The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-10-05

Cabinet on the correctness of the ground he had
taken, remarking at the same time that the habit
OF expressing his views TO members OF Congress
upon subjects of so much interest subjected him
10 great embarrassment, and much misrepresenta-
ton. That question being disposed oil, The Pres
ident advelted briefly, but without much connec-
lion, 10 the relation which he stood 10 The Bank
question, and his disposition TO 60 as far as he
could tn comply with the wishes Of his friends.
DE spoke of the relation that existed between
him and his Cabinet and how necessary IL was
That he should have their support. Would they
stand BY him7 He much preferred that the
whole subjscr should be postponed until tie next
session but If IL was Necessary 10 act now, he
thought a plan might be devised which, with
their co operation might be carried through. he
wondered why the Senate continued tnposipone
acting upon his veto message which wa, yet TO
be disposed Of. He supposed il nigh be 10 hold
it as a rod over his head !; and had some dou1tS
whether il was proper thai he should cnnsider
further upon the subject until the Senate mao ae-
cided what they ould do with the bill then before
Them. Some one present assured him ihat inc
postporen.ent offhe question pending In the oea,
ate was intended TO give time for retectlou, ana
10 prevent an incorporate debate.
The President then gave the outliGe OF such
Dank or Fiscal institution as he thought he could
sanction. II was 10 be in the District Of Cnlum-
ta, ID have The privilege OF issuing lis own notes,
receive moneys on depoSite, and to deal IN bills
OF exchange between the States and between the
United Safes and foreign States. Blu. he WISH
cd to have The opinion OF his Cabinet upon 1t. His
own consistency and reputation must be looked
Il. He considered his Cabinet his friends, who
Eiust stand by and defend whatever he did upon
tie subject. He appealed particularly 10 MIR.
Webster for his opiniun upon the point OF consis-
fencr; and whether there was not clear dlstnc-
ten between the old Bank of The United States
Bcnk # discoun! and deposite-and the one he
now thought { proposing; and whether the CON-
slitdtional question was not different. lie re-
minded Us that. in all his IormeT speeches and
reports, he had taken the ground that Congress
had no constitutional power 10 charter bank
which had The power of local discount. Mr.. w.
pointed cut the distinction between the two plans
in a manner which appeared TO be satisfactory 10
I'm. The substance of what he said was, as
understood him, as follows: He had decided
preference for bank upon the plan lhen propos-
ed over either ofthose which had been previously
spoken Of. He reminded The President that he
had expressed his preference for bank which
should be restricted ID its dealings 10 bills Of eX
change, when certain gentlemen from the city Of
New \ ok 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 tie plan did not contemplate the con-
sent Of the States as, in any way or at any time,
necessary 10 its existence or efficiency. He tho'I
the plan proposed al the commencement Of the
session, generally known as Mr.. Ewing's bill, as
incnngruous and Objectionable on this ground !;
his general cOuse Of thinking on such subjects led
lin 10 prefer that, whatever power this Govern
ment asserted, or was authorized 10 assert, should
be exercised independently nf State authority and
OF The interference Of the States.
He thought there could be no doubt of The con-
stituiional power 10 charter such bank as was
then proposed, according TO The Presidents own
modes Of thinking on thai subject, if he under
stood them. Certainly there was clear disnc-
tim between such bank and the late bank Of the
u. States. The one now proposed was 10 be linz
lied n lis operations 10 such objects as was clearly
within some Of the general provisions of the con-
siituion or such as were clearly necessary in the
execution Of others. The privilege of iss uing lis
own notes. OF dealing in exchanges, and OF re-
ceiylrg monies on depOsite, all appeared to have
immediate reference 10, or connexlon with the
power given the Constitution over The currency.
and the necessary fiscal opera lions of the Govern
ment in the collection, safe keeping and dishur-e
ment of the public revenue. These were all sub
lectS of national and not local or Stale conc, rn
The distinctions between this plan and the late
Bank of the Uni ed States Law in this the privi-
lcge enjoyed by the old Bank of dealing 10 local
paper or discountng notes having DO circulation,
as it might be, but between the different streets
or commercial points of the same civ, had no
connection with tt trade or commerce between
the States or sections of the Union, DOR with the
transfer of the public money from one point to
another; and i; had Therefore, no necessary con-
rexion with any of the great national objects for
VIII oh the Bank was chartered; nor could il be
claimed as an incident TO any Vi the powers Civ
IN 10 Congress by the Constitution. That priv
lrge, he sppreheaied, was conferred upon the
late Bank from The beliefthat without il the stock
Of the bank coull not be made profitable; and it
was therefore considered as a necessary incident
IL institution which was itself hut the offspring
OF an incidental power. Experience. he thought,
hal shown clearly that such privilege was no
longer important CT necessary. BY coafining the
diScounting privilege ofthe proposed bank 10 bills
OF exchange between this country and foreign
States and between the several States of the
Union this objection would not be against it,
The President expressed his regret that he had
not used the words bank Of discount and depos-
lite. IN his late message, so that the distinct on he
tnoE might be clearly inferred from that message.
and lie could not then be charged with nconsis-
iency: Mr.. Badger said he thought nothing would
have been gaineI by the use of the terms bank
Of discount and depc>ite' in his message; for as
10 The charge of inconsistency, il might and prob
ably would be made against him for party effect
ii he sanctioned the bill then proposed by him,
inasmnch as dealing in or buying bills OF ex-
change would be discoaniiag and 10 that extent
make il a bank of discount
When al The material points appeared to be
disposed Of ard The members of the Cabinet pre
sent had expressed their decided appreciation of
the plan the President had suggested he said that
after all, he would not sanction bank in the
form just agreed upon, if he supposed that it
wouli be M e the ground work OF basis of a
bank with all the powers of the late Bank of the
United States. He never would give his sane
lion TO the power IF ! rcal discount. He feared
eress, the wings would be bringing forward
amendments engraftlnr this power upon any
oh rter he might now approve and he appealed 10