The people's press, and Addison County Democrat. [volume] (Middlebury, Vt.) 1838-1841, 1841-05-25

of the government. The existence of the
Bank received his full assent. He made no
remonstrance against it TO Congress. He
waged no war upon it. He sought no divorce
from it.
The charter Of the old bank expired during
| the administration of President Madison. Did
Mr.. Madison forget his ilustrious predecessor,
and "trample his doctrines in the DUST" when
he recommended the recharter of a national
bank2 In his message TO Congress in 1915 he
says:
"The arrangement of tic finances, with
view 10 the receipts and expenditures of a per-
manent peace establishment, will necessarily
enter into the deliberations Of Congress during
the present session. 1t is true that the impro.
we'd condition Of the present revenue will now
afford the means of maintaining the faith of
the government with its creditors inviolate, and
of prosecuting successfully the measures Of the
most liberal policy; but will also Justify an i'm.
mediate alienation of the burdens imposed by
the necessities of war. 1t is, however essen.
tal to every modification of the finances, thut
the benefits of uniform national currency
should be restored to the community The alb.
sence of the precious metals will, it is believed,
be temporary evil; but until they can be rem.
dered the general medium Of exchange, it de-
wolves on the wisdom of Congress to provide a
substitute, which shall equally engage the con-
fdence and accommodate the wants of the cit.
liens through the Union. If the operation of
the state hunks cannot produce the result the
| probable operation of natiooal bank will merit
considerations and if neither of these expedi.
ents be deemed efectuaI, 1t may be necessary
Mr.. Madison in his next annual message 10
I y Il, zzlL Ii L
at his suggestion and by The votes of his friends
spoke of it as follows. We quote from his last
message dated Sd December. 1916.
at is obvious that there is only wanting 10
the fiscal prosperity of the government the
restoration Of an uniform medium ofexchangc.
The resources and faith of the nation DISPLAY.
ed in the system which Congress has establish.
ed, ensure respect and confidence at home and
abroad. The local Accommodations of the revcn.
NC have already enabled the treasury to meet
the public engagements in the local currency
of most of the states; and it is to be expected
that the same cause will produce the same eff
feet throughout The Union. But for the inter-
ests ofthe community at large, as well as for
the purposes of the treasury, il is essential that
the nation should possess a currency of equal
value, credit and use, wherever it NAV circu
late. The constitution has entrusted Congress
exclusively with the power of creating and reg.
ulating currency Of that description, and the
measures taken during the last session in exc
cutlon of the power. give every promise of sue
cess. The Bank of the United States has
been organized under auspices the most ia.
vorable. and cannot fail to DO an important
auxiliary 10 those measures
These were MIR. Madison's opinions. Now
let US see what Gen. Jackson though, about n
national bank, and ascertain five can whether
lie too was willing so forget Mr.. Jefferson
and trample his doctrines in the DUST by es-
tablishing such an institution.
Extract from Gen. Jacksons first message to Congress
'lf such an institution is deemed essential TO
the fiscal operations of the government, sub
nit 10 the wisdom of the Legislature whether
national one, founded on the credit of the gov.
eminent and It's revenues, might not be devils
ed, which would avoid all constitutional diff.
cultles, and at the same time secure all the
advantages 10 the government and the country.
that are expected TO result from the present
bank
/ From Cen. Jacksons second annual message.
In the spirit Of improvement and comprom
Use which distinguishes our country and its
institutions, it becomes US TO inquire whethcrit
be not possible to secure the advantages af
forded by the present Bank, tiro ugh he agen-
cy ola Bank of the United StateS., so modified
in its principles and structures as 10 obyiate
consI itutional and other objections. It is
thought practicable to organize such a Bank.
with tie necessary officers, as branch of the
Treasury department, based on the public and
individual deposites,' &c. SC. In times of
public emergency the capacities of such an in.
slitution might be enlarged by Legislative pro.
Visions
Extract from General Jackson's tn ird ANNUAL Messare
Entertaining tho opinion heretofore cxpres.
sed in relation to the Bank ofthe United States
as al present organised, felt it nv duty in
my former messages frankly 10 disclose them
in order that the attention of the Leqislature
and Of the people should be seasonably directed
to that important subject. Without more
particular reference TO the views of the subject
then expressed, leave it for the present to he
investigation of an enlightened people and
their representatives.
Extract from Cen Jackson's Veto Ne ssaso.
That Bank of the United States. COMM
tent to all the duties which may be required bv
the government, might be so organized as to
infringe on our own delegated powers of the
reserved rights ofthe States, | do entertain n
doubt. Had the Executive been called unon
TO furnish the project of such an institution
duty would have been cheerfully performed.'
These extracts will suffice 10 satisfy tho |
most skePncal, we think, that if National
Bank cannot be established without forGetr;n1
MI Jefferson and trampng his doctrines e |
the dust, that MIR Madison, and aven c. ~ |