The Arkansas advocate., 1833-10-23
LITTLE ROCK, i. ra WEDNEsDAA, oeToREs 2a.

session of lS3l-2, an act yss passed by a
 majority uf both Houses of Congress, re. chartering the present Bank, upon which the President felt 1t his duty te p.l. his
 constitutional veto. h his Message. re-
 turniEg that act, he repeated and enlarged upon the principles and views briefly as-
 serted in his Annual Messages. declaring
 the Bank to be, in his opinion, both inex-
 pedient and unconstitutional, and announ- eng to hls countrymen, very unequiyo-
 caiiy, his firm determination never to sanction, by his approval, the continuance ot that institution, or the establishment of
 any other npon similar principles.
 There are strong reasons for believing that the motive of the Bank in asking for re-charter at that session of Congress,
 " as to make ii 4 leading question in tise
 election of a President of the U, States
 the ensning November, and all steps deem
 esi necessary, were takep to p~aeure from the people reversal of the presidents de- i cisur.
 Although the charter was approaching
 its termination, and the Bank was aware that t was :ho intention of the Govern
 ment to use the public deposites as fast as
 1t accrued, in the payment of the public debis yet did it extend it's loans from Jan-
 uary, 1881, to May, 1853, from SAP, ,402,- 304 24 to $70,439 OTTO 72, being an in-
 crease of S2S, ,766 4S, in sixteen
 months. It is confidently believed, that
 the leading object Of this immense exten-
 sion of its loans, was to bring as large a portion of the people as possible under its
 power and influence; and II has been dis 1 closed, that some of the largest sums were granted on very unusual terms 10 conduct ors Of the public press. n some of these cases, the motive was made manifest by
 the nominal or insufficient security taken for the loans, by the large amounts dis counted, by the extraordinary time allow
 ed for payment, and especially by the snb- sequent conduct of those receiving the ae- commodations.
 | Having taken these preliminary steps
 to obtain control over public opinion, the l Bank came into Congress and asked new ] charter. The object avowed by many of
 the advocates of the Bank, was to pm the ] Presidem to fhe test, that the country
 might know his final determination reia- tive to the Bank prior to the ensuing elec- lstion. Many documents and articles were printed and circulated at the expense Of
 the Bank, to bring the people to favora. lsbie decision upon it's pretensions. Those
 whom the Bank appears to have made it's
 debtors for the special occasion, were
 warned of the ruin which awaited them,
 should the President be sustained, and at tempts were made to alarm the whole peo- pie by painting the depression in the price l of property and produce, and the general
 loss, inconvenience, and distress, which 1t
 was represented would immediately follow
 the reelection of the President in opposi- | ton 10 the Bank.
 | Can 1t now be said that the question of
 re~charter of the Bank was not decided at | al. .-.t. L. Al. 1 been equivooai ,-ur ilai Ii not covered the
 whole ground--if it had merely taken ex- captions to the details of the Bill, or to the
 time of it's passage--if 1t had not met the whole ground of constitutionality and ex- pediency, then there might have been
 some plausibiiity for the allegation that ] the question was not decided by the peo- l pie. 1t was to compel the President to 1 take his stand, that the question was l brought forward at that particular time.
 He met the challenge, willingly took the 1 petition into which his adversaries sought
 to force him, and frankly declared his m.
 aterabie opposition to the Bank, as being | both unconstitutional and iuexpedient.-- l On that ground the case was argued to the people, and now that the people have sus- l tained the President, notwithstanding the
 array of influence and power which vas 1 brought to bear upon him, it is too late, he
 confidently thinks, to say that the ques- ton has not been decided. Whatever
 may be the opinions of others, the Presi- I dent considers his reelection as decision
 of the People against the Bank. In the
 concluding paragraph fhis Veto Message, | he said.
 l ssl have now done my duty to my coun- | try. If sustained by my fellow citizens,
 I shall be grateful ani happy; not, l shall 1 find in tine motives which impei me, ample
 grounds for contentment and peace" He was sustained by just people, and
 he desires to evince his gratitude by car
 rying into effect their decision, so far as if
 depends upon him.
 Of all the substitutes for the present Bank which have been suggested, none
 seems to have united any considerable DOT
 tion of the public in it's favor. Most of ] them are liable to the same constitutional 1 objections for which the present Bank has ] been condemned, and perhaps to all there are strong objections on the score of ex-
 pediency. In ridding the country Of an 1 irresponsible power which has attempted | to control the Government, care must be l taken not to unite the same power with l the Executive branch. To give Presi- i dent the contro. oyer :5e currency, and 1 the power over individuals now possessed 1 by the Bank of the United States, even
 with tlIe material difference that he Is re-
 sponsible to the people, would be as ob- | iectionable and as dangerous as to leave It
 as it is. Neither the one nor the other IS ! .ecessasyy, and therefore ought not to be l resorted to.
 On the whole, the President considers | it as conclusively settled that the charter 1 of the Bank of the United States will not be renewed, and he has no reasonable ground to believe that any substitute VIII l bc established. Being bound to regulate his course by the laws as they exist, and | .-.- q mt. fo al file