[272] Jackson's supporters further alleged that it gave preferential loans to speculators and merchants over artisans and farmers, that it used its money to bribe congressmen and the press, and that it had ties with foreign creditors. Biddle responded to Jackson's challenge in early 1830 by using the Bank's vast financial holding to ensure the Bank's reputation, and his supporters argued that the Bank was the key to prosperity and stable commerce. By the time of the 1832 election, Biddle had spent over $250,000, (equivalent to $6,785,800 in 2021), in printing pamphlets, lobbying for pro-Bank legislation, hiring agents and giving loans to editors and congressmen.[273]
On the surface, Jackson's and Biddle's positions did not appear irreconcilable. Jackson seemed open to keeping the Bank if it could include some degree of Federal oversight, limit its real estate holdings, and have its property subject to taxation by the states.[274] Many of Jackson's cabinet members thought a compromise was possible. In 1831, Treasury Secretary Louis McLane told Biddle that Jackson was open to chartering a modified version of the Bank, but Biddle did not consult Jackson directly. 