A bill was passed by Congress, but returned to it by Madison with his veto on January 15, 1815.

In this peculiar document Madison "waived the question of the constitutional authority of the legislature to establish an incorporated bank, as being precluded, in his judgment, by repeated recognitions, under varied circumstances, of the validity of such an institution in acts of the legislative, executive, and judicial branches of the government." But he objected for reasons of detail.

Mr.Dallas again, as a last resort, insisted on a bank as the only means by which the currency of the country could be restored to a sound condition.

In December, 1815, Dallas reported to the committee of the House of Representatives on the national currency, of which John C.Calhoun was chairman, a plan for a national bank, and on March 3, 1816, the second Bank of the United States was chartered by Congress.

The capital was thirty-five millions, of which the government held seven millions in seventy thousand shares of one hundred dollars each.