Page:The Biographical Dictionary of America, vol. 01.djvu/312

 HIDDLE

BIDDLE.

for a few years longer at his studies. He was sent to the College of New Jersey, where he M-as graduatei-l in ISOl, at the age of fifteen, with the valedictory honors. He de- voted himself to the study of the hvw, but being too young for admission to the bar, lie, in 1804, accepted the position of secretary to John Arm- strong, the United States minister to France. As a member of the United States legation he witnessed the coronation of Nafxtleon, and afterwards, when the diplomatic relations be- tween France and the United States became in- volved, he was deputed to audit and pay certain olnims preferred against the United States, the Louisiana purchase money furnishing the fimds. After four years of Parisian life he made a tour through Italy and the countries of the Levant, where he studied the modern Greek tongue, and to refresh his classic lore abode for a time at Delphos and Athens. Then, returning by way of Paris, he joined James Monroe, then U. S. minis- ter to England, as his secretary. The friendship he thus formed with Monroe lasted to the end of that statesman's life. It is related that on a visit with Monroe to Cambridge, when conversing with certain of the professors on subjects of rela- tion between the Homeric and modern Greek tongues, young Biddle astonished them by his familiarity with both the living and dead idioms, and his knowledge of modern Greek being superior to that of the Cambridge professors, he had them at a disadvantage, to the gratification of Monroe's national pride. He returned to Philadelphia in 1807, was admitted to the bar, married, and began the practice of the law; but finiling it irksomely uncongenial to his tastes, he soon abandoned it for literature and ixjlitics, and for the expensive occujiation of gentleman farm- ing at his beautiful estate, " Andalusia," on the banks of the Delaware. He became the associate editor of the Portfolio, then the only literary journal of repute in the country, and after the death of Dennie, its proprietor, was sole editor for a number of years. He was elected to the state legisLiture in 1810, where his talents and states- manship gave him influence and standing in that botly. His first speech was one advocating the re-chartering of the United States bank, and brought him great repute as a financier, securing the commendation of Chief Justice Marshall. Then came the war of 1812, during which he was a consistent advocate of all reasonable war meas- ures. Unruffled by the exacerbation of party feeling, his wise and moderate understanding of the public situation, which called for undivided and unanimous patriotism, was of great .service to the government. He was in advance of his times in his ideas regarding popular education, as is evinced by a bill embodying the present com-

mon-school .system of the state of Pennsylvania, drawn by Iiim in 1814. but not passed and adopted until 18:30. In 1819 President Monroe signed the bill of incorporation of the re-chartered United States bank, and appointed Nicholas Biddle one of the twenty-five government directors; and when Langdon Cheves resigned the jiresidency of the l)aiik. in 1823, Mr. Biddle succeeded him. His contluct of the affairs of the bank met the uu(iualified approval of the entire country. Dur- ing the first years of his connection with the bank. President Monroe, by authority of Congress, ap- pointed him to prepare a " Digest of the Commer- cial Laws of the World," which was for very many j^ears a standard authoritj*. Presidents Monroe and John Quincy Adams placed no obstacles in the waj* of the prosperity of the United States bank; but in 1829 President Jack- son inaugurated the " bank war," which eventu- ated in the decline of the credit of the bank. Jackson objected to its re-charter on the grounds that he feared " ix)litical corruption, " and vetoed, in 1832, a bill which had passed both houses of Congress for anticipating its re-charter, when its existence would end, in 1836, and in the following year withdrew the government deposit of ten million dollars on his own responsibility, causing a financial depression which overwhelmed the entire nation. Nothing but the financial ability of such a man as Nicholas Biddle could at this crisis have sustained the reputation of the bank, and the as.sertion of Mr. Biddle's friends that his refusal to use the influence of the bank to the furtherance of partisan ends had secured the hostility of the President gained credence. The state of Pennsylvania presented to Mr. Biddle a magnificent memorial service of plate in recogni- tion of his ability. In 1837 the bank suspended, a misfortune which had been induced by Jack- son's unfortunate financial polic,v, and Biddle's spirit was so wounded by the censure of unthink- ing persons who charged as due to him that which he had for many years averted by his masterly skill, that in l.'^39 he resigned his onerous position, having succeeded in placing the stock at par: in 1841 the bank failed. The publications concern- ing the " bank war " are numerous, and perhaps one of the most important is a collection of the letters of Mr. Biddle, in which he explains and vindicates his conduct of the bank's affairs. His public services were not confined to the manage- ment of the United States bank. During susjiec- sion of interest payment on Pennsylvania's debt, he piiblished a series of " Essays with Suggestions for its Payment," some of which the legislature adopted. July 4, 1833, he laid the cornerstone of Girard college, as president of board of trus- tees; Sept. 30, 183"), he delivered an eloquent address to the alumni of Princeton college on