Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1841-09-16

distinguished from Bank created by Congress for
the District Of Columbia, the local Legislature of
the District. Every United States Bank heretofore
dreated, has had power to deal in bills Of Exchange
Both were trading privileges eonGe7sd, and both
exercised by virtue Of the aforesaid power OF Con.
gress over the whole Union. The question Of power
Of privilege grained If this propoaed corporation Il
to he regarded local Bank OF the District of Co.
lumbis. invested by Congress with general powers to
operate over the URlOn, 10 obnoxious to still strong.
1t assumes that Congress may invest local institu.
ton with general oV national powers. With the
OF the District Of Columbia, 1t may as to q State
Bank. Yet, who can indulge the idea that this Co
yernmsnt csn nghtfully. by making State Bank its
ed powers conferred by this bill? When come to
look to the details OF this BILL they do not recommend
strongly to my adoption. brief notice Of some Of
| Its provisions will suffice.
/ 1st. 1t may justify substantially 4 system of dis.
counts Of the most Objectionable characer It is to
deal in bills OF exchange drawn in state and pay
able IN anoIheIv without any restraint. The bill of
exchange may have unlimited term to run, and it's
TenewabiIity is no where guarded against 1t may,
in fact assume the most objectionable form Of accom-.
mediation. 1t is not required to rest on any actual
real or substantial exchange basis A drawer in one
place becomes the acceptOr in another and 70 on in
| turn the acceptor may become the drawer upon
| mutual understanding.
1t may at the same time indulge in mere local dis.
counts under the name OF bills Of exchange bill
drawn at Philadelphia on Camden, New-Jersey-at
New. ork on border town in New-Jersey--at Gin
clnnatl on Newport, Ky.-not to multiply other ex.
ampes might for anything in this bill to restrain it.,
become mere matter Of local accommodation. Cit.
les thus relatively situated would possess advantages
over cities otherwise situated ofko decided charac-
| ter as most justly to excite dissatisfaction.
I'd. here is no limit prescribed to the premium in
the purchase Of bills Of exchange, thereby correcting
OF the evils under which the community now Ia.
bors and operating most inuriousy upon the agrcul
ura States, IN which the inequalities in the rates Of
| exchange are most severely felt.
Nor are these the only consequences: a resump.
ton Of specie payments by the banks OF those States
would be liable to indefinite postponement-for as the
operation OF the agencies Of the interior would chiefly
consist in selling bills of exchange and the purchas
could only he made in specie the notes Of the banks
paying specie, the State banks would either have to
continue with their doors closed or TO- exist at the
| mercy Of this national monopoly Of brokerage. Nor
be passed over without remark that whilst the
District Of Columbia lie made the Of the principal
bank its citizens are EXCLUDED from all participation
ON the bank from all dscounting within the District.
These some Of the objections which prominent.
~ exist against the details Of the bil-others might
be urged OF much force-hut it would be improbable
to dwell upon them. Suffice it add, that this char
ter designed TO continue for twenty years without
competitur-that the defects which have alluded
being founded in the fundamental law Of the Corpo
ration, rrevocable-and that if the objections be
well founded it would be over hazardous to pass the
bill into q law.
In conclusion take leave most respectfully to say,
that have felt the most anxious soicitude to
the wishes Of Congress in the adoption of Fiscal
Agent which, avoiding all constitutional objections,
should harmonise conflicting opinions: Actuated by
this feeling, have been ready 70 yield much, in
spirit OF Cancellation, to the opinions of others. And
is with great pain that now feel compelled to differ
from Congress second time in the same session:
AT the commencement Of this session, inclined from
choice to defer the legislative will, submitted to
Congress the proprety Of adopting Fiscal Agent
which, without violating the Constitution, would sepa-
rate the public money from the Executive control /;
perform the operations Of the Treasury without being
burthensome to the people, or nconvenen, expen-
sve to the Government. 1t is deeply to be regret
ted that this Department Of Government cannot, up
on constitutional grounds concur with the Leeisla
tive Department in this last measure proposed 10 at
tain these desirable objects
Owing to the brief sPace between the period Of the
death of my lamented predecessor and my own in
stallation into Office was in fact, not left time
prepare and submit a definite recommendation Of nv
own. IN my regular message; and since, my mind
has been wholly occupied in most anxious attempt
TO conform my action to the legislative will. In this
communication. am confined by the Constitution to
my objections. simply to this BILL but the period of the
regular session will arrive, when It will he my
duty, under another clause Of the constitution
give to Congress information Of the state ofhe Union,
and recommend to their consideration such measures
| as | shall judge necessary and expedient."
And most respectfully submit in Q spirit OF harmO-
ny, whether the present differences Of opinion should
he pressed further this time, and whether the Pc
cuarity Of nv situation does not entitle me TO post
ponement OF this subject to auspicious period
for deliberation The two Houses Of Congress have
themselves AT TINS extraordinary SeS
sion by the performance Of immense of labor
at season very unfavorable both to health and &C.
ton; and have passed many laws, which trust will
prove highly beneficial to the interests Of the country
and fully answer its just expectations.
II has been nv good fortune and pleasure TO concur
with them IN all measures, except this. And why
should o,is difference on this alone be pushed 10
tremets? Ii is my ANXIOUS desire that it should not
be- too have been burthened with extraordinary
labors Of late, and sincerely desire time for deep
and deliberate reflection this the greatest difficult
~ Of my administration. May we not now pause,
until more favorable time, when, with the most
IONS hope that the Executive and Congress may cor
daily unite, measure Of finance may be delibe-
rately adopted promotive Of the good Of common
country.
will take this occasion to declare that the concIu-
sons to which have brought myself are those Of a
settled conviction, founded, in nv opinion, on Just
views of the Constitution That in arriving at it,
have been actuaied by other motive DESIRE than
uphold the institutions of the country, they have
cestOrs-and that shall esteem efforts sustain
them. even though perish. more honorable than to
win the applause Of men by sacrifice Of my dniy and
| nv conscience. JOHN TYLER.
Washington. Sept. 9, ls4l
1.-THE fuiowing is the vote upon the final passage
Of the Revenue Bill in the Senats-,tales among the
yeas are locos j
J YEAs-Messrs. Archer. Barrow, Bates. Bavnrd,
Benien. Buchanan Choate. Clay Of Ala, Clay of Ky.
Clayton. Dixon, Evans, Fulton Graham, Henderson,
4 Huntington, Kerr, King. Mangum, Merrick, Miller,
Morehead, Porter. Prentiss Preston. Rves, Sevier.
simmons: Smith Of Ia southard. Sturgeon. Tall
madge, White, Young--@
Linn Mouton. Nicholson, Tappan, Walker, White,
| WoOdburv Wripht-l2