Washington was more than satisfied with this solution,
for both sides of the agreement pleased him, and there was nothing in
the compromise which meant sacrifice on his part. He rejoiced in
the successful adoption of the great financial policy of his
administration, and he was much pleased to have the capital, in which
he was intensely interested, placed near to his own Mount Vernon, in
the very region he would have selected if he had had the power of
fixing it.
[Footnote 1: Sparks, _Writings of Washington_, x. 98.]
The next great step in the development of the financial policy was the
establishment of the national bank, and on this there arose another
bitter contest in Congress and in the newspapers. A sharp opposition
had developed by this time, and the supporters of the Secretary of the
Treasury became on their side correspondingly ardent. In this debate
much stress was laid on the constitutional point that Congress had no
power to charter a bank. Nevertheless, the bill passed and went to the
President, with the constitutional doubts following it and pressed
home in this last resort. As has been seen from his letters written
just after the Philadelphia convention, Washington was not a blind
worshiper of the Constitution which he had helped so largely to make;
but he believed it would work, and every day confirmed his belief. He
felt, moreover, that one great element of its lasting success lay
in creating a genuine reverence for it among the people, and it was
therefore of the utmost importance that this reverence should begin
among those to whom the management of the government had been
intrusted.
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