Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1841-08-26
YETOOF TME RANKBlLL.

porGts tke Fiscal Bank Of the United States.
To the Senate of the United States:
Tho Bill entitled I" An act 10 incorporate
tho snbscribers TO the Fiscal Bank Of the
limited Stntes," which originated in the Sc
nate. has been considered by me, with sin-
cere desire 10 conform my action IN regard
70 il. to that of the two Houses Of Congress-
Nv the Constitution it is made my duty, ei-
Their to approve the Bill by signing it, or TO
return it with my objections to the House in
which it originated. cannot conscientious
Iy give it my approval, and proceed to dis
charge the duty required of me by the Con-
stitution--'o give my reasons for dlsaPprov-
ing.
The power Of Congress to create Nation
nj Bank to operate per- Sc over the Union. mas
been a question of dispute from the origin OF
our government. Men most justly and de-
servedly esteemed for their high intellectual
endowrnents their virtue and their patriot
ism, have, in regard to it. entertained differ
ent and conflicting opinions. Congresses
have differed. The approval of one Presi-
dent has been followed by the disapproval Of
another, The people at different times have
acouiesced in decisions both for and against
The country has been and still is deeply ag-
itated by this unsettled question. 1t will
suffice for me to say, that my own opinion
has been uniformly proclaimed to be against
the exercise of any such power ny this gov
ernmenr. On all suitable occasions, during
a period of twenty-five years, the opinions
thus entertained have been unreservedly OK.
pressed. declared it in the Legislature Of
nv native State. In the House of Represent
atIves of the United States it has been openly
.vindicated by me.
In the Senate chamber, in the presence
and hearing of many who are at this time
members of that body, it has been affirmed
and reaffirmed, in speeches and reports there
made, and by votes there recorded. In pop
ular assemblies | have unhesitatingly an
nounced it; and the last public declaration
which made, and that but short time be-
fore the late Presidential election, referred
to my previously expressed opinions as be-
ing those then entertained by me; with q
full knowledge Of the opinions thus enter.
tanned, and never conceded, was elected by
the people Vice. President Of the United
States. By the occurrence ola contingency
provided for by the Constitution, and arising
under an impressive dspensation Of Provi-
dence, I succeeded to the Presidential Of
fee. Before entering upon the duties of that
office, took an oath that would "preserve,
protect, and defend the Constitution of the
United States"
Entertaining the opinions alluded to, and
having taken this oath, the Senate and the
country will see that could not give my
sanction TO q measure of the character de-
scribed, without surrendering all claim to the
respect of honorable men-all confidence on
the part of the people-all self.respect-all
regard for moral and religious obligations
without an observance OF which, no govern.
ment can be prosperous, and no people can
be happy. 1t would be to commit crime
which would not wilfully commit to gain
any earthly reward, and which would justly
subject me to the ridicule and scorn Of all |
vrtuOus men.
deem il entirely unnecessary at this time
to enter upon the reasons which have
brought my mind to the convictions feel
and entertain on this subject. They have
over and over again been repeated. 1fsome
OF those who have preceded me in this high
office, have entertained and avowed different
opinions, yield all confidence that their
convictions were sincere. ] claim only to
have the same measure melted out to myself.
Without going further into tho argument, I
will! say that, in looking TO the powers of this
Government 10 collect, safely keep, and dis
burse the public revenue. and incidentally
regulate the commerce and exchanges, |
have not been able to satisfy myself that the
establishment, by this Government, of
bank of discount in the ordinary acceptation
OF that term, was necessary means, or one
demanded by propriety, to execute those
powers. What can the local discounts of
the bank have to do with the collecting, safe
keeping, and disbursing of the revenue? So
far as the mere discounting paper il con.
cerned, it is quite immaterial TO this ques-
ton, whether the discount is obtained at a
State Bank or n U. s. Bank.
They are both equally local-both begin
ming and both ending in local accommoda.
ton. What influence have local discounts, !
granted by any form of banks, in the regu-
lating of the currency and the exchanges 3 !
Let the history of the late United States
Bank, aid us in answering this inquiry.
For several years after the establishment
Of that institution, it dealt almost exclusively
in local discounts, and during that period, |
the country was, for the most part. disap. !
pointed in the consequences anticipated from |
its incorporation. A uniform currency was
not provided, exchanges were not regulated,
and little or nothing was added to the gene
raj circulation and in 1920 its embarrass.
ments had become so great, that the direct
ors petitioned Congress to repeal that article
of the charter which made its notes receiva-
BILE every where in payment of public dues.
1t had, up TO that period, dealt but to We
nv small extent in exchanges, either foreign
or domestic; and as late as 1882. its opera
tions in that line amounted to little more
than 100000 per annum: very rapid
augmentation soon after occurred, and in
1883, its dealings in the exchanges amounted
to $l0O,OOO,O0O. including the sales of its
tions were effected without the employment
Of extraordinary means. The currency of
the country became sound, and the negotia.
tiOnS in the exchanges were carried IN nj The