Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-09-27

al The relation that exisfe1 be-" zen him an his
Cahiner. aud how necessary II was that lie shbuid
have their support. Would they stand by HIN =
It. much preferred that the whole subject should be
30 poned until the next srsslat but II It was neees
saf, 10 aci NOW. he lhoughl plan might be devised
winch. with tfnir co opeiatlan, might be 'afflsd
through. lie wondered Why tie Senate continued
10 pos pone acting upon liis Heto Message, which
WIS YET 10 be disposed Of. lie supposed II mi sht
be 10 hold II 5 rod over his head; d had me
doubts VII liner proper that he should 20 Sic,
further upon tie subject untIl the Senate had decl
dcd what tbey would do "il the bill then beofe
them. Some ont present assured hun thai Tia pos
pourmrnt OF tie question pendng IN the Senate IL
intended 10 GIVE time for II II con, and 10 prevent
an inteInpe debate.
The President then gave tie outline Of such
bank or fiscal IL ,tIon as he thought he could
sanction. Il was 10 be IN The District Of Columbia.
to have the privilege Of ISSUING lis own notes,
ceIve moneys On dep site, and TO deal Ia bills oil tx
change between The States aud between The United
States aud foreign States. But lie wished 10 have
The opinion oil his Cabinet upon ii. His own consls
lency and reputation mus be looked 10. lie CON
srlered his Cabine his friends. who must stand by
aud defend whatever he did upon The subject. IL,
appealed particularly 10 .Lr. " EBsrER for his opln-
upon tie point Of cons slency; aud whether there
clear d sluctuu between TIE old il INK Of the
United Stues-a Bmko discount anil dcposiie and
the thought OF propasn 9; and wht lhef
the Constitutional question was not different. II
minded us ihlf, all his iotmer spetc hes aud
ports, he d taken the ground that Congress hid 10
constitutional power to charter IA bank which had
he power # local discount Mr.. WEBSTER point.
ed out the distinction between tie two plans IN
manner inch app, AIRED Ia be satisfactory to him
The substance OF what he said was, as understood
him. as follows: lie had decided p eereuce for
bank ulon tile plan tten propose over either Il
these winch Lad bren previously spoken Of. lleie-
minded The President that lac hal expressed his
preference ior bank Ich should be restricted
in its dealings to bills OF exchange, when certain
gentlemen from the city Of New York were pfe-
set several weeks before. lie ihen thought, as
he did now, that it would answer all useful
purposes O4e ground Of this preference MAS
and had great weight with hln, that the plan dld
not contemplate the consent OF the States as. IN
any Al any time, necessary 10 its existence
or efficiency. lie thought the plan proposed al
the commencement Of The session, generally known
as Mr.. Ew1SG's bill, as inconefuous and Obj "ction-
able on .hls ground. HIS general course OF thnkin,
such subjects led him to prefer thar, whatever
power tins Government asserted. Or WAS authorized
to er, should be eXelCsed ndeprnd- ntly Df State
authority, aud Of the interference oil the States. lie
thought there could be doubt Of The constitution.
al power 10 charter such bank as was then propo.
sed. according 10 he Presidents own modes of
thinking upon that spbJect, II lie nn lersIood them.
CertiInly there WAS Gear distinction between such
IA Bank aud the late Bank OF The United State S.
The proposed was be- limited IN It's operations
10 such objects Us were clearly within some of the
general PROVISIONS ol the Consultations, such as
we've clearly necessary III the execution of others.
The privilege ol issuing It's own notes, dealing IN
exchanges, aud + recei e moneys on deposlle, i,
appeared 10 have immedIate reference TO caunex-
ion with The power given IN the Constitution over
commerce between The States, over the currency
and the necessary 1scal operations Of the Govern
meut IN the collection, safe. keeping, and disbufse-
ment Of the public revenue. These were all sab
Jects Of natlonal aud not local State concern.
rhe distinction between tins plan and The Iae Bank
OF the United States Law this: the p ivilcge enjoy
ed by the old bank, OF dealing local paper or DIS
counting notes having circulation, as 1t might
he, but between The different stieets OF commercial
points OF the saline cuy, had no connt Xun with the
trade OF Commerce betwcenthe STATES and remote
sections / The Union, nor viii the transfer of The
public money lrom one point 10 ltlIer; and had
therefore. no necessary COnncx,on with any Of tIf
great national objects tpr winch the bank was Ghal
tered; or could II be claimed as an incident to any
OF the powers gwen 10 Congress By the Constitutions
That privilege, he apprehended was conferred up
on The Late bank from HE beiIel thal without il TIE
stock of the Bank could not be made uruG ahlr ana
II was therefore considered necessary incident to
an Institution which was ltsell but the offspring OF
ncIdrna power. Experienced he thou hl, had sh WI
clearly thai such privilege WAS no longer important
or necessary. BY c0nfnlng the discouutlng priv
lcge Of the proposed bank bills of exchange between
thl' country and foreign States. AID between the
several States OF the Union, tins Objection would
GOT lie against 1t.
The President expressed his regret thar he had
not used The words "ba X OF dice0uht AID deuoslIr"
IN his late Message, so that he distinction lie now
took might be clearly inferred from that message
aud he could not then be charged with inc0uss en-
cy. Mr.. BADGER said he thought nothing wonld
have been gained by The use OF terms "ba ok # dis
count AID depasle" III his message; for as to the
charge Of lneonsstency,n mig aud probably would,
be made agslnst HIM, for party effect lie sanctioned
the bill then proposed by him, lnasmuch as
dealing IN OF buying bills OF exchange would be as
counting, and TO that extent make a bank Of DIS
count.
When all The material pants appeared to be dis
posed or aud the embefs Of the Cabluet present had
expressed HER decided appIobatlon OF the plan
The President had uggesIed, lie said that, aft, all
lie would not auction bank IN the form Just agteed
upon, II he supposed thar IL would he made the
grou"d"alk or basis "t bank with all The powers Of
The late Bank Of the United SAFES He never would
give hI> sanction 10 The pow OF loca discount lie
feared thai, al the next or succeeding session I'll
L n ness, tie Wings would be bringing ilrwaid A.
amendments engraung this power upon any CHATTER
he might now approve and he az pedled to his Cabl,
mel To know llhey would sald by him. and use ihelr
Influence in preventing any such movements while
his Administration listed. Mr.. WEBSTER and 9th
ers gave him all proper ASSURING ON tins point.
The President though capital OF fifteen mil
lions OF dollars would BE- su Efficient.
name he sad, was important What should il
bt! FtSraL iqstitu'e weud do. II was objected To-
aud the name Of FiScH Bank ft,ielred by mem
Der OF he Cabinet. He replied that there was a.
great dea! IN name, and lie did not wish the word
bank 10 appear in the bill.