The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-24

ed under the bank OF tho United Statesi Instead Of
fulfilling the promises then held out. the Gosernment
now wraps itself up in its dguy-tes the people 'hat
they expect too much of il that y not ~ business
to furnish exchanges; and hat they may look 10 Eu-
rope for the manner which, through the sgency oil p
waite bankers the commerce and business OF It's conn-
tries arc supplied with exchange We are advised 10
give up cur American mode OF trsnsacIlng business
through the insirumentaiy Of banking corporations IN
which the interests Of the rich and the poor happily
blended aud TO establish bankers similar the Hopes,
the Barings the Rothschilds, the Hotingues, OF Eu-
rope; houses which require years or ages TO form and
put in successful operation, and whose vast oyergfown
capitals, possessed by the rich exclusively Of the poor
control the destiny Of nations and determine The late OF
empires
Having, think, Mr. President, shown that the pro-
ect Of the Administration is neither Desirable nor Prac-
tcahlc within the constitutional power otbe general
government, Just and that It - contrary TO the
habits OF the people OF the United States, and danger
their liberties, might here close my remarks
but conceive be the duty Of patriotic opposition
not confne itself to merely urging objections against
measures promote the general prosperity, brought
forward by those power II has farther and higher
duties to perform. There may be circumstances in
which the opposition is bound formally to present such
measures as, in its judgment, demanded by the
exigency Of the times but il !, has just reason to he
leye that they would be unacceptable to those who
alone can adopt thcm and give them effect the OPPOSE
ought TO be done for the public good
know, sir, that have friends whose Partially has
induced them hope that would be able to bring for
ward some healing measure for the disorders which
unhappy prevail, that might prove acceptable. wish
to God could realize this hope; but cannot. The
disease is Of such alarming character as to require
more skill than possess and regret to be compelled
TO fear that there no eectual remedy but that which
is in the hands Of the suffering patient himself
Still, under deep Of the obligation to which !
huva aft he INNS
and anxious consideration of which am capable, can
conceive Of adequate remedy which does not COM
prchcnd national bank essential part. II appears
to me, that national bank, with such notifications as
experience has pointed ont, and particularly such
would limit its profits, exclude foreign influence in the
government Of It, and give publicity to It's transactions,
the only safe nd certain remedy that be adopted
The great want of the country general aud uniform
currency, and point of union, sentinel regulator OF
the issues Of the local banks and that would be sup
piled by such an institution.
am not gong discuss, original question, the
constitutional power Of Congress to establish national
bank. In human affairs there some questions, and
think this is one, that ought be held determined
From several decisions Of Congress affirming the pow
er, the concurrence Of every other department Of the
government the appreciation OF the people, the concur
both the great parties into which the country has
been divided and forty years of prosperous experience
with such bank appear TO me to settle the controversy
if any controversy TO he settled. Twenty-Five
years ago. Mr. Madison whose opposition to the first
Bank Of the United States is well known, in Message
to Congress, said
"Waving the question Of the constitutional authority
Of the legislature establish incorporated bank
being precluded, in judgment, by repeated recogni
tons, under varied circumstances, of the validity Of
such institution Of the legislative, executive
and Judicial branches Of the government, accompanied
by Indications different modes, of correspondence
OF the general viii Of the nation the proposed bank
does appear be calculated The purposes
al, u
medium Of circulation, and Of aiding the Treasury by
facilitating the Indispensable anticpatons of revenue,
and by afordng to the public more durable loans"
To oil the considerations upon which he then relied,
in treating as settled question: to be added,
two distinct and distant subsequent expressions Of the
deliberate opinion Of republican Congress- solemn
decisions Of tho Supreme Court Of the United States,
twenty years Of successful experience and disastrous
consequences quickly following the dscontnuanco OF
the bank.
have been present as member Of Congress- on the
of the of the charters of both the
Banks of the United States took part in the discussion
to which they gave rise, and had an opportunity Of
tcnsively knowing the opinions Of members: and de-
clare my deliberate conviction that, upon neither
there one-hird Of the members in either House who
entertained the opinion that Congress did not possess
the constitutional power TO charter bank Ell
But it is contendcd that, however indispensable
Bank Of the States may be TO the restoration OF the
prosperity Of the country the Presidents opinion against
obstacle 10 the establishment
Of such institution. II will indeed be unfortunate
if the only which bring relief to the people
should be prevented by the magistrate, whose elevated
station should render him the most anxious man in the
nation to redress existing grievances.
The opinion Of the President, which is relied upon,
is that contained in his celebrated letter to the Hon s.
Williams, and that which is expressed in the message
before must say with all proper Difference that
man, prior after his election the chief ma
gisracy, has right to say in advance, that he would
not approve Of particular BILL il it passed by
Congress. An annunciaton Of such purpose is pre-
mature, and contrary to the spirit if not tho express
provision Of the constitution According that instru
mcnt the participation Of the President in the legislative
power-his right to pass upon bills subsequent,
aud not Previous to the deliberations Of Congress The
constitutional provision is, that when bill shall have
passed both houses, il shall be presented the Presi-
dent for his approval rejection. His right to pass
upon it results from the presentation Of the BILL and is
not acquired until 1t is presented. What would be
thought OF the Judge who, before is brought
before court should announce his intention decide
in favor Of named party Or of the Senate, which
shares the appointing power, if il should before nomi
nation Of particular individual is made for office,
pass resolution that it would not approve the nomina-
ton OF that individual
1t clear that the President places his repugnancc to
the Bank Of the United States mainly upon the ground
that the popular will has been twice soemnly aud I'M
equvocay expressed against it. In this think the
President is mistaken. The occasions to which he
Is UNDERSTOOD 10 refer are the election oil Andrew jack
son. in 1892 and his own election in 1886 Now, as to
the first there not, before took place, any
quvoca expression Of the opinion of the late President
against National Bank. There was, in fact, contra
~ expression In the veto message President Jackson
admitted the convenience Of bank stated that he did
find in the renewed charter such notifications as
could secure his appreciation and added that if he had
been applied to- he could have furnished the model Of
bank that would answer the purpose of such nstu-
ton. In supporting his elections therefore, the pco-
pie did not intend, by the exercise Of their suffrage, to
deprive themselves OF National Bank On the con-
trary, it is within my knowledge, that many voted
for him who believed in the necessity of bank quite as
much as do And ! am perfectly persuaded that