Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-14

cent IL case emnen,ly involving the public interest
mr. one in which The oath Of the President acting under
his conyicons both mental anu moral, impefinusy re-
uurcs lis exercise In such case n mas no alterha
tive He must either exert the negative power en-
trusied TO him hy the Constitution chiefly for IFS own
,,...rvotion protection, aud defence, or commit az
net Of gross moral turpItude Mere regard 10 The WIZ
Of a majority must not, III constitutional ftpu"ie
ike ours control this sacred and solemn duty oil a
sworn officer. The Constitution itself regard and
cherish "a the embodied ant: written viii ot the who'e
popIe of the United States. ii IS their fixed and iun
damental law, which they unanimously prescribe u
the public unclionares their mere trustees ana ser
wants THIS their will, and the law which they have
oiyen us as The fnle Of action, has no guard, NJ
Guaranty Of preservation, protection, and defence bu
the calhs when prcscribes to the public officers, '
sanctty with which They shall relgously observe those
oatbs and the patriotism with WHICH the people shall
shield il by their sovereign Will, which has mads
the Constitution supreme. 1t must be c1ered agans
the will oil representative majority, OF mol i'll a
II is alone in pursuance Of that VIII that any measure
can reach the President; and TO say that because ma
iority in Congress have passed bill The President souc
therefore sanction it, nbruga,e the power altogether
and to render lis insertion the Constitution Woih
of absolute supprerogation The duty is IL guard l'
fundamental will of the People themselves from On TINS
case | admit unnentionaD change or iniraction ny
,noor;tv in Cunrress And in that light alone do re-
gard the constitutional duty winch no" most leiu'
family discharge.
Is This bill now presented for my approval or dIsap
proyal snch bill as have already declared could no
receive my sanction: Is It such OH as calls Tor Tue
exercise Of the negative power under The Constitution
| Docs = voIo,p The Constitution By creating National
Ri 70 onnrate mr. Sc over the Union? Its title, IN
the first place. describes It's genera characier u y
uan act to provide for the better collection, safe keep
mo and disbursement of the Pnbtc revenue by means 81
eoryorntion 10 BIZ styled the Fiscal Corporation % f
y St,t,s" In STYLE then, It IS plainly national IN us
h-,c,ar lis powers, functions, and duties are those
hb nerlain To the eoiitcting keeping and dtsburSng
The puJic revenue. The means by which these are u
b. exerted corporaon to be styled the rascal Cor
,oro,ion of the IT, 5. II corporation created by the
Congress- of the U. S. its character OF National
LEGISLATURE for the whole Union, TO perform The fiscal
purposes the fiscal wants and exigfnces, supply
the fiscal uses and exert thr fiscal agencies o the fea
sury of the United States Such It's own description
of itself Do its provisions contradict lis ute; lhry
do not II IS true that by its first section, il provides
th,, il shall be established in the District Of Columbia
I'M, The amount of its capital the manner III which It's
stock il 10 be subscribed for and heldthe persons and
bodies corporate and polite, by whom It's stock may
he hrld-the appointment OF lis directors, and iheif
movers md Gu,ies-its iundamenta articles especially
that to establish agencies in any part of the Union
The corpo,ate powers and business OF such agencies
the prohibition of Congress to establish any other cor
poration with similar powers tor twenty years, with
eSpress reservation in the same clause TO modify
or create any hank for the District of Columbia, 80
lions: without enumerang other features which ar,
equally distinctive and characteristic, clearly show
that il cannot be regarded other than Bank OF The
u S. with powers seemingly mare limited than have
heretofore been granted 10 such an institution. II
opcrates per SC over the Union, by virtue of the un
aided and, in my view, assumed authority oil Congress
as National Legislature, IA d'stingu'shable from
bank created by Congress for the District Of Colum
bia as the local Legislatures OF the District. Ever,
l. S. Bank heretofore created has hac power to dea
u IN, Loo l,c.1 t,ngc Rail
were trading privileges conferred, and both were exer
csed bv virtue Of the aforesaid power OF Congress, owe
Tie whole Union. The question o! po"er remains IN
changed without reference TO the extent oil privilege
GRANTED If tins proposed corporation is to be regard
ed rs local bank Of the District Of Columbia, invest
ed by Congress with general powers 70 operate over tn
| Union it is obnoxious TO still stronger objections
assumes that Congress may invest local institution
with general or national powers. With the same pro
prc,y tia, may DO this in regard 10 bank OF TN
! District Of Columbia, il may as 10 State bank "
who can indulge the idea that this Government cal
riptuy ~ making State bank its fiscal agent, III
vcs; i; with The absolute and unqualified powers con
i;.rrcd by this bill When come 10 look at the de
tails Of this BILL they DO not recommend It strongly t
my adoption. y brlc notice oil some OF It's provision
Will suffice.
First !, NAV Justify substantially system Of dis
counts Of the most objectionable character It's 10 dea
in bills Of exchange drawn IN one State ana payable u
another without any restraint The bill of excIins
I have unlimited lmc 10 run, aHu It's Ient""o'
l.ty is now here guarded against IL may IN TACT, as
sumo the most Objectionable form of accommodation
paper Ii required 10 rest on any actual, real,
subs antal exchange basis; drawer IN one place be
comes the acceptor another and 50, III TURN, le nc
cep,or may become the drawer, upon mutual under
s,anL;nr L. NAV, al the time indulge IN mere
local discounts under the Of bills OF exchange.-
4 bill drawn nj Ph'lade phia on Camden, New Jersey
al New York on border town III New Jersey; AT GIN
cinna; on Newport, in Kentucky: MOTTO multiply ctie
examples, might, for any thing IN this bill to restrain
became a mere matter of local Accommodation CItie
thus relatively situated would possess advantages ose
cities otherwise situated Of 50 decided character
mos; Justly To excite dissatisfaction.
Second There is no limit prescribed 10 the premium
in the purchase of bills Of exchange; thereby correct
! ing none Of the evils under which the community nov
abors, and operating most njurously upon the agri
cultural States, III which the inequalities in the rate
Of exchanges are most severely felt Nor these tn
only consequences. resumption OF specie payment
by the banks of those States would be liable TO lndrl
mite postponelnen, for the operation Of the agence
Of the interior would chiefly consist in selling bills o
exchange and the purchases could only be made u
specie, the notes of banks paying specie The STAT
banks would either have 10 continue with Their door
closed or exist al the mercy Of this national monopo
Of brokerage. Nor i be passed over without re
mark that whilst the District of Columbia - made Tn
seal Of the principal Bank its citizens excluded iron
all participation in any benefit il might afford by 20
sitlve prohibiting the Bank from all dScounng with
in the District
These are some Of The objections which prominent.
exist against the details Of the BILL others might b
urged, of much frce, but it would be unproiltah'e Y
dwell upon them: suffice i, to add, that tins charter
designed to continue for twenty years. without com
pctitor; that the d-ircts to which have alluded, BEN!
founded on hs fundamental law of the Corporation
are irevocabe; and that, if The objections be well
founded, would be hazardous to pass the bil
into law.
/ In conclusion take leave most respectfully to say
that have felt the most anxious solIctudr to meet III
wishes Of Congress III the adoption of Fiscal agent
which, avoiding all constitutional objections, shoui'
harmonic conflicting opinions. Actuated by TINS ieei
ing, have been ready yield much, in spirit OF con
citation, to the opinions Of others and il is with grea
pain that now feel compelled TO differ from Congress
a second time in The same session. AT the commence
ment Of tins Session, inclined from choice to deter Il
the Legislative WILL | submitted to Congress the pro
prety of adopting Fiscal Agent which, wihou
| violating the CONSTITUTIONS would separate the pub
lie money from the Executive contrn and perform
the operations OF Tic Treasury, without being bur
densomc 10 the People, announcement or exprn
size to the Government. II IS deeply 10 b. regret