In 1833, in the midst of the Bank War, President Andrew Jackson attempted to remove federal deposits from the Second Bank of the United States, whose money-lending functions were taken over by the legions of local and state banks that materialized across America, thus drastically increasing credit and speculation.[3] Jackson's moves were greatly controversial. He removed his moderately pro-Bank Treasury Secretary Louis McLane, having him serve instead as Secretary of State, replacing Edward Livingston. On May 29, he replaced McLane with Duane.[4] However, Duane also refused to remove the deposits. As a result, Jackson fired him in September. He replaced him with Attorney General Roger B. Taney, a strong opponent of the Bank.[5] Under Taney, the deposits began to be removed.[3]
Duane defended his own position in his book Narrative and Correspondence Concerning the Removal of the Deposites, and Occurrences Connected Therewith, published in 1838.
Jackson biographer James Parton heaps high praise upon Duane. He lauds the Treasury Secretary for refusing to yield to a position that he could not in good conscience accepted, therefore preserving his integrity and honor. "In not yielding," Parton says, "he displayed a genuine moral heroism."[6] Later Jackson biographer Robert V. Remini treats Duane far less favorably. He faults both Jackson and Duane for the turmoil that characterized Duane's brief time in office. He criticizes Jackson for not adequately screening Duane before nominating him, for allowing members of his administration to treat him poorly upon taking office, and for his dismissal of Duane. He continues:
But Duane is not without fault. When all is said and done, he placed his own judgment above that of the President. All because of wounded pride, he challenged not only Jackson's policy but his authority to make that policy. He was a small-minded, inconsequential bureaucrat, and he deserved to be sacked.[7]
William J. Duane tombstone in Laurel Hill Cemetery
He died on September 27, 1865 in Philadelphia and was interred at Laurel Hill Cemetery.[8]
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