The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-02-06


the exception above mentioned Of stock IN
a bank long since broken, never put on;
a dollar al interest in ny life. My inter
es, being entirely identified with the cult.
walton Of the soil, am immediately aud
personally connected with none other.
! have made this statement TO show you
that am not committed TO any course M
relation 10 the chartering Of Bank Of the
United States and thai | might, if so DIS
posed, jun 10 the popular cry Of denuncla.
ton against the old institution, and upon its
misconduct, predicate an opposition TO the
chanering Of another.
! shall not however, take this course So
opposite 10 that which hope have follow.
ed through life, but will give you my seuli-
ments clearly and fully, not only with re.
gard 10 the future conduct Of the govern.
inent on the subject Of National Bank, but
10 relation 10 the operations Of that winch
10 now deiunct.
was not 10 Congress when the late bank
was chartered, but was a member of the
18Th Congress, after us first session, when
tue conduct Of the bank, in its nclpent
measures, was examined lBto and believing
from the result Of the Investigation that the
charter had been violated, voted for the
luGlcal investigation, with view OF annu.
ling lis charter. The resolution for that
purpose, however, idied and, shortly af
ter, the management Of IFS affairs was com
mitted 10 The talents aud integrity oil Nj.
Cheves. From that period to is final dis
solution, although musi confess that am
not a very competent Judge Of such mat
ters,} | have no idea that an institution
could have been conducted with more abi.i.
", integrity, and public advantage, than II
has been.
oder these impressions, agree with
Gen. jackson in the opinion expressed IL
one Of his messages 10 Congress, from which
| make The following extract: That d
Bant Of the Tafcd states, competent 10 all
NE duttes uhich gay be required By The
Gorcrhmcat, might be so organized as not 10
Infringe on orr delegated porers, or The re.
serred Rights Of The States, do not enter.
tain doubt" Blu; iuo period for reohar.
terng the old institution has passed, as
POnnsy lvania has wisely taken care to ap.
propr,ata 10 herself the benefits Of lis large
capital.
The question, then, for me 10 answer, IS,
whether, uuder the circumstances you state,
il clecled to tie Office of President, would
sign an act 70 charter another bank, an
s"er, would Il It were clearly ascertain.
"a that the public interest in relation 10 the
collection aud disbursement Of the revenue
would materially suffer without one, and
there were unequlvocal manifestations Of
public opinion 10 It's favor. think, how
ever, the experiment should be iairly tried,
20 ascertain whether The financial operations
Of the Government cannot be as well car.
RED on without the aid OF national bank,
Ii il IS cot necessary for thai purpose, Il
does not appear to me that one can be con
stilutonally chartered There is no con.
strue'ton which can give the constitutions
which would aulhorza II, on the ground Of
allording facilities tucommorcc. The mea.
sure, If adopted, must have for its object
the carrying into effect facilitating at least
the exercise Of some one Of the powers
positively granted Is tie General Govern.
meu, If others Gow from IT, producing
equal or greater advantages to tho nation,
so much the better; but these cannot be
made the ground for JustiiyIug a recourse
TO IL.
The excitement which has been produced
by the Bank question, the number aud res
probability Of those who deny the right to
Congress to charter Que, strongly recon-
mended the course above suggested.
5lh. distinctly answer 10 this question,
that, IN my opinion, neither House OF Con,
gress can coustltullonally cXpunge the Re,
cord otthe proceedings their predecessors.
The power to rescud certainly belongs
to them; and is, for every pubic legitimate
purpose, all that is necessary. The attempt
to eSpunge 4 part of their journal, now max.
ing in the Senate of the | nited States, am
satisfied could never have been made but in
a period oil the highest party excitement,
when the voice Of reason and generous feel.
ing is stltled by long protracled and bitter
In relation to the exercise Of the veto
power by the president, there is, ,hink,
an important difference in opinion between
the present Chief Magistrate and myself
| express this opinion with less ditiidence,
because believe mine 10 in strict accord.
ance with those of all the previous Presl'
dents to General Jackson.
The veto power, or the control Of the tx.
ccutive over the enactment of laws by the
legislative body, was not unknown in the
United States previously TO the formation
of the present Federal Constitution. Ii
does not appear, however, TO have been in
much favor. The principle was 10 be found
in but three Of the State Constitutions and
in but one of them Massachusetts, was the
Executive power lodged in the hands of
single Chief Magistrate. One other State
(South Caroliua) had, indeed, not only
adopted this principle, but had given its stu.
gle Executive Magistrate an absolute mega
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