Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1832-07-19

Ii!l Cor re clIArtering; and ruin and distress
10 the country mast he the consequence. -
The great length Of The Message, pIccludes
the possibility Of inserting tito day. We lay
before our readers, a synopsis, and the opin-
ions of several papers on this extraordinary
document.
The President Of the United States has
placed his NETo on the bill TO- extend and
modify the charter Of tie BASE or THE UNI
TED STATES. The bill was yesterday return
ed to the senate, in which body u oTISoatcd,
ACCOMPANIED by his reasons 10 wiling. Oi
Ia message containing them We have not
h ga alle 10 procure copy for this days
N bIicaiion. IN the mean time, we offer the
follswing synopsis OF It's contents, as FAR as
wc could gather them from hearing them
read.
The message sets out with declaration
that the President devoted the 4th OF July to
en- examination OF the bill, considering the
case as onr peculiarly suitable to the day,
and that he had caBe 90 the conclusion that
ii ought not TO become law, and therefore
re- ned il to the Senate with his objections
Toe convenience of the bank. IN many
no SIS OF view, is admitted; but the assertion
Il
per erted TO very injurious purposes; that
hence arose all the objections which he had
repeatedly expressed TO the renewal OF ITS
charter: and that in the meilfeitlous oil the
original charter, which the new bill contain
ed he saw nothing which could have the Ell
feel of making the bank more consistent with
the genius OF our country, and the true inte-
rests of the people. Thepresent bank, the
President says, has been IN existence nearly
twenty years, in which time.it has obtained
an entire monopoly of the domestic exchange;
and nv the elevation of its stock greatly he
yond It's par value, II has thrown many mil
lions into the hands of few individuals hold
ing the stock Of this bank. The bill propos
es an additional grat,nty to these same md
viuals oil seven or eight millions, since, as
the President reasons, the passage oil the
law coniinuing the charter must have the eli
feet of increasing the value Of the stock al
least one fourth beyond what il now is This
gratuity is not given to American citizens
ione---above eight millions OF the stock being
in the hands Of foreigners, the gratuity is, Of
course, extended to them.
The message then goes into view oil the
character and effect OF uonopolies W gener
al. and contends against the consfhuuonahty
and the expediency of granting the money
monopoly 10 the same persons, who are OK
clusiveiy of the wealthy, 10 the exclusion OF
all other citizers OF the United States, some
Of whom had offered 10 establish bank on
more favorable terms TO the people. The
Justice of this distinction, the message says,
IL not apparent. If iavors are to be distrlbu-
ted. all ought 10 be participators.
1t had been alleged, the message goes on
TO say, that the calling in of the loans of the
bank would be productive of great distress.
Ia case the management of the bank bad
been wise, the message insists, that no dis
lress could ensue from the calling in Of the
loans; and if distress does ensue, the infer
ence is drawn that this fact would he proof
OF encouragement in the administration of
the bank, 1t is then insisted that at 40 time
could the affairs of the institution be brought
60 close with less distress TO the country
than at this time.
In the modlGca tiops which had been adop.
red, it is contended that Il few tritling chang
es only had been made, while all the odlous
features of the original charter had been re
tanned In particular. the message objects
20 the section which gives state banks pre-
ference over individuals, in the payment of
branch notes in liquidation offdebts doe to the
bank as forming a bond OF union among the
state banks, erecting them into dangerous
monopoly. The message also takes eXcep
ton to the section which corRpeis the Ptesi.
sdent and Directors Of The bank to furnish,
at the cab Of a state, a list of stockholders
resident in that state, for the purpose Of tax.
alton Ii complains of this as aiding IN the
imposition of tax Of one per cent. on the
stock of citizens while the foreigner holds his
stock free from this tax, and his stock is thus
-aendered more productive than that of our
own citizens.
1l.e message then goes en- TO argue that a
great portion Of the capital of tue country was
annually drawn oil to pay the dividends 10
foreigners; aud that while this system was
continued, the country could not he safe IN
war, or prosperous IN peace. 1t regards this
= money power resting in the hands OF aliens
aSmore dangerous to the country than mill
Gary hostility. The stock it says, ought 10
be purely in the hands of Americans; and it
is1asserted that 2eo millions could be obtain
ed al once among American citizens as sub
scription to a bank such as ought 90 be esta-
bAshed. There is no occasion, it contends
10 send ahraad in search OF capital
The arguments in favor OF the bank which
have reference TO pFecedents the message
repudiates, regarding precedents as unsafe
rules of legislation. One Congress refuses TO
charter bank, and another grants char
ter: Here the precedents are equal Add as
10 state banks, the message assumes that they
are in the iToportiea OF totr against. TO one
IN favor Of the present bank The iB,iepen-
dence Of the 20 ordinate branch of the gov,
eminent the Executive, is asserted; il is
treated as having the same amount of inde
=