The Madisonian., 1840-02-25


Gliding on bills sent from one House 10 the
other. And as mere difference OF opinion
as TO the expectancy Of the measure proposed,
has ever been held to justify one House IN re-
jccting a bill passed by The other, 80 a like
difference of opinion, under this new reading
of the Constitution, would justify the Presi-
dent, as a " component part OF the legislative
power" in apply ing The qualified negative or
veto, which the Constitution gives him for spe-
clal and extraordinary occasions, to any act Of
legislation passed by the TWO Houses, OF the
expediency OF which he may not entertain The
same views that they do.
10 show how utterly Inconsistent this new
view of the application of the Presidential
veto, is with the old republican doctrines,
need only refer you to Mr.. Jefierson's official
opinion presented To Gen. Washington on the
constitulionaliiy of the Bank charter in 79l,
in which he says, the veto was intended by
the Constitution as Shi.M 10 protect the con-
sti,ulonal rights Of The States, aud Of The CO.
ordinate departments of Tie goveynmcm from
The muasions Of the Legislature, and even in
such cases, it ought not 10 be interposcd, un-
less the question should appear to the mind
OF the President to be clear" one, aud free
from all reasonable doubt. If, however, un-
ltoci thC HoNei theoiy uIOdCHcu Uy tuc pIeScut
Chief Magistrate, this high and delicate pow
cr, from being - the Extreme medicine, is to
become the daily food of the Constitution"
and may be legltmately used TO arrest an or
dinary act of Legislation, upon mere differ
ence Of opinion as to its expediency, ii is
plain, that it works at fundamental re-
volulion in our Republican system, imparting
to the Executive power an irresistible energy,
and enabling the President, in practice, habi-
tualy TO set at naught the decisions Of the
Legislative department; for, with the great
influence his station conlers, he can rarely, if
ever, fail to command the support Of one third
Of one or the other of the two Houses of
Congress, which would be sufficient to sus-
tain his negative, and thus put it in his power
by his single fiat, TO control all the rest of
both bodies Of the Legislature.
In relation TO the dangerous schemes of
radical innovation heretofore recommended
and encouraged by the President on the sub
ject of the currencyy and SO deeply affecting
those daily interests of life, which come
home to the business and bosoms of men,"
the late Message, instead of disclosing any
salutary modification of his former opinions,
reproduces those opinions, in more naked,
uneGuiyocal and alarming form than they have
/ ever, HtICtOlUIe, uceH pTcScHleu. IL Is evil
dent, whatever may have been said by his
partizans to the contrary, that he aims at
total overthrow and destruction of the exist
ing monetary system ol the country, and not
merely at safe and prudent reform of the
errors aud abuses which may have attended
it. After speaking OF certain gross irregu-
lariies in the course of business lately pur.
sued by the Pennsylvania Bank Of the u. S.
and one or two other banks, irregularities for
which the system, III general, cannot, with
justice be held answerahle, for they consisted
in an acknowledged abandonment of the
fundamental principles and designs OF bank
ing, and /" a deviation" as the President him
self says, from the former course of busi-
ness in this couptry,o he proceeds to exhibit
highly wrought picture of the evils and ca
lamlties which ensued and then pronoun-
ccs his "delenda est Carthage" against the
whole system, in the sweeping declaration
that" these consequences are inherent in
the present system-they are not influenced
by the banks being large or small, created by
National or State Governments--,hey are the
results of the irresistible laws Of trade and
credit" He follows up this declaration with
much more about the evils Of "a credit cur
rency,' and the injuries inflicted "by the
resiStiess laws of'a credit currency and credit
trade" and, finally, after earnestly urging the
policy and duty Of the General Government
to collect lis dues and pay its debts in gold
and silver, he says, very significantly, that
its example in so doing, would serve as "a
rallying point by which our uhoie country may
be brought back to that safe and honored
Standard Now this certainly sounds very
much like an exclusive hard money currency
1t is true that the President, in another part
OF his Message saws, that in a country so
commercial as ours, banks, in some form, will
probably always exist" but il is evident from
what he says, in the same connection that he
means to exclude banks of circulation, as now
existing and if we have banks at all, they
are to be banks of deposite, confined in their
operations to their specie basis, or something
of that Sort which would virtually operate
to all ntents and purposes, as an exclusive
hard money currency.
My purpose now is not TO discuss these
extraordinary opinions and recommendations
oil the President, or to point out the ruinous
consequences which so total revolution IN the
monetary system of the country would bring
with it 10 every class of society, creditors and
salared off .ers, as | have before remarked,
alone excepted. This has been done with far
more ability than can pretend to, by one Of
the ablest and most distinguished writers on
political economy in our country, (and Vr-
ginian, too, am proud to say,) who, though
removed from all connection with party poll
tics, has been startled by the dangerous
iallaces Of the Presidents Message. on sub
jects to which he has devoted the chief stu
dies Of his life, that he has felt it duty, from