Mr.Madison approved the bill.

This completed the abandonment of every shred of principle claimed by the Republican party as their rule of action.

They struggled through the rest of their existence without a political conviction.

The national bank, and the system of internal taxation which had been scorned by Jefferson and Madison as unconstitutional, were accepted actually under Madison's administration.

Gallatin's success, owing to the development and application of Hamilton's plans, was a complete vindication of the theory and practice of the Federalists which they abhorred; Jefferson's plan of a government issue of paper money was a higher flight into the upper atmosphere of implied powers than Hamilton ever dreamed of.
The second national bank of the United States was also located at Philadelphia, and chartered for twenty years.