Delaware gazette and American watchman. [volume] (Wilmington, Del.) 1828-1837, 1832-07-13

hetdfning me Bank Bill l1ih his objections &c.
To THE SENATE:
The bill to tmodfy and contnue'' the act en-
Titled san act to incorporate the subscribers q
the Bank OF the United States," was presented &c
me on the 4th of July instant. Having consider
ed 1t with that solemn regard to the principles Of
the Constitution which the day was calculated Ia
inspire, and come TO the conclusion that it oupht
not to become law, herewith return it to the
Senate, in whichit originated with nv objections,
A Bank OF the United States Isl in MANY res.
poets, convenient for the Government and useful
TO the people. Entertaining this opinion. and
deeply impressed with the belief that some of Tho
powers and privileges possessed by the existing
bahk are unauthorized by the Constitutions sub.
verslve of the rights of the States, and dangerous
to the Liberties of the people, | felt it my duty,
at an early period ofmy administration, TO call the
attention of Congress to the practicabiIity of or.
ganlzlng an institution combining all its adyan-
tages and obviatlng these objections. | sincerely
regret that, In the act before me, | can perceive
none OF those notifications of the Bank charter
winch are necessary, in my opinion, to make it
compatible with justice, with sound policy, OF
with the Constitution of our country.
The present corporate body, denominated the
PRESIDENT Directors and Company of the Bank of
the U. States, will have existed, at the time this
act is intended to take effect, twenty vcars. II
authority of the General Government monopov
oil Its favor and support, and as necessary conse
quence, almost monopoly of the foreign and do
nestle exchange. The powers, privileges and ia
vors bestowed upon it, in the original charter. by
increasing the value ofthe stock above its par value
operated as grauity Of many millions to the stock
holders.
An apology may be found for the failure to
guard against this result, in the consideration that
the effect OF the original act of incorporation could
not be certainly foreseen at the time of its mas
sage. The act before me proposes another gratui.
Ito 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 ali
hands it is conceded that its passage will increase
at least twenty thirty per cent. MORE the market
price OF the stock, subject to the payment of the
annuity Of 100000 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 Government. More
than eight millions of the stock of this Bank are
held by foreigners. By this act the American
Republic proposes virtually TO make them pres
ent OF some millions of dollars. For these gratui-
ties to foreigners, and to of our own onulcnt
cltlzens, the act secures no equivalent whatever
lhey are the certain gains of the present stock
holders under the operation of this act, after max.
ing full allowance for the payment of the bonus.
Every monopoly, and all exclusive privileges. are
granted at the expense fthe public which OUGHT 10
receive fair equivalent. The many millions which
this act proposes to bestow the stockholders the
existing Bank, must come, directly or indirectly
out OF the earnings of the American people. II Is
due to them, therefore, If their Government sell
mohopohes and exclusive privileges, that thew
should at least exact for them as much as thew are
worth in open market. The value of the mono.
poly IN this case may be correctly asceItained.
Inc twenty-eight millions of stock would proba.
ply be at an advance of fifty per cent and command
In market at least folty-two millions of dollars.
subject to the payment of the present bonus. The
present value of the monopoly, therefore, is seyen
teen millions of dollars, and this the act propos.
es TO sell for three millions, payable in fifteen an.
nual lnsalments of 100000 each
1t is not conceivable how the present stockbol.
ders can have any claim TO the special favor of tbe
government. The present corporation has enioy-
cd It's monopoly during the period stipulated in the
original charter. five must have such corpora.
tlon why should not the Government sell out tho
whole stock, and thus secure to the people the fiji
market value of the privileges granted Wbv
should not Congress create and sell twenty eight
millions of stock, incorporating the purchasers
with all the powers and privileges secured in tbis
act, and putting the premium upon the sales into
the Treasury! "''o