“It is maintained by some that the bank is a means of executing the constitutional power “to coin money and regulate the value thereof.””

— Andrew Jackson

Congress have established a mint to coin money and passed laws to regulate the value thereof. The money so coined, with its value so regulated, and such foreign coins as Congress may adopt are the only currency known to the Constitution. But if they have other power to regulate the currency, it was conferred to be exercised by themselves, and not to be transferred to a corporation. If the bank be established for that purpose, with a charter unalterable without its consent, Congress have parted with their power for a term of years, during which the Constitution is a dead letter. It is neither necessary nor proper to transfer its legislative power to such a bank, and therefore unconstitutional.
Often paraphrased as: If Congress has the right under the constitution to issue paper money, it was given them to be used by themselves, not to be delegated to individuals or corporations.
1830s
Source: Veto Message Regarding the Bank of the United States http://avalon.law.yale.edu/19th_century/ajveto01.asp (10 July 1832)

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American general and politician, 7th president of the Unite… 1767–1845

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