Page:The Presidents of the United States, 1789-1914, v. I.djvu/353

 ANDREW JACKSON 295 garded it as inconsistent with his treatment of Georgia. When February 1 came the nullifiers de ferred action. In the course of that month a bill for enforcing the tariff passed both houses of congress, and at the same time Clay s compromise tariff was adopted, providing for the gradual re duction of the duties until 1842, after which all duties were to be kept at 20 per cent. This compro mise enabled the nullifiers to claim a victory, and retreat from their position with colors flying. During the nullification controversy Jackson kept up the attacks upon the United States bank which he had begun in his first annual message to congress in 1829. The charter of the bank would expire in 1836, and Jackson was opposed to its renewal. The grounds of his opposition were partly sound, partly fanciful. There was a whole some opposition to paper currency, combined with great ignorance of the natural principles of money and trade, as illustrated in a willingness to tolerate the notes of local banks, according to the chaotic system prevalent between Jackson s time and Lincoln s. There was something of the dema gogue s appeal to the prejudice that ignorant peo ple are apt to cherish against capitalists and cor porations, though Jackson cannot be accused of demagogy in this regard, because he shared the prejudice. Then there was good reason for be lieving that the bank was in some respect misman-