Source: President Jackson Vetoes the Bank Bill

WASHINGTON, July 10, 1832

To the Senate:

The bill "to modify and continue" the act entitled "An act to incorporate the subscribers to the Bank of the United States" was presented to me on the 4th July instant. Having ... come to the conclusion that it ought not to become a law, I herewith return it to the Senate, in which it originated, with my objections . . .

The present corporate body ... enjoys an exclusive privilege of banking under the authority of the General Government, a monopoly of its favor and support, and, as a necessary consequence, almost a monopoly of the foreign and domestic exchange . . .

[But every] monopoly and all exclusive privileges are granted at the expense of the public, which ought to receive a fair equivalent. The many millions which this act proposes to bestow on the stockholders of the existing bank must come directly or indirectly out of the earnings of the American people . . .

It is not conceivable how the present stockholders can have any claim to the special favor of the Government. The present corporation has enjoyed its monopoly during the period stipulated in the original contract. If we must have such a corporation, why should not the Government sell out the whole stock and thus secure to the people the full market value of the privileges granted? Why should not Congress create and sell twenty-eight millions of stock, incorporating the purchasers with all the powers and privileges secured in this act and putting the premium upon the sales into the Treasury? . . .

There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, it would be an unqualified blessing. In the act before me there seems to be a wide and unnecessary departure from these just principles . . .