The Sun.
London, England, 1841-09-15 00:00:00

House a 13,?pr,5e:1:...
bun openly vindicat2:l

`` enat

tli3

Chn'7,7r,i i 01;7, prcsenee nnd hearinfr,
of many whO are at this tin ein 313 tit bo;ly, it
has been afarraed and 1-affirtry.,l, in speeches and re-
portc there madtf!, and by vot.'.:; there recorded. In
popular assemblies I unly.:i.tatinly announced it ;
ana th,3 last public dcclarati,m which I ntacip', and that
but a short time bcf:lre the lat.? Presidential electi
on, I
red to my previOnsly e:;:-pr:7;:;ed opinions
a fall !,:no.

a•ef
those th(

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.r conec:lel, I •wn:

the opinioas thu
elected. by the

ramr_.'•
, Tr..

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States. _ . e Centlr,2:-,,-
for by the co:v;l:ii,,6on, ;L:lj ari:ing, under as irenrz?ss;
dispensation of Providence, I seeceefled to the ere.
deutial office. Before entering upon the deties of tle
°thee I took an oath that I woe \el " preserve, protect,
eeni. defend the constitution of th ~United States ." -- ------
Entertainiws the opinions alltrled to, and having taken (From the Courier and inquirer, Aug. 20.)
e
this oath, the Senate and the country will see that I `.PROCIETMINGS IN CONGRESS.
could not give my sanction to a measure of the character The effects of the veto, if we are to judge from the
g alt eiaine to the reseect ; proceedings in Congress on Tuesday, are destined to bedescribed,
described, without surrenderin
of honourable me—all confidence on the part of the most disastrous to the country, and utterly destructive
people—all self-respect—all regard for moral and roll- toy he Whig party.
;40113 obligations, without an observance of which no We have a clear I mejoeity in both Houses—a majority
Government can be prosperous, and no people can be of Whigs, elected by the people of the United States to
happy. It would be to commit a crime which I would carry out certain. measures, and not intended to be the
not wilfully commit to gain any earthly reward, and mere automatons of any man ; and yet, because Mr.
which would justly subject me to the ridicule and scorn Tyler has proved himself reckless and unprincipled, and
of all virtuous men. set at defiance the will of the people and his own
I deem' it entirely unnecessery at this time to enter- pledges, both direct and implied, the representatives of
upen the reasons which have brought my mind to the the people assume the right of walking in his footsteps ;
convictions I feel awl entertain on this subject. They and because he has vetoed one bill, they deliberately de•
termin° to veto three !
have been over and o,:e.r again repeated. If some of ,
thole who have preceded me in this high office have en- Our motto is, " Principles, not men ;" and we speak
tertained and avowed different opinions, I yield all con- the general voice of the country when we sa that indig-
y,
Menee that their convictions were sincere. I claim only I mint as the people justly are against the President, they
to have the same measure meted out to myself. Without will. be far more indignant against those who having the
goiqg further into the arument, I will say that, in look- power shall fail to exercise it in behalf of) the great ob-
,hing to the powers of this Government to collect, safely jects for which they were elected—the aoption of the
vizeop, awl disburse the oublie revenue, and incidentally measures of the Whig party. True, we do not believe
roe-elate the cemmeree and enehanges, I have nut been that it is quite certain Congress will adjourn, guilty of
'isfy myself that the cstahlisliraer by this Go- the insanity of striving to render themselves as odious,
- bank of ti.icoln, i., the oslineryeccen nay, far more odious, than the executive ; but if they-
should, they may as well be prepared for such a recep-
tion as faithless and unprincipled public servants should
ever receive from an insulted and abused constituency.
Mr. Tyler has endeavoured to destroy the hopes of
1 the country in regard to a bank ; but what is the value
of that measure compared with the distribution among
the States of the proceeds -of the public domain, or
i with the adoption of a bankrupt law ? And shall
the treachery, or folly, or conscientious scruples of
Mr. Tyler, furnish an excuse for the representatives
of the people to be guilty of treachery or folly still
more disastrous to the country ? Shall the people's
representatives be permitted to vent upon the people, their
honest indignation against John Tyler ; and in the hope
of annoying him, prove recreant to their trusts and to
the great principles upon which they asked and received
the suffrages of their constituents ? We hope not, and
we believe not ; but if such is to be the practice of the
Whig party when years of honest efforts by the people
have placed it in the ascendancy,' the sooner we repass
under the yoke of our old masters, the better for the
country. From them we know exactly what to expect,
and may accommodate ourselves to their tyranny ; and
any tyranny is preferable to being ruled by men who do-
not know their own minds from day to day, or who are
liable to be carried hither and thither by every breeze
that blows.
One word to Mr. Clay. He has always acted nobly
and won the enthusiastic encomiums of all men of all
political parties. He can pass all our great measures if
he thinks proper so to do, and makes the necessary effort.
Will he falter at this crisis ? The country looks to him
for the success of the Land Bill and the Bankrupt Bill ;
and it is idle to conceal the fact, that he will receive the cre-
dit of the measures if they pass, and be held strictly re-
sponsible for their failure. Mostlassuredly he will not disap-
point the just expectations of his friends and the country
at large in this emergency. We have perfect confidence
both in his ability and desire to do all that is required of
him.

i3y the .

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-Washington. Aug. 15, 1341.

immit

.„ .
tation of that term, was a paces arc means, or one de-
Mended hy propriety, to exeewe theae Teeyere. What
can the local discounts of e have to do with the col-
lectiroa srSe-Aseenin 7, and disbursing. of the revenue?
So far as the mere discounting of paper is concerned,
it is quite immaterial to this question, whether the dis-
count is obtained at a Stateßank or a United States Ilank.
They are both equally local--both beginning and both
ending-in a local accommodation. What influence have
local discounts, granted by any form of banks, in the re-
gulating of the currency and the exchanges? Let the
history of the late United States Bank aid us in answer-
ing this inquiry.
For several years after the establishment of that in-
stitution it dealt almost exclusively in local discounts,
and during that period the country was, for the most
part, disappointed in the consequences anticipated from
its incorporation. A uniform currency was not pro-
vided, exchanges were not regulated, and little or no-
thing was added to the general circulation ; and in 1890
its embarrassments had become so great that the Direc-
tors petitioned Congress to repeal that article of the
charter which made its notes
receivable. every where, in
payment of public dues.
It had, up that period, dealt to but a very small extent
in exchanges, either foreign or domestic ; and as late as
1a93, its operations in that line amounted to a little more
than 7,000,000 dols. per annum ; a very rapid augmenta-
tion soon after occurred, and in 1833 its dealings in
the exchanges amounted to upwards of 100,000,000 dols.,
including. the sales of its own drafts ; and all these im-
mense transaction Were effected without the employment
of extraordinary means. The currency of the country
became sound, and the negotiations. in the exchanges
were carried on at the lowest possible rates.
The circulation was increased to more than 22,000,000
dollars, and tha notes of the bank were regarded as equal
to specie all over the country, thus showing, almost con-
elustvely, that it was their capacity to deal in exchanges,
and not in local discounts, which furnished these faci-
lities and advantages. It may he remembered, too, that
notwithstanding the immense transactions of the bank,
in the purchase of exchange, the losses sustained were
merely nominal, while in the time of discounts the sus-
pended debt was enormous, and found most disastrous to
the ban:: and country. Its power of local discount has,
in fact, proved to be a fruitful source of favouritism and
corruption, alike destructive to the public morals and to
the general weed. •
The capital invested in banks of discount in the United
States, created by the States, at this time exceeds
35'0,0'00 dollars; and if the discounting of local paper
cold have produced any beneficial effects, the United
States ought to possesses the soundest currency in the
world, but the reverse is lamentably the fact.
Is the measure now under consideration of the objec-
tionable character to which I have alluded? It is
clearly so, unless by the 16th fundamental article of the
ittli section it is made otherwise: That article is in the
following words
The Directors of the said Corporation shall establish
One competent office of discount and clesposit in any state
which 2,000 shares shall have been subscribed, or may
be bad, whenever, upon application of the Legislature of
such State, Congress may, by law, require the same.
And the said Directors may also establish one or more
competent oflices
.of discount and deposit in any terri-
tory or district o& the United States, and in any State,
• wiili tile assent of such State ; and when established, the
said office o. r oftices shall only be withdrawn or removed
toy the
said Directors prior to the expiration of this
charter, with
!he previous assent of Congress
" Provicx in respect to any State which shall not, at
the first Sessio.ns of the Legislature thereof, held after
this Act, by resolution, or other usual
the passage 0t
legislative proceedino-, unconditionally assent or dissent
to the establishment° of, such °Mee or offices within it,
sue:: assent seeitll&S etsast. That whe,never it ,shall he-
come necessary ami
ll
gru.;
State shall be thereafter presumed,
and provided nevertl I
proeer for carrying into execution
any of the sam
lted by the constitution, to esta-
.
blish of .-ice ers
or offices in y of' the States whatever,
and the establisliment thereof soap be directed by law,
it shall be the duty of the said Pil.ectors to establish such
ottee or offices accordingly."
It will be seen that by this clause
.;tthe,Directors are in-
vested with the fullest power to establish tranch in any
State which hes yielded its assent, and a
esta-
blished such branch, it shall not af-s,rwartls
g once
be
withdrawn,
except by order of Congress. Such assent is ,„o be im-
plied, and to have the force and sanction of
expressed assent, " provided in respect to any.
aimactSuatalltye
which shill not, at the first seasion of the Legisltyir,..
thereof I:: id after the passage of this Act, by resolution
or other usual legislative proceeding, unconditionally il3-
sent or dissent to the eetablisliment of such office or
oflieee within it; such assent of said State shall be there-
after presumed." The assent or dissent is to be ex-
pressed unconditionally at the first Session of the Legis-
latare by scree formal legislative act ; and if riot so ex-
pressed, its assent is to be implied, and the Directors are
therefore invested with power, at such time thereafter as
they ma 7 please to establish branches, which cannot after-
iiinS 1:,:e drawn, except by resolve of Congress—no
matte. r what may be cease which may operate with the
Leglslatury, which either prevents it from speaking, or
addresses itself to its wisdom to induce delay, its assent
is to be implied—binding and inflexible—it is the law-
giver of the master to the vassal, an unconditional an-
swer is claimed forthwith, and delay, postponement, or
• incapacity to answer, produces an implied assent, which
is ever after irrevocable.
Many of the State elections have already taken place,
,without any knowledge on the part of the people that
such a question was to come up.
The representatives
many desire a submission of the question to their consti-
tuents preparatory to final action upon it, but this high
privilego.is denied. Whatever
views entertained may be the motives and
by the.r4resentatives of the people to
induce delay, their assent is to be presumed, and is ever

(From the American.)
The doings at Washington on Tuesday were painfully
interesting. In the Senate, owing to uncertainty as to
the course which it might be deemed expedient for the
Whigs to adopt, the discussion of the veto was again laid
over till yesterday.
In the House the effect of the veto was seen in the
postponement of the Bankrupt Bill, and the adjourning
of the House in a state almost of despair on the part of
the Whig Members. Subsequently, however, a consul-
tation was had, and the result was altogether conciliatory

and encouraging.
Our Washington letter, written after the breaking up
of the consultation, speaks with confidence that the lead-
ing Whig measures will yet be carried, including the
:Bankrupt Bill, the Land Bill, and--a bank of deposits,
issues, and exchanges. We repeat our earnest eonvic-
tiOn, that the Whigs in both Houses will disappoint the
just expectations of the country, if they permit passion
Or resentment to interfere with the legislation required
by the public interests. They must bear and forbear,
well assured that such a course will be abundantly appre-
ciated by the nation.
(Correspondence of New York American.)
WASHINGTON, TUESDAY 'NIGHT.
The hank veto was adjourred over in the Senate from
yesterday until twelve o'clock to-day, and again over till,
to-morrow, to give tithe for the Whigs to rally. In fact
I the two Houses have been thrown into, and still remain
in, the state -which printers call pie. The compositors
have been two nights at work distributing, but the pie is
not yet assorted. The Members cannot get back into
their places so as to set up a new scheme. Mr. Tyler is
understood to have become indifferent to any
fiscal agent, and some of our friends having
compromised all old principles, without success; know not I
what to try next. The Senate wish the ll,use to take the
lead with a new Bill, and the House is not yet agreed within -
Litself. In the meantime the Locofocos are in ecstasies--
not doubting that the confusion of their opponents is
inextricable. Nevertheless, I still believe that the Whigs,-
with a majority in both Houses, will, before adjournment,
agree upon a fiscal agent which Mr. Tyler cannot but
sign—a bank endowed with the power of establishing
offices of deposit everywhere of,dealing in foreign and
domestic exchanges ; of thence issuing notes sufficient
for remittances, and by the receivability of those, - and
other notes of specie-paying banks, of soon bringing up
the local currency to the specie standard.
Such a project, notwithstanding the discouragements
alluded to, will, I repeat, be brought forward in a day or
two, perhaps to-morrow, with success in the Capitol. and
the White House. Whether it will meet the wants of the
country is not so certain; but on this point lam not
wiah-
outhopealso. At any rate, no better experiment (and they
will have the power of amendment) is left to the Whigs. -
These views, I know, are gaining ground rapidly, not
only in Congress but in other high quarters. Save the
republic, no matter what individuals may be lost! C.
COMMERCIAL NEWS.—AUGITST 19.
THURSDAY NIGHT.—The sales were to a fair extent
at the Board to-day,but most descriptions fell off. U.
S. Bank Shares closed at a decline of 4 per cent. ;
Vieksburg declined ; Mechanics' Banking Association
; Canton Co, 24 ; Paterson ; Harlem ; Long
Island improved z.
a The(i
li
nseal es of
pSetra t
ce
eSn tto. ckcs
owrpe roer, In a
tiodni an aLo
aßno,n
ids s7aot 4 ,
sold
at 844 ; Kentucky Sixes at 85.
ple'hrerceenbta. sabnedenfraanfacisr
adtems.a2nsd. fosrosmteerldinragwßeirlslsaare9t now
asking 5.2 A. The supply of Bills is moderate.
The
rate of Amsterdam is 391; a-40 ; Hamburg 35a4 a 351, ;
Bremen
The cotton buyers have been very quiet to-day. In
flour there is no further improvement, and, as is usually
the case after an advance, there are some sellers willing
to accept a shade less than the maximum price. The
receipts to-day are light, and large sales have been
made of Western at 6 18,1 a 625 dols. for Genesee fresh,