The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-15

credit Of he Government and IFS rerenues His Ian
guage is perfectly plain and unequiyocal Such hank
founded upon the credit Of the Government and its re-.
venues, would secure all the advantages to the Co
vernmen and the country he tells u.s. that were expect
i ed TO result from the present bank.
In his annual message Of the ensuing year. the late
President says: he importance OF the principles in
volyed in the inquiry, whether it will be proper to re-
charter the Bank Of the United States requires that
should again call the attention Of Congress TO the sub
ject Nothing has occurred TO LESSEN in any degree,
the dangers which many OF our citizens apbrchend from
that institution, as al present organised In the spirit
OF improvement and compromise which distinguishes
our country aud It's Institutions it becomes TO M
que whether be not possible the advantages
afforded by the present bank through the agency OF
Bank Of the United States modified in its principles
as TO obyiate constitutional and other objections
:" IL is thought practicable TO organize such a bank,
with the necessary officers, branch Of itc Treasury
Department. based on the public and individual depo-
sites, without power to make loans or purchase proper
~, which shall remit the funds Of Government and
the expense OF which may be paid If thought advisable
by allowing It's officers 10 sell bills of exchange to pr
waite individuals, at moderate premium Not being
corporate body having no stockholders, debtors, aud
property and but few officers il would not be obnox-
ious TO the constitutional objections which are urged
against the present bank and having no means to ope-
rate on the hopes fears interests Of large Of
the community 1t would be shorn Of the influence which
makes the bank formidable"
In this message, President Jackson, after again adj
yerng to the Imaginary dangers Of Bank Of the Unit
ed States recurs 10 his iayonte project and inquiries
whether It be not possible TO secure The advantages
afforded by the present bank, through the agency OF
Bank OF the United States, modified in its principles
and structure as 10 obylae constitutional and other OBJ
ecions' And TO dspel all doubts OF the timd and TO
confirm the wavering, he declares that it is thought
practicable TO organize such bank with the necessary
officers branch Of the Treasury Department As
branch cf The Treasury Department! The very
scheme under consideration. And, to defray the
expenses Of such an anomalous institution he suggests
that the officers Of the Treasury Department may
bankers and brokers' and sell bills OF exchange private
individuals at moderate premium
In his annual message of the year 1881, upon this
subject, he brief and somewhat covered in his ex
pressons. But the fixed purpose which he entertained
is sufficiently disclosed TO the attentive reader He
that entertaining the opinions heretofore
expressed in relation TO the Bank Of the United States
as al present organized felt 1t my duty, in my former
messages, frankly disclose them in order that the at
tention Of the Legislature and the people should be
sonably directed to that important subject, and that il
might be considered, and finally disposed of in man
'ner best calculated TO promote the ends OF the const
tuition, and subserve the public interests" What
were the opinions +" heretofore" expressed we have
clearly seen. They adverse to the Bank OF the
United States, at present organised, that is to say.
an organization with any independent corporate Govern
men and in favor Of national bank which should be
so constituted as TO be subject TO exclusive executive
control
Atthe session of 1872 the question Of the re-
charter ofhe Bank Of the United States came up and
although the attention Of Congress aud the country had
been repeated and deliberately before invited to the con-
sderaon Of il BY President Jackson himself the agta
ton OF was now declared by him and his partlsans to
be prccipate and premature Nevertheless, the coun-
try aud Congress, conscious Of the value Of safe and
sound uniform currency, conscious that such currency
had been emneny supplied by the Bank Of the United
States, and unmoved by all the ou'cry raised against
that admirable institution, the recharter commanded
large majon,es in both Houses OF Congress Fatally
for the interests Of this country, the stern sewl Of
General Jackson prompted him risk every thing upon
its overthrow On the 10th Of July, 1882, the bill
returned with his veto from which the following
tract iS submitted 10 the attentive consideration Of the
Senate "A Bank of the United States is, in many
respects convenient for the Government and useful
the people Entertaining this opinion, and deeply i'm
pressed with the belief that OF the powers and pr
yleges possessed by the existing bank authorized
by the constitution, subversive of the rights OF the
States, and dangerous TO the liberties of the people,
felt 1t my duty, at early period Of my administration
TO call the attention of Congress to the praccabily Of
organising an institution, combining all ats advantages
and obviating these objections sincerely regret that
IN the act before me- perceive of those modi-
fcations Of the bank charter which necessary my
opinion, TO make compatible with justice with sound
policy, with the constitution Of our country"
THAT Bank Of the United States, competent to
all the duties which may be required by Government,
might be organized not 10 infringe upon our own
delegated powers the reserved rights OF the States
do not entertain doubt Had the Executive been
called upon to furnish The project Of such institution,
The duty ,pouM hare been chcerfuiiy performed. In
the absence of such CALL it is obviously proper that he
should confne himself pointing out those prominent
features in the act presented, which, in his opinion,
make Incompatible with the constitution and sound
policy"
President Jackson admits, in the citation which has
np mad Rapl nf tha State IN
many respects convenient for the Government and
reminds Congress that he had at early period OF his
administration called its attention TO the practicabiy
OF so organizing such an institution as TO secure all It's
advantages, without the defects Of the existing bank II
perfectly manifest that he aludes to his previous re-
commentators Of Governments Treasury bank In
the message he tells Congress, that if he had been
called upon 10 furnish the project OF such institution,
the duty would have been cheerully performed Thus
appears that he had only settled in his mind the
general principle, but had adjusted the details OF Co
vernment bank, to be subjected to Executive control
and Congress is even chided for not calling upon hm
to present them The bill now under consideration be
yond all controversy, the very project which he had II
vew and is TO consunrnac the work which he began
think, Mr.. President that you must now concur with
me IN considering the first proposition as fully maintain
ed. pass the second and third which, account
OF their intimate connexion will consider together
.. That with the view of establishing Government
Bank, it the settled aim and intention OF the late
administration TO overthrow the whole banking system
Of the United States existing in the United States
when that administration came into power, beginning
with the Bank Of the United States, and ending with
the State banks
g. That the attack was first confined from consdera-
tons Of policy, 10 the Bank of the United States; but
that after its overthrow was accomplished, 1t was then
directed and has since been continued against the State
banks.
We arc not bound to inquire into the motives OF Pre-
sdent jackson for desiring to subvert the established
monetary and financial system which he found in opera
ton and vet examination into those which pro-
bahly influenced his mind is not without utility These