The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-09-16
VETO MESSAGE.
MESSAGE
rbz PRESIDENT OF THE UNITED STATES
FROM

"NINttVh eO OG Gu Hde ItSCut SofpUHIOh " U
miI StEtes.
September 0, ls4l.
H Che House Of Representatives. Of the United States
Ills with extreme regret that feel myself construn-
cd by the duty faithfully execute the office of Press
kdsnt of The United States and to the best of my ab
" to preserve project and defend the Constitution of
Tie United States TO return TO that House in which it
orignated the bill ITO provide for the better coec
iiOn safe.keepng and disbursement of the pubhc
euue by of corporation To be styled the Fis>
Gal Corporation Of the United States, with my writ
sen objections.
In my message sent to the Senate on tho 18Th day of
August last, returning the bill 10 Incorporate tie sub
scfibefsto the Fiscal Bank Of the United States, dis
fincty declared that my opninu had been umifOrm
y proclaimed TO he against the exercise "of the power
Of Congress create National Bank to operate per
over the Unlon;" and entertaining that opinion, my
fain objection 10 that bill was based upon the highest
moral and religious obligation of conscience aud the
Constitution. readily admit, that whilst the qualified
peto with which the Chief Magistrates is invested should
be regarded, and intended by the wise men who
made it part Of thu Constitution great
tive principle of our system without TIE exercise Of
which, on important occasions, mere repTeseSatlve
-Haotity might urge the Government in its legislation
beyond the limits fixed by its fiamers, might exelt
it's just powers too hastily oppressvey; yet it is
power which Ought most cautiously, exered and per-
haps never, except IN case lmnlneny involving the
public Interest or n which the oath of the PreSi-
dan, acting under his conviction, both mental and
moral ibpeuousy requires Its exercise. In such
helhas no alternative
He must either exert the negative power entrusted 10
hin by the Constitution chiefly for its preservation
Protection and detenTs or commit an act off gross
al turpitnde. Mere regard to the will of majority mn
not IN constitutional republic like ours, eonr this
sacred and solemn duty Of sworn officer. The CnI-
stution ITSELF regard and cherish as the eubode ed
and written will of the whole people of these United
States. II is their fixed and fundamental law which
they dnannolsly prescribe TO the public functunareI
their mere trustees and servants. This, their will
and the law which they have given us the rule Of our
action has guard guarantee of preservation pro-
lection and deenre, but Tbs oaths which it prsscrlbsS
10 the public officers, the sancty with which they
shall rsginusly observe their oaths. and the patriotism
with which the people shall shield BY their own
sovereign will, which has made the Constitution su.
prene. Il must be exerted against the will of mere
representative majority, or not at ALL 1t is alone pur-
0fthat will that any measure can reach the
President and to say that because majority in Cons
gress have passed bill the President should therefore
sanction s 10 abrosate the power altogether and to
render It's insertion in the Constitution work IF alb
t6ld,e surerogaon. Fhs duty is TO guard the flnda.
mental will of the people themselves from (in this case
| adm. .uninentioDal change nfracllon bv monr-
lty in Congress- And IN that light aoue, do regard
tho constitutional duty which most reluctantly dis
charge.
Is thus bill now presented for my approva or disap
provsl such bill have ali eady declared could not
receive nay suclioul Is It such hill calls lnr to ex.
ercse of the negative power under the Constitution
Does II violate the Cunslitutlnn by cTeang a national
hnnk to operate pcr Sc the UuOnl lis title in the
first place, describes lis general character 1t is Gan
act provile FIR hs better cnIIeriion safe keeping
Hn disbursement Of The pubitc revenue hy means ofn
cnporatGa be styled the Fiscal Cornoalion of tue
UniGl States In style; then; il is plainly national
- character. lis powers, functions and duties are
those which pet 10 the co LCCting bepiag and dis
bHSiar the pnbIic revenue he means by which
tase to he red is corporaion to he styled tho
Fiscai corporation Of the United States. 1t is corpo.
ration created by the Congress Of the United States in
the character of the national Legislatures for the whole
Union, perform the fiscal purposes, mset the fiscal
wms and exigences, supply the fiscal uses and exert
the fScaL agencies of the Treasury of the United
St,tes. Such is its own description of itself Do its
provisions contradict its title? They do NOT, It is true
that by its first section, it provides that it shall be es,
tablished in the District of Coumbia but the amount
of It's capaI-tIe manner in which its stock is 10 be
subscribed for and hrdlhe appointment of its direc.
tors and their powers and duties, It's Fundamental
articles, especially that to establish agencies in ay part
of the Unon-the corporate powers and business of
such agencles; the prohibition of Congress to establish
anv other cornorrtnn with smilaT powers for twenty
vr1r7 with -sme.S reservation in the Same clause to
mpdy or create any back for tho District Gr Courp.
ba that the aggregate capital shall not ex1eed FIVE
miif"is, without ennea;.!:3 other features which are
eqnaiIy distinctive and characteristic, cleaLf show that
ii cannot bs regarded other than a Z 70 f the Uni
ted States, with powers seemingly NOR ffnel than
have heretofore been granted 10 such an institutions
opeF1tos per Sc over the Union by virtue Of the unad1
and IN my view, assumed authority of Congress as a
National Legislature, as dstngulshahe from bank
creaied by Congress for the District of Columbia as the
nral Legislature Of the District. Every United States
Bank heretofore created has had power to deal in bills
pfexchan2e, as well as in local discounts. Both were
Trading privileges conferred and both exercised by
Nittue of the aforesaid power Of Congress, over The
whole Uni"n.
The question of power remains unchanged without
ref renee tn the extent Of privilege granted. Ii this
proposed Corporation is To be regarded local bank
ut the District OF Columbia, invested by Congress with
general pnwers to operate over the Union il is obnoxs
nu' to still stronger objections II assumes that Con
gress may invest local Institution with general or
"ational powers. With the same proprety that may
dh this in regard to bank Of the District of Columbia
II may a. II State bank. Yet who can indulge the
idea mat this Government can rght(uly, by making
State bank lis fiscal agent invest it with the absolute
AMI unqul'lhad powers conferred by this blill When
oetne I" ionk at tho details of tie bl they do no
recommend Il strongly to my adoption. A brief motto,
OF some OF Its provisions will suffice. First, II rna
justly substantially system of discounts of the mos
obIeclIQape character. 1t is to deal in bills of OK
change drawn IN one Stale and payable i'm another
wiIhbntany restraint. fAe bill Of EXCHANGE NAV hoy
an unlimited time TO run, and its rene wuLl,ly il
where guarded against 1t may, in fact assume ii,
most Objectionable form OF accommodation paper.
not requTedto TO rest any actual, real or subsant
exehanU Un bgss. A dra YER in or nI.oa L,s,. "A