Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-10-11
PUBLISHED WEEKLY.
MIR, TEBsTER,s SPEECH,

MR.. TEBsTER,s SPEECH,
In the Senate Of The United States, on the
Presidents Velo Of Tic Bunk Bill, July
IL, 1882.
Mr.. PRESIDENT No one will deny
the high Importance of the subject now
before us. Congress, after full deIibera-
ton and discussion, has passed bill for
extending the duration Of the Bank Of
the United States, by decisive majoritie es
in both Houses. 1t has adopted this
measure not until its attention had been
called to the subject, in three successive
annual messages Of the President. The
bill having been thus passed by both
Houses, and having been duly presented
TO the President ,-instead OF signing and
approving il, he has returned it with OBJ
jections These objections go against
the whole substance Of the law originally
creating the bank They deny, III effect,
that the Bank is Constitutional; they de-
that it is expedient; they deny that it is
necessary for the public service.
1t is not doubted, that the Constitution
gives the President the power, which he
has now exercised but, while the power
is admitted, the grounds upon which it
has been exertcd, become fit subj Of
examination. The Constitution makes it
the duty of Congress, in cases like this,
TO reconsider the measure, which they
have passed to weigh the force of the
Presidents objections to that measure /;
and to take a new vote on tho question.
Before the Senate proceeds to this Sc
cond vote, propose to make@onc re-
marks on those objections. And, IN the
first place, it is to be observed, that they
are such as to extinguish all hope, thai
the present Bank, or any Bank at all re-
sembling it,or resembling any known sim.
liar institution, can ever receive his ap
probation. He states no terms, no quail
ificatiOns, no conditions, no notifications
which can reconcile him to the essentia
provisions orthe existing charter. lie i:
against the Bank, and against any Banl
constituted in manner known either I,
this, or any other country. One advan
tage, therefore, is certainly obtained, BY
pres,. ting him the bill. 1t has cause'
his sentiments to be made known
There is no longer any mystery, no long
era contest between hope and fear, o
between those prophets who predicted
Veio, and those who iorctold an approval
The bill is negativcd ; the President ha
assumed the responsibility of putting a
end to the Bank and the country mus
prepare itself to meet that change in II
concerns, which the expiration of tn
charter will produce. MIR. President,
will not conceal my opinion, that the al
fairs of this country are approaching a
important and dangerous crisis. AT tn
very moment of almost unparalleled ger
eral prosperity, there appears an unac
countable disposition to destroy the mo-
useful and most approved institutions
the government. Indeed, It seems to
in the midst Of all this national happines
that some are found openly to qucstio
the advantages of the Constitution itsel
and many more ready to embarrass tn
exercise Of its just power, weaken its a,
thority, and undermine its foundation
How far these notions may he carried,
is impossible yet to say. We have b'
fore US the practical result of one ofthcn
The Bank has fallen, or is to fall.
It's now certain, that without chang
IN our pubic COuuCuS, tiiS puhn VIZ ~
be continued, nor will any other be c
tablished, which, according to the gem
raj sense and language of mankind, ca
be entitled to the name. In three yea
and nine months from the present m
ment, the charter of the Bank expires
within that time therefore, it must vii
up its concerns. 1t must call IN its debt
withdraw its bills from circulation, al
cease from all ordinary operations. a
this is to be done in three years and Mi
months: because. although there is pr
vision in the charter, rendering II lawl
to use the corporate name for two yea
after the expiration Of the charter,
this is allowed only for the purpose
suits,& for the sale ofthe estate belons''
to the bank, and for no other purPo
whatever. The whole active business
the bank, its custody Of public depostt
its transfers Of public moneys, its deali
in exchange, all its loans and discoun
and all its issues Of bills for circulate
must cease and determine, on or beic
the third day Of March, 1886; and wit
in the same period, its debts must be C.
lected, as no new contract can be ma
with it, as n corporation, for the renov
Of loans, or discount Of notes or bills, at
that time.
The President is Of opinion, that {