Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-09-21
POI.rTtCAt..



MR.. MADISON AND 4 NATIONAL. RANK
Till quite recently, | had ever un.
derstood and supposed, that President
Madison put his veto upon the act o,
Congress Shartcring the Bank of the
United States Of America, ia Isl5,
from his belief that Congress was vest.
ed with no power by the Federal Con-
stituiion, 10 chart. such an institution.
| had formed thi, opinion from the fire.
quent assertion thai such was the fact.
by all the Loco Foco. Humbug Orators
OF both Houes Of Congress. for few
years past, and all the newspaper ora
cles OF ''the Great Family" in the coun-
try. Indeed, never saw the fact de-
MED or contested, till reading a speech
OF Mr.. Everett, of Vermont, recently
published in the Wing, in which il " as
affirmed that Mr.. Madison did no, inter
pose bis veto on that occasion, upon con-
s'i'ntional grounds.
has late and important piece diners
induced me 10 look TO the record-to
the Presidents Message, communicated
to the Senate, January Both, lSl5-
where. 10 my own surprise, il was
found that MIR. +. was night, and that ]
had all along been completely hum5ug-
ged in relation 10 Mr.. Madison's opin-
ION OF the competency Of Congress to
establish National Bank. Believing
that thousands Of my fellow country
men entertain similar erroneous i'm
pressions upon this subject, | will thank
you TO present 10 your readers the fol-
lowing extract from the message allud-
ed TO, being all which IL con,aias hav-
ing the least bearing upon the constitu-
tional question
Waving the question of the consti-
tutional authority Of the Legislature 10
establish an incorporated Bank, as be-
ing preetuded, in my judgment, by re-
peafed TecognifionS, under varied cir
cumstances. Of the raiIdiiy of such an
institution, IN the acts of the legisla-
tive. executive and Judicial branches
OF the Government, accompanied by
indications, in different modes, ola con
currence Of the general Viii Of the ma
ton, the proposed Bank does not APP
pear to be calculated 10 answer the pur-
poses oil rowing the public credit. OF
providing a national medium of circu-
la,ion, and Of aiding the treasury by
facilitating The indispensable anticIpa.
ton OF the revenue, and by ahordinp
to the public more durubie k,aRs.r
Here, Sr, We have the whole story
Instead Of holding on to the constitu.
tional obje ction, MIR. Madison declares
expressly, that he is precluded from SC
doing by repeated recognitions of The
validity OF National Bank charter,
granted by Congress. by the legislative
executive and Judicial Departments oil
The Government, which recognition.
are furthermore sanctioned, as he tells
us, by the general will OF the nation
Still the knight Of Chapel Hill tells u.
that Mr.. Madison held that Congress,
had no power 10 charter a National
Bank ! That venerable statesman, az.
ter the embarrassing vicissitudes Of the
last War with Great Britain had de.
monsirated that a National Bank wa,
not only proper" but indIspensably
necessary" TO enable the General Go.
vernment 10 exercise the powers ex-
Pressly delegated TO IT. into full effect,
never entertained any such absurd no.
ton; and in the present peculiar crisis
OF our national affairs, think il some
what important that this fact should be
distinctly understood by the people
CIXIS.