Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-09-30

him and his Cabinet, and how necessary il was |
hat he should have their support. Would they
stand by him He much preferred that the whole |
subject should be postponed until the next ses- |
SION; but II 1t was necessary to act now, he |
thought plan might be devised which, with |
their cooperation, might be carried through. He
wondered why the Senate continued to postpone
acting upon his Veto Message which was yet to
be disposed Of. He supposed it mightbe to hold
1t as rod over his head; and had some doubts
whether it was proper that he should consider
further upon the subject until the Senate had Do
cided what they would do with the bill then be-
fore them. Some one present assured him that
tho postpOnement OF the question pending in the
Senate was intended to give time for reflection,
and to prevent an Incorporate debate.
!, The>President then gave the outline Of such a
bank or fiscal Institution as he thought he could
sanction. 1t was to be in the District of Column
bia, to have the privilege ofssuing its own notes,
receive moneys OIL deposie, and to deal in bills of
exchange between the States and between the u
nited States and foreign States. But he wished
to have the opinion of his Cabinet upon it. His
own consistency and reputation must be looked
to. lie considered his Cabinet his friends who
must stand by and defend whatever he did upon
the subject. He appealed particularly to MIR.
Webster for his opinion upon the point of con-
sistency; and whether there was not clear dis
tinction between the old Bank Of the United
States-d 6dnk Of discount and deposite-and the
one he now thought of proposing; and whether
the constitutional question was not different, He
reminded us that in all his former speeches and
reports, he had taken the ground that Congress-
had no. constitutional power to charter bank
which had the power of local discount. MIR.
webster pointed out the distiction between the
two plans in a manner which appeared to DO salts
factory to him. The substance of what he said
was, as understood him, as follows: He had
decided preference for a bank upon the plan then
proposed over either of those which had been
nrA yIN ,Ivyo pNvy. &c i
dent that he had expressed his preference for
bank which should be restricted in its dealings TO
bills OF exchange, when certain gentlemen from
the city OF New York were present several weeks
before. He then thought, as he did now, that it
would answer all useful purposes. One ground
OF this preference was and it had great WEIGHT
with him, that tho plan did not contemplate the
consent OF the States as, in any way or at any
time, necessary to its existence or efficiency. He
thought the plan proposed at the commencement
OF the session generally known as Mr. Ewing's
Dill, as homogeneous and Objectionable on this
ground. Ills general course of thinking on such
SUBJECTS led him to prefer that, whatever power
this Government asserted, or was authorized to
assert, should be exercised independently of
State authority, and of the interference of the
States 4le thought there could be no doubt of
Sss~constltutonal power TO charter such bank
as was lhen proposed, according to the Presi-
dents own modes of thinking upon that subject
the understood them. Certainly there was
| clear distinction between such bank and the
late Bank OF the United States. The one now
proposed was TO be limited in its operations to
such objects, as were clearly within some of the
general provisions of the Constitution, or such
objects, as were clearly necessary in the execu-
lion OF others. The privilege of issuing its own
notes, OF dealing in exchanges, and of receiving
moneys on depOsite, all appeared to have imme.
d!ate reference to or conneXion with the power
given In the Constitution over commerce between
Statpo Tho al.
fiscal operations of the Government in the collec-
,ion' satc-keeping, and disbursement of the pub
TIC revenue. These were all subjects of national,
and not local or state concern. The distinction
between this plan and the late Bank of the Uni
ted States lay in this: the privilege enjoyed by
the old bank, of dealing in local paper, or dis
Sou CO, notes having no circulation, as might
cial points ofthe city, had no Con With
the trade and commerce between the States and
remote sections of the Union, nor with the trans
fer OF the public money from one point to anoth-
er; and 1t had, therefore, no necessary connexion
with any of the great national objects for which
the bank was chartered; ner could it be claimed
as an incident TO any OF the powers given to Con-
gross by the Constitution. That privilege. he
unprecedented, was conferred upon the late bank
from the belief that without it the stock of the
bank could not be made profitable and it was
therefore considered as necessary incident to an
institution which was itself but the offspring of
go Aue'uOhlai poWeI. experience, ne thOnpht.
had shown clearly, that such privilege was no
longer Important or necessary. BY confirming the
diis.counting privilege of the proposed bank to
bilis OF exchange between this country and for
eign States, and between the several States of the
Union, this objection would not lie against it.
The President expressed his regret that he had
not used the words ''bank OF discount and depos-
ite In his late Message, that the distinction he
now took might be clearly inferred ffom that
message, and he could not then be charged with
inconsistency. Mr. Badger said he thought moth
Ing would have been gained by the use of the
terms shank of discount and deposte' in his
message; for, as to the charge of inconsistency.
1t might, and probably would, be made AGAINST
MIN Tor party elect If he sanctioned the bill then
proposed by him, inasmuch as dealing in or buy
Ing bills OF exchange would be discountine, and
10 That extent make it a bank of discount
. When all the material points appeared to be
disposed of, and the members ofthe Cabinet pre-
sent had expressed their decided appreciation of
the plan the President had suggested, he said
that, after all, he would not sanction a bank in
the form just agreed upon, if ne supposed that it
would De made the groundwork or basis of |
Dank with all the powers of the late Bank of the
y nited STATES. He would never give his sane |
ton to the power Of local discount. He feared
that' at the next or succeeding sessions of Con-
gress, the Wings would be bringing forward a. |
mendments ENGRAVING this power upon any char
Ter he might now approve; and he appealed to |
MS Cabinet to know, if they would stand by him.
and use their influence in preventing any such
movements while his Administration lasted. Mr..
webster and others gave him all proper assurau-