James Madison actually said...

"Waiving the question of the constitutional authority of the Legislature to establish an incorporated bank"

"I am constrained by a deep and solemn conviction that the bill ought not to become a law"

"The most the bank could effect, would be to keep the institution alive by limited and local transactions"

"I transmit, for the information of Congress, the communications last received from the ministers extraordinary and plenipotentiary of the United States at Ghent, explaining the course and actual state..."