BUCHANAN JAMES Autograph Letter Signed as Senator to former

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"ASTOUNDED HERE OF THE PROGRESS & PASSAGE OF THE BANK BILL" BUCHANAN, JAMES. Autograph Letter Signed, as Senator, to former MS state Representative Samuel Dale, sending letters regarding stock in Franklin College [not present], reporting that he has obtained for him a subscription to the Congressional Globe, expressing worry for the state of PA now that the Bank of the United States has become a private bank, and expecting a "tug of war" concerning Senate discussion of [President Jackson's] nominations. 1 page, 4to, with integral blank; nearly complete separations at horizontal folds inexpertly repaired verso, two cello tape stains at right edge recto. Washington, 21 February 1836

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". . . I have subscribed & paid for the Congressional Globe for Joel Lightner & yourself. I think it is not of as much value as what is called "the Appendix" containing the speeches of the members upon important subjects as revised by themselves.
"We have all been astounded here of the progress & passage of the Bank Bill through our Senate. The President feels deeply upon the subject. Indeed several persons here who were friendly to the Bank as a United States Institution condemn it loudly as a State measure. If it was dangerous formerly to the whole country as I sincerely believe, what will be our condition in Pennsylvania when all its energies shall be concentrated upon our single state.
"The Mississippi & Louisiana Senators have not yet arrived. As soon as they come we shall have the tug of war in Executive Session upon the nominations."
An act chartering the Bank of the United States as a Pennsylvania bank became law on February 18, 1836; the bill passed the Senate with a vote of 19 to 12, and the House with a vote of 57 to 30. The following month, the Second Bank became a private corporation. The consequent shortage of currency contributed to the Panic of 1837.