Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-07-13

MESSAGE FROM THE PRESIDENT U. s,
RETURNING THE BANK BILL TO THE SENATE y1ref
To the Senate:
The bill TO modify and continue" the act enhed" an
act TO incorporate the subscribers the Bank of the Unit,
ed States, presented the 4h july instant,
Having considered il with tlat regard TO the pYinei-
pies OF the Constitution, which the day was calculated t.
inspire and come TO the conclusion hai ought
come law, herewith return it to the Senate in which
1t originated, with my objections
Bank of the United States is in many respects con-
vencnt for the Government and useful TO the people,
Entertaining this opinion, and deeply impressed with the
belief that OF the powers and privileges possessed bv
the existing bank unauthorized by the Constitution
subyeve of the rights of the States dang to tho
Liberties OF the people, felt il my duty an early period
OF my administration, to call The attention of Congress TO
The prdcucabty of organizing institution combining all
its advantages, and obviaing these objections. sincerely
regret that in the act before me- perceive none Of
those notifications Of the bank charter which are neces-
sary, in my opinion, TO make ii compatible with Justice
with sound policy, with the Constitution Of country
The present corporate body, denomnaied the President,
Directors and Company Of the Bank of The United States
will have existed at the time this to take
effect twenty years 1t enjoys an exclusive privilege Of
banking under the authority Of tie General Government
monopoly OF its favor and support, and, necessary
consequence almost monopoly of the foreign and domes-
tic exchange The powers privileges and lavors bestow-
ed upon IN the original charter by increasing the value
OF the stock Tar above IFS par value, operated grauity
oil many millions to the stockholders.
An apology may be found for the failure 10 guard against
this result in the consideration that the effect of the orgi-
nal act OF incorporation could not be certainly oreseen at
the time Of its passage The act before proposes ano-
ther gatuty to the holders OF the stock and i'm ma
ny cases 10 the men, Of at least seven millions more
This donation finds apology in any uncertainty as 10
the effect of the On all hands it is conceded that ito
passage will increase, at least twenty thirty per cent
more, the market price OF the stock subject the payment
OF the annuity OF 100000 per year. secured by the act;
thus adding, in moment fourth TO its par value Ii
not our own citizens only who receive the bounty
OF our Government More than eight millions Of the stock
OF this bank held by foreigners ~ this act the Ameri.
can republic proposes virtually to make them present Of
some millions of dollars. For these grauiies to foreigners
and TO some of opulcDt citizens the act secures
no equivalent whatever They the certain gains Of
The present stockholders, under the operation of this act
alter making full allowance for the payment of the bonus
Every monopoly, and all exclusive privileges are
granted at the expense OF tie public which ought 10 re-.
ccivc fair equivalent. Tie many millions which this
act proposes 10 bcs0w the stockholders of The existing
bank must come directly indirectly out of lie earn
ings OF The American people II is duo TO them there
lore, u tier Government sell monopOes and exclusive
privileges, that they should at least exact foF them as
much they arc worth in open market The value Of
Tho wcnty-eeht millions Of stock would probably be AZ
an ad vance Of fifty per cent and command IN market At
least ioywO millions Of dollars, subject The payment
Of the present loans. The present value Of the uonopo
~ therefore, is seventeen millions OF dollars and this tho
act proposes 10 sell for three millions payable in fifteen an
nuai insalmens Of 5000, goo each.
Iis conceivable how the present stockholders can
have any claim TO the special favor Of the Government
The present corporation has enjoyed It's monopoly during
ihe period stipulated in the original contract If ,ge mus
nave such corporation why should the Government
sen out The whole stock, and thus TO the people tho
lu market value OF the privileges granted Why should
not Congress create and sell the wcutyoigbt millions Of
s'ocN' Incorporating the purchasers with all The powers