"the fearful consequences of revolution, anarchy and despotism," which assuredly would ensue if Jackson were reëlected. To give one instance of how for years it had manipulated the press: The "Courier and Enquirer" was a powerful New York newspaper. Its owners, Webb and Noah, suddenly deserted Jackson and began to denounce him. The reason was, as revealed by a Congressional investigation, that they had borrowed $50,000 from the United States Bank which lost no time in giving them the alternative of paying up or supporting the bank.4
Girard's share in the United States Bank brought him millions of dollars. With its control of deposits of government funds and by the provisions of its charter, this bank swayed the whole money marts of the United States and could manipulate them at will. It could advance or depress prices as it chose. Many times, Girard with his fellow directors was severely denounced for the arbitrary power he wielded. But—and let the fact be noted—the denunciation came largely from the owners of the State banks who sought to supplant the United States Bank. The struggle was really one between two sets of capitalistic interests.