The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1833-10-02

by its own acts, were so ovrrpowering
when he entered upon The dutiesof Chief
Magistrate, that he fell 1t his duty. not.
wi,hstanding the objections Of the
friends by whom he was surrounded, to
avail himself Of the first occasion, TO call
the attention Of Congress and the peo-
pie to the question Of its re-charter.--
The opinions expressed in his annual
message of Deceniber, 1929, were reite-
rated in those of december 1901 !;
and in that Of 1880 he threw oot for con-
s,dcra,ion some suggestions 10 relation
to a Substitute. AT the sessicl of 1881
2, an nc, was passed by mAjori,y Of
both Houses Of Congress re-chartsring
the present Bank, upon which the Pres
ident felt it his duty to put his constitu-
tional veto. In his Message, returning
that act, he repeated and enlarged up
on the principles aud views briefly AS
serted in his annual messages, declaring
the Bank to be, in h's opinion, both in-
expetient and unconstitutional, and an
nouncing To his countrymen, very une.
quivocally, his firm determination never
to sanction, by his approval, she contn-
uance Of that institution, or the estab-
lishment Of any other upon similar prin-
cfples.
There nre strong reasons for belicr-
ing that the motive Of the Bank in ask
ing for a rcchartcr at that session Of
Congress, was to make it n leading ques-
tion in the election ofa President of The
United States the ensuing November,
aud all steps deemed necessary were ta-
ken 10 procure from tho people rever-
sal Of the Presidents decision.
Although the charter was approach
ing lis termination, and the Bank was
aware that it was the intention Of the
Government To use the public deposit
as fast as il accrued, in the payment of
the public debt, yet did it extend its
loans from January, 1881. IN MAY, 19-
80, from S42, ,402, ,304 "a to $40, 42S, ,07U
72. being an increase of SOS. .025, 766 4S
in sixteen months. II is confidently be-
lieved that the leading object Of this inn
mense extension of its loans was 10
bring rs large portion Of the people as
possible under its power and influence (;
and it has been disclosed, that some of
the largest sums were granted on some
very unusual terms 10 conductors Of the
public press. In somo af these cnacs
the motive was made manifest by tho
nominal or insufficient security taken
for the loans, by the large amounts dis.
counted, by the extraordinary ,imo al.
lowed for payment, and especially by
the subsequent conduct Of those rcceiv-
ing the accommodations.
Having taken these preliminary steps
to obtain control over public opinion,
The Bank came into Congress and ask
ed new charter. The object avowed
by many of the advocates Of The Bank,
was to put the President to tho test. that
the country might know his finnT deter
mination relative TO the Bank prior to
the ensuing election. Many documents
and articles were printed aud circulated
at the expense Of the Bank, to bring the
people to n favorable decision upon its
prelensions. Those whom the Bank ap-
pears to have made its debtors for the
special occasion, were warned Of tho ru-
in which awaited them, should the Pres
idsnt be sustained, and attempts we're
made to alarm the whole people by
painting the depression in the price Of
property and produce, nnd the general
loss, Inconvenience and diftress, which
it was represented wonld Immediately
follow the reelection Of tho President
in opposition to the Bank.
Can il now be said that the question
Of rc-chnr,er Of the Bank was not de-
cided nt the election which ensued -
Had the veto been equivocal, or had il
not covered the whole ground-if it had
merely taken exceptions to the details
Of the Bill, or to the time Of its passage
If it had not met the whole ground Of
const,tationaliiy and expediency, Then
there might have. been some plausibilny
for the allegation tant the question was
not decided by The people. II wns to
compel the President to take his stand
that the question was brought forward
at that particular time. lie met tho
challenge, willingly took the position
into which his ndyersaries sought to
force h,m, aud frankly declared his un-
nterablc opposition to the Bank as be-
ing both uncons!itutionaf aud incSpedi-
ent. On 'hnt ground the cnse was ar
gaed to the people, and now that the
people have sustained the President, not
outstanding the array Of influence and
power which was brought TO bear upon
Ihim, i, is too late, he confidently thinks,
to say that the question has no, been
dccided. Whatever may be tho opin-
ions of others, the President considers
his reelection ms decision Of the pso-
ple against the Bank. In the conclu-
ding paragraph Of his Veto Message he
said -
81 have now done my duty to my