Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-15

for battle. The country saw with surprise the state
ment that "the conslitutonality and expedency
the law creating this bank are well questioned by
large portion OF our fellow citizens, when IN truth
and in fact it was well known that but few then
doubted the constuenaty, and none theexpedency
of II. And the assertion excited much greater sur,
PRISE that il must be admitted by all thal IL mas iaied
IN the great end of establishing a uniform and sound
currency" In this message, too whilst do1bt IS
animated 10 the utility OF such an lnsnuton, fres
ldent Jackson clearly first disclosed MS opect 10 es
tabsh national one founded upon the credit OF the
government and its revenue. His language IS perfect
ly plain and unequvocal. Such bank, founded upon
the credit the government and It's revenues would
secure all the advantages TO the government and the
country, he tells u.s. that expected TO result from
the present bank.
In bis annual message of the ensuing year. the late
President says: "The importance of the principles
involved the INQUIRY whether II VIII be proper 10
reehsrter the Bank OF the United States requires That
should again call the attention Of Congress 10 the
subject Nothing has occurred 10 lessen, IN any de-
gree the dangers which many of our citizens appre-
bend from that institutions as at present organZed-
In the spirit OF improvement and compromise which
distinguishes our country and Us institutions, It be-
comes us TO inquire whether i be hot possible TO
cure the advantages afforded by the present bank,
through the agency of Bank of the United States
modified in us principles as TO obviae constitutional
| aad other objections.
with the necessary officers, branch of the Trea-
sury Department, based on the public and individual
deposltes, without power TO make loans, or purchase
property, which shall remit the funds OF governments
and the expense of winch may be paid II thought I'D
visabe, by allowing its officers TO sell bills Of ex
change to private individuals, at moderate premium
Not being a corporate body, having no stockholders
debtors and property and but few officers, IT would
| not be obnoxious 10 the constitutional objections
which are urged against the present bank; and having
to operate the hopes fears or interests OF
large masses Of the community it would be shorn of
the influence which makes that bank formidable"
In this message, President Jackson, after again ad-
vettag TO the imaginary dangers of the Bank OF the
United States, recurs to his favonte project and IN
quires "whether it be not possible to secure the ad
vantages afforded by the present bank, through the
agency of Bank of the United States, so modlned IN
principles and structure as TO obvlate constitutional
and other objections And to dspel all doubts OF the
tmid and to confirm the waverng, he declares that
il is thought practicable to organize such bank, with
the necessary officers, as branch OF the Treasury
| Department. As branch Of the Treasury Depart
ment! The very scheme now under consideration.
| And, to defray the expenses OF such an anomalous
institution he suggests that the officers Of the Treasu
| nv Department may turn bankers and brokers, and
sell bills of exchange TO private individuals at mo-
| derate premum
| In his annual message of the year 1881, upon this
| subject he was brief and somewhat covered IN his
expressions. But the fixed purpose which he enter
tanned is sufficiently disclosed to The attentive reader
He announces that entertaining the OPINIONS hersfo-
fore expressed in relation 10 The Bank OF the United
States as at present organized felt II my duty IN
my former messages frankly to disclose them, IN or
der that the attention of the legislature and the people
should be seasonably directed TO that important sub
ject and that il might be considered, and finally dis
posed Of in manner best calculated to promote the
ends of the constitution, and subserve the public in
| teresS." What were the opinions heretofore ex-
pressed we have clearly seen. They were adverse to
the Bank Of the United Ssstee az present srean-
zed that TO say organization with any indepen-
dent corporate government and in favor OF national
bank which should be constituted as TO be subject
\ 10 exclusive executive control
At the session of 1882 the question Of the re.
charter of the Bank of the United States came up
and although the attention ofCongress and the coun-
try had been repeatedly and deliberately before invited
to the consideration OF IT by President Jackson him.
SELF the agitation of was now declared by him and
his pariiZans TO be preclpate and premature. Ne
vertheess the country and Congress- conscious of the
value Of safe and sound uniform currency; CONSCIOUS
that such currency had been eminenty supplied by
the Bank of the United States and unmeved by all
the outcry raised against that admirable institution
the recharter commanded large maJorities in both
Houses of Congress Fatally for the interests of this
country, the stern selfw Of Gen. Jackson prompted
him to risk every thing upon Its overthrow. On the
10th of July 1892 the bill was returned with his Veto
| from which the following extract Is submitted TO the
attentive consideration Of the Senate; Bank Of the
United States is many respects, convenient for the
government and useful to the people. Entertaining
this opinion, and deeply Impressed with the belief that
some Of the powers and privileges possessed by the
existing bank are unauthorized by the constitution,
subversve of the rights OF the states, and dangerous
TO the liberties Of the people, felt my duty at an
early period of my administration TO call the attention
of Congress to hepractcabty OF organizing an instr
tuition combining oil its advantages, and obviating
these objections I sincerely regret that, in the act
before me- perceive none Of those notifications
Of the bank charter which necessary, in my OPT
nion TO make IL compatible with justice, with sound
| policy or with the constitution of our country"
"Thal Bank Of the United States, competent TO
all the duties which may be required by government,
might be so organized not TO infringe upon cur own
delegated powers or the reserved rights of the states
| do not entertain a doubt. Had the Executive been
called upon furnish the project Of such institution,
| the duty would have been eheerfully performed In
the absence Of such call IL il obviously proper that
he should confine himself 10 pointing out those pro-
minent features in the act presented, which, IN his
opinion, make il incompatible with the constitution
| and sound policy"
President Jackson admits in the citation which has
Just been made, that Bank Of the United states ~
in many respects, convenient for the Government;
and reminds Congress that he had, al an early period
OF his administration called its attention 10 the prac-
cability of 20 organizing such institution as TO Sc
cure all its advantages without the defects OF the ex-
sting bank II is perfectly manifest that ne alludes
10 his previous recommendations OF Government
Treasury bank In the same message he tells Con-
vress that IL he had been cal ed npsn TO furnish the
project al such an institution the duty would have
been cneerfuly performed Thus il appears tina, he
had not only settled in his mind the general principle,