He made a restriction "that no ecclesiastical missionary or minister of any sect whatsoever shall ever hold or exercise any station or duty whatever in said college, nor shall any such person ever be admitted for any purpose or as a visitor within the premises appropriated for the purposes of the said college." His explanation for his conduct in this matter was that he "desired to keep the tender minds of the orphans who ought to derive advantage from this bequest free from the excitement which clashing doctrines and sectarian controversy are so apt to produce." He declared that he intended to cast no reflection upon any religion but "as there is such a multitude of sects and such diversity of opinion amongst them, I do not want the minds of the boys to be affected by acrimonious discussion that would surely arise were the sects to clash." He thought religion was so important a matter that it should be left individually to the boys to decide upon their belief at a time when they were able to judge for themselves, and after the purest principles of morality had been instilled into their minds.

The date of the will is February sixteenth, 1830, and a codicil was added on June twentieth, 1831. The executors were Timothy Paxon, Thomas P. Cope, Joseph Roberts, William J. Duane and John A. Barkley, well known merchants of that day. No sooner was the will proved than efforts were made to break it. The litigation continued for nearly thirty years but the contestants were unable to invalidate the instrument. The City appointed a Board of Trustees to carry out the provisions of the will in so far as the interests of the college were concerned. Nicholas Biddle, President of the United States Bank, was the Chairman of the said board. The litigation, of course, delayed the progress of the building of the college, but at last the case reached the Supreme Court of the United States. Horace Binney, at that time somewhat advanced in years, and who had virtually retired from the actual practice of his profession was induced by the city to represent her cause. For one year he gave earnest and close application to the study of the questions involved and when he appeared before the Bar of the Supreme Court at Washington, he was opposed by Daniel Webster, but Mr. Binney so exhaustively covered every point. that Mr. Webster was unable to make any headway against his able and learned argument, and the finality was reached when the Supreme Court decided in favor of the will. Mr. Webster afterwards, in referring to the case, said that he never again wanted to cross swords with a Philadelphia lawyer who had only one client.

On July fourth, 1833, the cornerstone of the main building of Girard College was laid, and Mr. Biddle delivered the oration, but the buildings were not finished until fourteen years after they were begun, that was in November, 1847, and on January first, 1848, the College was opened, having on its roster the names of one hundred pupils. Alexander Dallas Bache, a great-grandson of Benjamin Franklin, had been elected to the Presidency of the Institution.

On September thirtieth, 1851, Stephen Girard's body was removed from the little churchyard at Sixth and Spruce streets to a magnificent marble sarcophagus that stands today in the vestibule of the College.

The college building itself is one of the most beautiful structures of mod

ern times to be found anywhere in the world. It is "a perfect, chaste specimen of Grecian art," and will compare favorably with even the celebrated Madeleine church in Paris. The architect of the building was Thomas U. Walter, a native of Philadelphia, and it is to his skill as a builder and to the taste of Mr. Nicholas Biddle that this building is so beautiful in design and feature. It is a worthy monument to a great benefactor, and, be it said to the credit of the city, no trust has ever been more carefully guarded.

Another notable bequest to the city about this time was that made by Joseph Wills, Jr., for the establishment of a hospital "for the relief of the indigent blind and lame." A noble benefaction that has showered its blessings upon the afflicted.

CHAPTER XXI.

ELECTION OF ANDREW JACKSON. REMOVAL OF DEPOSITS FROM THE UNITED STATES BANK. VISITATION OF ASIATIC CHOLERA. INTEMPERANCE.

SOCIETIES.

ABOLITION

T

HE Presidential election of 1828 was a most exciting one, and the followers of Andrew Jackson carried the State of Pennsylvania by an overwhelming majority, and the opponents of "Old Hickory” in Philadelphia fell under the ban of his proscription, for the fight against him had centered in this city, and had been waged with unusual bitter

ness.

Nicholas Biddle, the President of the United States Bank, and at that time. the leading financier in the country, had strongly opposed the election of Jackson, and it was soon felt in business quarters that the bank, whose charter was about expiring, would not be able to secure its renewal, and that the President was bent upon its destruction. The bank was the depositary of the funds of the United States Government, there being ten millions of dollars of the nation's money in its custody. It was a most successful institution, ably managed and of great influence in the money world. It was claimed, however, by the Democrats that it possessed too much power, that it had become autocratic in its dealings and management, that it had too potential a voice in politics, that its dominating influence was felt throughout the length and breadth of the Republic, and further, that it was dangerous to the rights and liberties of the people for such an institution to wield so great a power.

The Directors sent a memorial to Congress four years before the expiration of the charter, petitioning for its renewal. The bill passed both houses in the summer of 1832, but the President's veto soon followed, and an issue between the opposing forces was joined at once. Clay, in favor of the charter, led the fight against Jackson. When the presidential election of 1832 came on the lines were distinctly drawn and the contest was waged with the utmost bitterness. Jackson swept the country, his majority in Pennsylvania being about twenty-five thousand. Clay carried only four States in the Union. The battle in this city had been waged on the ground that the commercial interests of Philadelphia would be seriously affected and her prestige as a financial centre impaired if Jackson should carry out his threats to close the doors of the bank. It was thought that such an appeal to civic pride would have some effect upon the voters, but instead of securing support for Clay, it only increased Jackson's vote and popularity. One of the campaign cartoons that aroused public prejudice and was effectively used against the Whigs, represented "Old Hickory" fighting single-handed the dragon of Monopoly.

The Democratic victory doomed the bank, and it was soon felt in all quarters that business would have to adjust itself to new conditions. But the dan

gerous features of Jackson's policy were not revealed in their full vigor until he resolved to remove the deposits of the Government.

The total liabilities of the bank were in the neighborhood of nineteen millions of dollars. This, of course, included the twenty-five branches in all parts of the country. It had in circulation twenty-three million dollars of notes. For years it had paid a dividend of five per cent., and more recently of seven and one-half per cent. Its stock, too, unlike that of the first United States bank, was held mainly in this country, in the larger cities of the Eastern States, and not in the leading capitals abroad.

When Jackson decided to remove the deposits of the Government, Louis

McLane was Secretary of the Treasury, but Jackson, fearing that McLane was not in accord with his views, made him Secretary of State, and named in his place William J. Duane, son of the editor of "The Aurora," whose Democracy was unquestioned and most pronounced. Duane coming from Philadelphia, Jackson thought it would be a great political stroke to destroy the bank by a resident of the city in which it was located, but when the order came to Duane to withdraw the deposits he refused to comply with it. His resignation was then immediately demanded, which he as promptly refused to give and Jackson, with that firmness and determination that characterized him, ordered his immediate removal. Roger B. Taney, of Maryland, the Attorney General, was at once named to succeed Duane. This time Jackson knew in whom to place his confidence, and the new Secretary of the Treasury, without further ado, directed the immediate withdrawal of the Government's funds. Taney was subsequently elevated to the Chief Justiceship of the Supreme Court of the United States, and wrote the opinion in the celebrated Dred Scott case.

The effects resulting from the removal of the Government deposits from the bank and the refusal to renew its charter were not felt in their full force until a few years later. But the panic was inevitable, and the ruin reached its height in 1837.

When the charter of the United States Bank expired in 1836, its friends. succeeded in securing an Act of Incorporation from the State Legislature to transact business under its original name, but unfortunately its credit was gone, its prestige and influence had departed, and although it lasted for a time and wore the appearance of healthy vigor, its days were soon numbered.

After the Government had removed the deposits they were distributed among a number of State banks which were called the "pets" of the administration. These banks issued their notes and they were soon in circulation everywhere throughout the country. They were easily counterfeited, and it was difficult to tell the false from the true. Their value depended upon the credit and reputation of the bank that issued them, and in many instances they were worth more in one State than in another. This led to speculation, and at merchant who desired to change his notes into specie had to suffer a heavy shave. In every country cross road's store "Counterfeit Detectors," which were published monthly, had to be consulted whenever a purchase was made, for a pound of soap, a side of bacon or a bushel of grain, and the notes, irrespective of their face value, had only that purchasing power which was given to them in the localities where they were used. As they fell in worth, gold and silver became scarcer and rose in price. Mushroom banks, too, sprang up in every direction, and flooded the market with wildcat money and only increased the volume of currency without adding to its real worth.

At a time when the precious metals were passing out of circulation, Jackson issued his "Specie Letter" which required all buyers to pay for the public lands in hard money, instead of in wildcat notes. This caused a suspension of specie payments and runs upon the banks were begun at once. Capital was withdrawn from enterprise, business houses failed, banks closed their doors, factories shut down, wages fell, prices rose, workmen lost employment, and the panic of 1837 spread over the land like a pall. It might have been averted, in fact might never have occurred had it not been for the unreasonable, political, vindictive opposition of Jackson to a successful and worthy institution. There was no reason for his conduct. The bank was ably managed, was perfectly sound and its destruction produced a disastrous panic.

The banks throughout the country endeavored to make a partial resumption of specie payments but they failed to succeed, and on February fourth, the United States Bank, overwhelmed by conditions that it had no power to avert and for which it was in no wise responsible, closed its doors, unable to meet its responsibilities.

Mr. Biddle had resigned from the Presidency in 1839, and had retired to his estate at Torresdale on the banks of the Delaware. Prosecutions were instituted against him and his fellow officers, but it was soon discovered that their transactions were above board, and without suspicion. There was not the slightest trace of careless or dishonest management in the administration of the concern. The bank had been the mere victim of circumstances.

The financial stringency following the misfortunes that befell the second Bank of the United States, by reason of President Jackson's relentless opposition should have, it would seem, acted as a strong check on the organization of new monetary institutions but in spite of the depressed conditions the following notice was sent out in the Spring of 1835 by Benjamin W. Richards: "An adjourned meeting of the Girard Savings Institution of Philadelphia will be held for the election of directors, at Saint's Hotel, Sixth street, opposite Minor, on Tuesday evening, May 19, at eight o'clock." Forty-one members responded to the notice, and at the meeting, the new venture under the name