Memorandum
Between Oct., 1829 and Jan. 1830 Mr. Biddle
(Gen'l Jackson) I was very thankful to you for your plan of paying off the debt sent to Major Lewis. (N.B.) I thought it was my duty to submit it to you. (Gen'l Jackson) I would have no difficulty in recommending it to Congress, but I think it right to be perfectly frank with you — I do not think that the power of Congress extends to charter a Bank out of the ten mile square. I do not dislike your Bank any more than all banks. But ever since I read the history of the South Sea bubble I .have been afraid of banks. I have read the opinion of John Marshall2 who I believe was a great & pure mind — and could not agree with him — though if he had said, that as it was necessary for the purpose of the national gov- there ought to be a national bank I should have been disposed to concur; but I do not think that Congress has a right to create a corporation out of the 10 mile square. I feel very sensibly the services rendered by the Bank at the last payment of the national debt & shall take an opportunity of declarring it publicly in my message to Congress. That it is my own feeling to the Bank—and M'" Ingham's also. He & you got into a difficulty thro' the foolishness — if I may use the term of Mr. Hill — (N.B. writes) observing he was a little embarrassed I said (")oh that has all passed now.(") He (Jackson) said with the Parent Board & Myself he had every reason to be perfectly satisfied— that he had heard complaints & then mentioned a case at Louisville — of which he promised to give me the particulars.
(N.B.) I said (") well I am very much gratified at this frank explanation. We shall all be proud of any kind mention in the message — for we should feel like soldiers after an action commended by their General. (") (Gen'l Jackson) Sir said he it would be only an act of justice to mention it