The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-13
FROM LOUISIANA.

The Governor OF Louisiana has vetoed the
Bank Bill recently passed by the Legislature
of that State. The Commercial Bulletin
states that, one section Of the act gives 10 the
banks accepting the amendments to their char
tiers, the privilege Of issuing post notes, pay
able 1910, without interest, and declares that
said post notes shall be receired at par by all
the banks in payment Of debts due them, whe-
Their con trncted heretofore or hereafter. An
other section says, that, "the notes Of the
banks that shall not accept this act shall be
refused by the other banks in payment of debts
or otherwise" If such an arbitrary law
should succeed in a free country, we should
very cheerfully subscribe to the motto Of the
Globe, and believe that I" the world is governed
too much" We think the Governor has act
ed very sensibly in vetoing such a law.
From The Commercial Herald, March 3.
VEro OF THE BANK BlLL.-The second day of
March, 1888, will be a memorable epoch in the an
nails of Louisiana. On that day the Governor of
the Stale placed his veto upon bill which, had it
become law, would have Frustrated The people Of
Louisiana, and reduced them 10 irretrievable and
utter ruin. ... .8Gt s...
Edward D. White has had the frmness to inter-
pose the Executive power and save our State from
scene of distress and embarrassment prepared by
interested moneyed politicians and loco-focos
In defiance of threats, and Notwithstanding me-
naces and abuse, he has asserted the supremacy OF
the laws, sanctioned the inviolabiliy of the obiga-
ton OF contracts and defeated the unholy combna-
lion that has been brought together TO trample them
under foot.
Gov. Whites veto of The bank bill is placed upon
the following high grounds: -.
lst. The provisions Of The bill are njudcious,
and injurious 10 the interests of the people OF Louis
lana. ..
Cd II violates The Constitution Of the State
3D. II violates the Constitution of the United
States
Under the first head, the veto most eloquentlv and
ably sets forth what would be the natural effects Of
the bill TO drive away foreign capital to diminish
our resources TO put in jeopardy the solvency of the
bonds given TO the property banks, for which the
faith of the Stale is pledged and thus TO bring bank
ruptcy upon the great body Of the planners and pro-
peny holderSin the Sate-the stockholders in these
institutions.
Under the second head, it is clearly demonstrated
tina this bill impairS the contracts soemnly made by
the Stale in the shape of bank charters, upon ohe
value of which persons have been induced 10 invest
their capital in these institutions. The bill prevents
the owners of stock from voting by proxy. It at
Temps to tell the owner of money whom he shall
appoint as his agent; TO whom his money shall be
loaned; on what terms. &C. Thus changing the
character of every bank charter, in direct violation
of that supreme law Of the land, which says no
enactment shall be passed 10 impair the obligation
of contracts.
II, by the suspension of specie payments the banks
have lost their charters, the question only be de-
cided BY the judiciary; whereas, this BILL previous
to such decision, presumes The banks 10 be guilty,
and visits them with pains and penalties.
Under The third head, the veto is irresistible. BY
the BILL the post notes Of the banks payable in ls40
are made legal tender, which directly conlravenes
the Constitution OF the United States, which forbids
any Stale from making any thing legal tender in
the payment of deb,s but gold and silver.
The veto administers wholesome and severe
buke to The pretended Democrats of the Legislature,
whilst its sound constitutional doctrines must meet
the appreciation of eveIy true Republican
The following is an extract from Gov, Whites
Veto Message:
"The banks arc shown TO be perfectly sound and
able to meet all their responsibilities. Their cur
rency is good, only il is not convertible at this time
into the metallic medium; neither is the currency OF
any other States. From the strict legislative gruti-
nv during this present session. the fact is ehcied
that while they have two million eight hundred
thousand dollars Of protested paper, they have six
million two hundred thousand dollars pfohts so
that suppoSing which is a very forced supposluon,
that the whole amount Of their protested paner should
prove dead loss they sIiilgalncrs three million
four hundred thousand dollars II is an honorable
showing for the banks forming very fair basis for
the public confidence 10 rest on.
al appears then that the great irremissble sin
Of the banks has been their suspension OF specie pay
mems: aud il certainly has been public inconve-
nicnce On the other hand what public advantages
have they contributed to produce This inquiry is
best answered by looking abroad and around our
selves On the shore we see our forests felled our
swamps drained and brought into cultivation we
see railroads and canals constructed and general
spring impaired to labor and industry On The wa
ter We perceive the thriving activity Of commerce;
the lhronging steamboats, and crowded naves Of our
globe and bringing back to us in return the products