corporation, without displaying any solicitude in regard to the continuation of its charter, had better preserve, in the able and faithful administration of its affairs, which it has of late years manifested, and go to Congress at the first moments of calm which shall succeed the approaching Presidential storm.

I hope I need say nothing, by way of apology, to satisfy you of the friendly feelings which have prompted this letter; nor to impress you with the propriety of receiving it in the confidence with which it is written. I add assurances of the constant and cordial regard of