Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1841-09-21

PRESIDENT or TIE UNITED STATES
RefsrHiHr nth MS oijeofions. The btl To pToviee
FIR tie batter collection, safe-kefPt7g, aud DIS
iHrsesea. # he public rcrenuc, ~ means y a
Corporation ~ h styled ne fiscat CoTPofHNoh =
he Iaged Sfrfcs."
lSErTFMBrn Q. ELL
r. the House n RePreseHfatires etth "'ea states
II - with extreme regret that feel myself con
strained bv the duty Githiuy 10 execute the On.
,fPfesicnt of the utod States and . The best oimy
ability 10 preserve protect and defend tie tousti-
tuition OF the United states, % return T. That House
IN winch originated, the BIZ 10 PROV lee Tor the
better collection, safe-keeping. and distribution 81
tho public revenue, by means of corporation 10 be
f,yled ;he Fiscal Corporal on Of the United States
with my written objections.
In NV message 70 tie Senate on the l6,h tay Of
August last returning the b.l ito incorporate the
subscribers to the Fiscal Bank ofthe United states
distinctly declared that my own opinion had been
uniformly proclaimed 10 be against the exercise "oi
the poxer ii Congress 10 create National Bank 20
operate prs, over Tire Union :" and cnterta ninS
that opinion. nv nan oblectnn % that ON was
based upon the highest moral and religious obi "a
tions Of conscience and the Constitution read'i
ndmif that whilst the qualified ret, with which tie
Chef Magistrate Is invested, should 10 regarded,
and was intended by the wI-e men who mnde =
part 81 the Cousf lotion, a great Conservative
l,rincfple 81 our system. without the exercise OF
which on important occasions, mere representa-
tive majority might urge the Government IN Its leg
islaton beyond the limits fixed by ~ irameFs, or
might exert IL jast powers too hastily or "ppfe$-
sivclv yet. u ~ power which ought 10 be most
cautiously excned, and perhaps never, except ID
case imnlnentIv involving the public interest, or
one IN which the oath of the President, acting IN
der his conviction both mental and moral, impe
riously requires ~ exercise In such case he has
no alternative.
lie mus, either exert the negative power intrast
Cd TO him by the Constitution chiefly tor ITS own
prcseryaton, protection and defence or commit m
nc: OF aros. moral tnrpitudc. Mere regard to the
will of the majority must not, III constitutional r.
publc like ours control this sacred and solemn du-
" Of sworn officer. The Constitution itself, re.
card and cherish as the embodied and written VIII
Of the whole People Of the United States. IL Is
their fixed and fundamental law, winch they unan-
imously prescribe To the pubic lunci0hafles-thelr
mere trustees and servants. This their Will, and
the law which they have given rs a. the rule OF our
action has no guard, no guaranty 81 preservation
protection and defence but the oaths winch 1t pre-.
scrlbcs u the pubic officers the sanctity with
which they shall rehgiously observe those oaths.
and the patriotism with which the people shall
shield IL by their own sovereign will, which has
made the Constitution supreme. II must be cxeried
against the will Of a representative majority
or not M all u is alone IN pursuance oil that VIII
lint any measure can ever reach the President
and 10 say that because majority IN Congress have
passed bill the President should therefore sanction
IT. is 10 abrosatc the power altogether, and to rem
der Us insertion IN the Constitution work OF abso
Lutte supererogaton. The duty Is to guard the fun
case admit unlntentonal) change or iniractlon 10y
n majority in Congress. And IN that light alone
do I regard the constitutional duty which no"
most reluctantly discharge
l. this BILL now presented for my approval or dis
approval such a bill as have already declared coul,
not receive my sanction Is IL such hill as calls
tor the exercise of the negative power under The
Constitution Does it violate the Constitution, by
creating n national bank, to operate pcrSe over th'
unionl Its title in the first place describes ~
eroi cla
the better collection, sac-keepng and disbursement
Of the public revenue, by means of a corporation
% be STYLED the Fiscal Corporation 81 me Unite
States In style, then it is plainly national IN II
character Its powers, functions. and duties ar
those which pertain 10 the collecting. keeping, am
disJursiHg the public revenue. The means b.
which these to be exerted - corporation to b
STYLED the Fiscal Corporation OF the united States
II is n corporation created by the Congress OF til
United states in the character ola National Leg
jslature for the whole Union, 20 perform the FscG
purposes, to meet the fiscal wants and exigcncies
supply the fiscal uscs, and exert the fiscal agcncc
of the Treasury OF the United states. Such is IT
own description of itself. Do its provisions con
tradict lis title They do not. 1t Is true, that b.
its first section. il provides that ii shall he estab
Ished in the District of Columbia but the amour
of capital-the manner IN which us stock is TO b
subscribed for and held-thc persons bodies, corpo
rate and polite, by whom Its stock may be held
the appointment of directors, and their powers an
duties-ifs fundamental articles, especially tina
TO establish agencies IN any part of the tnon-th
corporate powers and business of such agencies
the prohibition of Congress to establish any othe
corporation with similar powers for twenty year:
with express reservation IN the same clause, I
modify or create any bank for the District OF Colnm
ba so that the aggregate capital shall not cxcee
five millions without cnumerating other feature
which are equally distinctive and characteristic
clearly show that il cannot be regarded an
other than bank OF the United States, with pow
ers seemingly more limited than have hereto
forc been granted to such an institution
II operates per Sc ,,ser the Unioa, by virtue Of L
unaidcd and IN my sieN assumed auth1Tr. OF 'oi
eress as a National Legislature, distngn sbabl
from bank created by Congress for the District
Columbia as the local Legislature OF the strIc
Every United States Bank heretofore created la
had power to dea. IN bills Of exchange, well as
local discounts. Both were trading privileges Coz
ferred and both exercised by virtue OF the aioresa
power Of Congress, the whole Union. Tt
question Of power remains unchanged, without retc
ence 10 the extent OF privilege granted. lf tn
proposed corporation Is 10 be regarded loc
bank Of the District of Columbia, invested BIZ Col
gress with general powers TO operate over the In
on. 1t Is obnoxious to still stronger objections.
assumes tina: Congress may invest local instiil
ton with general, national powers. VII
the same propriety that il may do tn
regard a bank of the District If Columbia. il NAV
10 state bank Yet who can indulge the idea that III
Government rightfully. by making a State bank
fiscal agent. with the absolute and unqualif
powers conferred by this bill When come 10 look
the details of the bill they do not recommend IL strong
10 my adoption \ brief notice of some Of Us provision
will suffice
FIRST. Ii may lusif substantially system Of di
counts of the most Objectionable character. II is
deal in bills ofexchange drawn in one State and pa
able in another without any restraint. The bill