Litchfield enquirer., 1832-07-26
PRESIDENT JAcKsoN,s VETO MESSAGE.
EXTRACTS.

hers of the Bank of the United States," was
to me on the 4lh of July inst. Hav-
ing considered it with that solemn regard to
the principles of the Constitution which the
day was calculated to inspire, and come to
the conclusion that it ought not to become
law, l herewith return it to the Senate, 10
which it originated, with my objections.
A Bank of the United States is. in many
respects, convenient for the Government and
useful to the people. Entertaining this Opin-
ion, aud deeply impressed with the belief that
some of the powers and privileges possessed
by the existing Bank are unauthorized by the
Constitution, subversive of the rights of the
States, and dangerous to the liberties of the
people, I felt it my duty at an early period Of
my administration, to call the attention of
institution combining all its advantages and
obyiatins these objections. sincerely regret
that in the act before me, I can perceive
none of those notifications Of the bank char
ter which are necessary, in my opinion, to
make it compatible with justice, with sound
policy, or with the Constitution Of our cOun-
try. w
The present corporate body, denominated
tha President, Directors and Company of the
Bank of the United States, will have existed,
at the time this act is intended to take effect
twenty years. 1t enjoys an exclusive priyi-
lege Of banking under the authority Of the
General Government. monopoly Gifts favor
and support, and, as necessary consequence,
almost monopoly of the foreign and domes-
tic exchange. The powers, privileges and ia
vors bestowed upon it, 10 the original charter,
by increasing the value of the stock far above
its par value, operated as gratuity of many
millions to the stockholders.
An apology may be found for the failure to
guard against this result, in the consideration
that the effect of the original act Of incorpo-a
ration could not be certainly foreseen at the
poses another gratuity to the holders of the
same stock, and, in many cases, to the same
men, Of at least seven millions more. This
donation finds no apology in any uncertainty
as to the effect of the act. On all hands, it Is
conceded thatits passage will increase at least
20 or 80 per cent. more, the market price of
the stock. subject to the payment Ofthe annu-
iy OF $500. 900 per year. secured by the act
thus adding, IN moment, one fourth to its
par value. 1t is not our own citizens only
who are to receive the bounty of our govern.
ment. More than eight millions of the stock
ufthis bank are held by foreigners. By this
act the American Republic proposes virtual.
Isl ~ make them present of some millions of
dollars. For these gratuities TO foreigners.
and to some 81 our own eennsalent citizens, the
act secures no equivalent whatever. They
are the certain gains of the present stockhold
ers under the operation Of this act. after ma
king full allowance for the payment of the
bonus.
Every monopoly, and all exclusive privile-
ges, are granted ut the expense of the public,
which ought to receive fair equivalent. The
d.1xy 1snn auahs oh um&s
stow on the stockholders oftl,e existing bank,
mist come, directly or indirectly, out of the
Of the American people. II is due
t0lthem. therefore, il their Government sell
n3onopolies and-exclusive privileges. that they
should nj least exact for them as much as they
are worth 10 open market. The value of the
monopoly in this case may be correctly ascer-
tained. The twenty-eight millions Of stock
would probably be ut an advance of Atty per
cent. and command 10 market at least forty
Two millions ofdollars, subject to the payment
&fthe present bonus. The present value of
he monopoly, therefore, is SIEVE nteen milons
Sfdollars. and this the act proposes to sell for
three. millions, payable in fifteen annual install
anents Of $780, 900 each.
II 10 not conceivable how the present stock.
holders can have any claim to the special ia
vor of the government. The present corpo-
ration has enjoyed its monopoly during the
period Stipulated in the original contract. If
we maskhaye such corporation, why should
not-the government sell out the whole stock,
and thus secure % the people the fall market
value Of the privileges granted? Why should
not congress create and sell twenty eight
nnillions, Of stock, incorporating the purcilas-
ers with alkpowers and privileges secured 10
this act, and putting the premium upon the
sales iatg the Treasury.
But this act does not permit competition in
the purchase ofshis monopoly. II seems TO
be predicated on the erroneous idea, that the
present stockholders have prescriptve right,
not only to the favor but to the bounty OF
government. 1t appears that more thaa a
fourth part Of the stock q held bv foreirncrs.
and the residue 10 held By IN. hundred of
our ossn citizens, chiefly olahe richest class !.
for their beneG does this act exclude the - hols
American people from competition IN ,hs
r,lsehase OF this monopoly. and {lispose of !,
Cor many millions less than it Is worth. Tb;.
seems the less excusabie. because Soma -,
or citizens, not now stock holders, petitiones
that the door Of competition might be onen
ed. 80 offered to take . charter on teFm
much more favorable 10 the government an
eonntry.
ut this proposition, although made b,
u1fn whose aggregate wealth ID, believed q
be eqnsl 20 all the private stock in the exist
ing Bank, has been Oct aside, and the bounty
ofcaF government Is proposed 10 be sgair