The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-07-25
THE VETO.
Message from Tie President of The In.s,.y
Safes, returning the Bank Blu, ,o; Sa', s;s
objections, &c. "'" ms
THE VETO.

| ",
Message from Tie President of A.
States, returning the Bank Blu, ,o; Ga' s;s
objections, &c. "'~ mas
tcoNcLUDEDl
I Without commenting on the pener., -.
pie afnrmed by the Supreme Court. le, rnei-
anime the details Of this act in accordanc. ex
me RUE OF legislative action which thew h.n"
laid down. 1t will be found that many - "a ave
| powers and privileges conferred on \ o ~ the
be supposed necessary for the purpose for ghoh
nis proposed to be created, and are NOT there
lore means necessary to attain the end in v;au
ton oo"''tu'
Inc original act of corporation. section o.
enacts that no other Bank shall be establish
60 ny any future law of the United States dpr.
ing the continuance Of the corporation hereby
created, for which the faith Of the United S,a,os
is hereby pledged. Prooided, Congress- MAJ
renew the existing charters fof Banks within
sne Distiict OF Columbia, not increasing the
eapitai thereof, and NAV also establish an
BANK or Banks IN said District, with capitais
not exceeding in the whole six millions OF dol.
lars, 1t they shall deem il expedisnt." Thi.
provision IS eontinuediin force by the act be-.
1896. ~ "a 'iai'A'
1t Congress possessed the power TO establish
one Bank, they had power to establish mora.
.han one, II IN their Of nion, two or more Banks
mad been necessary TO facilitate the execnt,on
OF the powers delegated to them in the Const;.
tuition. II they possessed the power 10 es,ah.
i,Sh second Bank, 1t was power derived from
the Constitution, to be exercised from time TO
Tune, and at any time when the interests of the
country or the emergencies of the governmer,
might make it expedient. It was possessed hv
one Congress as well as another, and bv ali
Congresses alike, and alike at every session
But the Congress of 1916 has taken IL awav
from their successors for twenty years. and the
Congress of 1882 proposes to abolish il for f;f.
teen years more. 1t cannot be necsssary" or
"proPer' for Congress to barter away or di.
vest themselves of any of the powers vested in
. .nem Dy the constitution, to be exercised for
the public good. 1t is not necessaru" to The
efficiency of the Bank, nor is it " DroDer, in
relation to themselves and their successors
lhey may property use the discretion vested
IN them but they may not limit the discretion
OF their successors. This restriction on them
selves and grant of monopoly to the Bank is
therefore unconstitutional
In another point of view this provision is a
paiPaole attempt to amend the Constitution by
an act OF legislation. The Constitution de-
clares that the Congress shall have power to
exercise exclusive legislation in all cases what.
soever over the District Of Columbia lis
constitutional power, therefore, to establish
Banks in the District of Columbia and increase
their capital at WILL is unlimited and uncoDtroL
liable by any other power than that which gave
authority to the Constitution. Yet this act de-
clares that Congress shall not increase the cap
| itai of existing Banks with capitals exceeding
in the whole six millions of dollars The Con.
stitutIon declares, that Congress shall have
power to exercise exclusive legislation over
this District, " an all cases schafsoecer - and
this act declares that they shall not Which is
the supremest law Of the land This provision
cannot be 6 necessary" or "proper,'' or soa-
stitutionaL, unless the absurdity be admitted.
that whenever it be 6; necessary and proser. - in
the opinion or Congress, they have a right TO
barter away one portion Of the powers vested
in them by the Constitution as a means of exc
cutting the rest.
On two subjects only does the Constitution
recognize in Congress the power to grant exs
elusive privileges or monopolies. Ii declares
that Congress shall have power to promote
! the progress OF science and the useful arts bv
securing, for limited times, to authors and in
ventors, the exclusive right to their respective
writings and discoveries Out of this express
delegation of power have grown our laws of
patents and copyrights As the Constitution
expressly delegates to Congress the power to
grant exclusive privileges in these cases as the
means of executing the substantive power to
promote the progress Of science and useful
arts" it is consistent with the fair rules Of con-
struction to conclude that such power was
not intended to be granted as a means of ac-
comprising any other end. On every other
subject which comes within the scope of Con-
gressloDal power, there is ever living dis
erection in the use of proper means which cannot
be restricted or abolished without an amend
ment Of the Constitution Every act of Con-
gross, therefore, which attempts by grants of
monopolies, or sale of exclusive privileges for
limited time, or time without limit, to re-
strict or extinguish its own discretion in the
choice Of means to execute its delegated DOW.
ers, is equivalent to a legislative amendment
OF the Constitution, and palpably unconstitu.
tional
This act authorises and encourages transfers
OF its stock to foreigners, and grants them an
exemption from all State and National taxation.
SO far from being necessary and proper THAI
the Bank should possess this power, to make il
safe and efficient agent of the Government in
its fiscal operations, it is calculated to convert
the Bank Of the United States into foreign
bank, to impoverish our people in time of peace,
to disseminate a foreign influence through ev-
cry section Of the republc-and in war, to en-.
danger our independence.
The several States reserved the power at the
formation of the Constitution, to regulate and
control titles and transfers Of real property and
most, If not all Of them, have laws disqualfy-
my oHehS ifom acquiring or DOs0lng lana With
in their limits. But this act, in disregard of
the undoubted right Of the States to prescribe
such disqualifcations, gives to aliens, stock
holders in this Bank, an interest and title, as
members of the corporation, TO all the real
property it may acquire within any of the
States Of the Union. This privilege granted
to aliens is not "n necessary to enable the Bank
!, 10 perform its public duties, nor in any sense
n "proper" because it is vitality subversve Of the
v rights of the States.
e The government of the United States have
r no constitutional power to purchase lands with
e in the States, except for the erection of forts
= magazines, arsenals, dock yards, and othel
needful buildings" and even for these objects
only soy consent Of the Legislature of the
State in which the same shall be-" By max
i ing themselves stockholders in the Bank, and
granting TO the corporation the power to pur-
chase lands for other purposes, they assume
d power not granted in the Constitution, and
u grant to others what they do not themselves
y possess. 1t is not necessary to the receiving,
= safe keeping, or transmission OF the funds OF
y the government, that the Bank should possess
y this power, and il is not proper that Congress
should thus enlarge the powers delegated 10
them in tho Constitution.
The old Bank Of the United 81 ates possessed
acapital of only eleven millions Of dollars, which
was found fully sufficient to enable il, with des.
patch and safety, to perform all the functions
required of it by the government. The capital
of the present Bank is thirty FIVE millions Of
dollars--at least twenty.four more than expert.