The Arkansas advocate., 1832-08-15
THE PRESIDENTS VETO.

THE PRESIDENTS VETO.
 Our readers may perhaps be surprised at our not having published the message of the President, containing his veto on the Bank bill, and we deem it necessary to assign reasons therefor.
 In the first place, its great length would occupy more of our paper than would be proper to devote to an article of the kind. Tn the second place, it is little else than arepetition ofthe various objections urged against the Bank, in public debate, by its opponents in Congress.
 In order, however, that our friends may know the grounds upon which the President has relied for justification of his high-nanded course, in resisting the will of large maj 2rity of the representatives of the people, we lay before our readers the following summary of his message, which presents in full view all the princi- pal grounds of objection, urged in the message. It will be seen, that the Presi- dent views himself as superior to. and in- dependent of the decisions of the Su- preme Court, and consequently, that he possesses the power at all times to set at naught the decisions of that tribunal, when those decisions are in opposition to his will. The President afirms, that ss Congress has no power to1imit the legislative acts of its successors" Upon this principle, It would be an act of folly for Congress to
 
 ratify treaty, the provisions of which were intended to operate for a period of years. subsequent Congress might con sider the treaty to be not as favorable as It should be, and by new act nulify all that had previously been done. Disaster. ous and disgraceful must be the legislation of Congress, should this principle be pear, that the President was willing that new Bank should be established, pro- ylded he should have the honor of being it's prolector; but since due deference was not paid to his fertile mind, for the project of Bank which should be free from all the obje ctions to be urged against the Bank embraced in the act of Cong ress, he determines indignantly 10 crush the off spring of large majority of Congress ! thereby teaching them, that in future his aotu, and not theirs, is to govern.
 The Message of the President to the Senate, refusing his assent to the Bank Bill, occupied more than an hour in reading. Among the objections which he urges to it, are the following:
 He asserts, at the outset, that Con- gress are not authorized by the consti- tuition to grant such charter, as the existing Bank possesses; or such an one as that which is presented for his ap- proval.
 That the proposed biii is subversive of the rights of the people, and dan gerous to their liberty.
 That 1t contains none of those modif. cations or alterations, which he consid- CTS indspensably necessary.
 That the present Bank has engrossed the foreign and domestic exchange of the country, and that the proposed charter does not restrain the company rom continuing so to do.
 That to grant the charter, on the terms proposed, is a gratuity to the present Stockholders of the Bank of more than se0en millions of dollars.
 That this sum must come out of the earnings of the people, directly CT in- directly.
 That the whole amount ot the capital 10 be granted to the stockholders, say twenty-eight millions of dollars, would immediately sell in market for fifty per cent. advance, and consequently, the value of the monopoly would not be less than fourteen millions of dollars.
 That individuals, not stockholders of the Bank, have offered to take the charter on much better terms for the government, than those on which it is proposed to renew it, and that there IS no justice in this course.
 That Congress ought, therefore, to sell to the highest bidder the 2S 100000 dollars of stock.
 That the Bank had been we'll man. aged, the pressure in winding up it's concerns, will be light. If badly man aged, the severity of the pressure will