Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-08-26
Fer tAe Raltsnore A,,..r,..u


There are various constructions Of
President TYLgR's language in the Veto
Message respecting the kind Of Fiscal
Agent which he would be wiling 10 %.
prove. II is believed by some that lis
objections to local discounts, as expressed
30 several parts Of the Message and par.
tlcularly in the last sentence bot one.
would apply to the Treasury plan sub
nitted by Mf. EWING. The assertion
for Congress Of right to incorporate a
National Bank with power "to establish
offices Of discount an1 iepasijo ID he sew
eral States Of the Union, 9Th 5r aeHfcul
tier coascft" involves. O principle 10
which he declares he las AWAY. hereto.
fore been opposed, and which can never
ebiuin his sanction.
IL one place The Message nsks-" What
can tie local discounts Of the Bank have
10 do with the collecting, SAFE keeping
aid dishursinE Of She revenue {" There
are some who would carry tie argument,
here implied much further, W ii. sure.
than the Pftsident intend 4. Taey ma
eiae ihat TIE objection against local dis
counts, predicated upon This disroasection
With The fiscal i1neuons III the lus,ltutu d.
would apply to every ether sort OF on r.
sion, except those Of collecting, sal,
keeping aud discussing thr pubic money.
IN o'htr words, they conceive that uoth-
NIX ba, tie Sub-Eieasufy system, VIII
Is privil geof drafts, wuuli meet he ldea
Indicated hy this pafi 81 the Message.
This construction Of course Cannot BE-
a3ua ted FOR moment. MIR IYIrR's
pfei renee is evidently FOR an institpuon
whose Gscat agency shall e3astiiuto its
prominent thatacteust c F.: but which nay
afi' ID incide nlslly the most tijieleu; r
vice, compatible with It's functions, to
wards eq1al'zing tire currency AMI eidiug
the bnsn IS Interests ofthc county. An
institution oil THIS sort being wholly az
emaualion from The General Govern
Htrt, woulI necessarily exist without re-
gard 20 Tie consent OF the States. lis
Offices would be established il amy pat
nl TIE Union, wherever they might b.
needed, just as coIlectofsips aud hand
Offices are opened at sach Pc mis- as cxpe.
- ~ , - A@ANSsata ~ AAttSs
w" mHy conclude, then, that pres-
d Mt TYLER 8 wiling to sanction Ma.
tionsi Bank for the fs,nl Us sof the Gov
eminent with the power Incidentally TO
regulate the currency and, rs connect
Cd herewith, the right 10 establish in any
State, Us Congress OF the Treasury De-
paf;ment may direct, an ofiice oil deposit
Tor the public revenue, and for private
capital; and with the privilege also to
deal in foreign and domestic exchange.
1t would have power to issue lis own pa
per but not to make :" local discounts. !"
We are prepared tn acquisce in almost
any sor: of practicable institution that
has unity IN the confronting power,
and predominant national character.-
With these as its constituents fundamen-
tai principles, it may CONE by uss to
adapt itself 10 the wants Of the Govern
ment and the cnnvt nirnce Of the country,
u It should not prove to be entirely so at
first, The great danger 10 be avoided,
il strikes US, is the mineling of the powers
Of the General Government with those Of
the States, in such Heterogeneous man
ner as TO confuse the propee functions Of
both, producing a SORT Of mongfel crea
tion, liable TO be embarrassed al every
turn by disputes Of conflicting authors
ties. The plan from the Treasury De-
partment appeared objectionable on that
ground and we are not sure that the
compromise arrangement which was a
greed upon in Cougr IS made the matter
much better. Whatever may be the de.
tails of the Bank to be established let II,
at least, in proceeding from the General
Government, be subject to its direction
and control
Whether the language Of the Veto
Message viii warrant or not the presump
ton al the Executive sanction to such M
Exchange Bank as we have referred to,
our readers may Judge. Il NAV be con
strued perhaps differently. The other
question, too, that wuuld arise, whether
such "A Bank would be able to do bust.
ness profitable enough to ensure the sub
scription Of capitalists to lis stock mus, be
left to the Judgment Of those who are cap
able of indging from knowledge.