Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-10-09

ceiving moneys on deposte, all appeared
TO have immediate reference to or connex-
ion with the power given in the Constitu-
ton over commerce between the States,
over the currency, and the necessary lis-
cal operations of the Government in the
collection, safe-keeping, and disbursement
OF the public revenue. These were all
subjects of national, and not local or State
concern. The distinction between this
plan and the late Bank of the United
States lay in this: the privilege enjoyed
by the old bank, of dealing in local paper
or discounting notes having no circulation,
as it might be, but between the different
streets or commercial points of the same
city, had no connexion with the trade or
commerce between the States and remote
sections of the Union, nor with the trans
fer of the public money from one point to
another; and it had, therefore, no necessary
connexion with any of the great national
objects for which the bank was chartered;
nor could it be claimed as an incident to
any of the powers given to Congress by
the Constitution. That privilege, he APP
pretended, was conferred upon the late
bank from the belief that without it the
stock of the bank could not be made profit
able; and it was therefore considered as
necessary incident to an institution which
was itself but the offspring of an Incidental
power. Experience, he thought had shown
clearly that such privilege was no longer
important or necessary. By combining the
discounting privilege of the proposed bank
to bills of exchange between this country
and foreign 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 depositc" in his late Message, so that
the distinction he now took might be clear
ly inferred from that message; and he could
not then be charged with inconsistency
Mr. BADGER said he thought nothing would
have been gained by the use of the terms
bank of discount and deposite" in his mes
sage: for, as TO the charge of inconsistency.
it might, and probably would be made
against him for party effect if he sanctioned
the bill then proposed by him, inasmuch as
dealing in or buying bills of exchange would
be divcounting and to that extent make it a
bank of discount.
When all the material points appeared to
be disposed of, and the members Of the Cab
met present had expressed their decided APP
probation of the plan the President had sug-
gested, he said, that after all, he would not
sanction bank in the form just agreed up
on, if he supposed that it would be made
the groundwork or basis of bank with all
the powers of the late Bank of the United
States. He never would give his sanction
TO the power of local discount. He feared
that. at the next or succeeding sessions Of
Congress, the Wings would be bringing
forward amendments ENGRAVING this power
upon any charter he might now approve,
ard he appealed to his Cabinet TO know if
they would stand by him, and use their in
1uence in preventing any such movements
while his Administration lasted. Mr.. WEB
sTER and others gave him all proper assu-
rance upon this point.
The President thought a capital Of fif-
teen millions of dollars would be sufficient.
A name, he said. was important
What should it be! Fiscal Institute would
do. 1t was objected to, and the name of
Fiscal Banh preferred by member of the
Cabinet. He replied that there was a great
deal in name, and he did not wish the
word bank to appear in the bill.
The President then inquired if he was
understood. He said there must be no mis-
understanding of what he proposed to do
Addressing himself to Mr.. EWING, he asked
him if he thought he understood his views
fully. Mr.. EWING undertook to recapitu-
late. He understood the President to have
no objections to bank in the District of
Columbia. with offices of discount and de-
posite in the States, with their assent. The
President interrupted him abruptly, by say
ing he did not understand him at all: he was
MT willing to sanction any such bank.
understood his objection to be to the power
of local discount. | supposed Mr.. Ewing
intended to say that he understood the Presi-
dent had no constitutional objections to such
bank. Mr.. EWING, however, without ex-
planning, went on to say, that he now I'M
derstood the President to have no objec-
tons to bank in the District of Columbia,
with the power to issue its own notes, re-
ceive moneys on deposite, with offices or
agencies in the States having the privilege,
without their assent, of dealing in bills of
exchange drawn in one State or Territory
and made payable in another State or Ter
ritory of the Union, and in bills between the
United States and foreign States or Ma
tons.
The President said he was then under
stood. He requested Mr. WEBSTER par
tcularly to communicate with the gentle
men who had waited upon him that morn
ing, and to let them know the conclusions,
to which he had come. He also requested
Mr.. Ewing to aid in getting the subject
properly before Congress. He requested