Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-08-24
VI - 40. D.
OF TIE PRESIDENT or THE 4. sTATFs.
RETURNING WITH his OBJECTIONS. THE
BillTo lNcoRroRATE THEFIScALB.Nk
OF THE UNITED STATES, AUGUST tc.ls,l

OF IHE UNITED STATES. AUGUST iCIst.
r. hs Ssaaie effls yrteS S,at,,
Tic bl entitled An act 60 incorporate the ,uh.rri
hrt, 70 TIE lisca Bank Of to- limited Sist,.~ which
o'iGHsifs ia De >cns,c, hs, Teen considered ~ me-
~Hhs SINCERE tss.f, 81 conform nv action In regard
70 D. 90 hat ci Tee two Houses ~ Congress. By The
Constitution % is made doiy. either 10 approve tie
mAty ngaIa7 10, of 30 rcturn b, with nv objection. 10
TIE Housc Boz which % iginaicd oanna, con,cicn.
noosl ave my approval go proceed 10 discharge
Tie fu'f required Of ne by ihe Cons'itguon-to give
my tc''aus tot d.ppprovry
The }o~ci Of Congress 20 create National Bank
to operate Or 20 over ihe Union has been question
- dispute tom ihe origin q our government, Men
most justly AMI dcseuodly esteemed fr their high i1
teNecigal cnior mcns. their virtue and their patriot
ism ha'e, m regard 20 ii entertained diFersp, and
conflicting opinions Congress have differed The
arprova. ofonc Pfc'idcn, has been followed br tho
cisffoVa % smother. The people az different time,
tsfo acqglcsccd 80 decisions both fr and araio,t II
Inc country has been and st is deeply apitsicd by
this unsettled question. il viii suffice Tor me To say
that nv own opinion has been uniformly proclaimed
10 be- against the exercise Of any such power by tins
government Ga all suitable occasions. during a be.
rod Of twenty five Yeas, ito opioions thus entertained
have been unTcsorvodiy expressed. | dccar II in
tho Legislature Of ms native state. Ia the House Of
Representatives Of the United states IT has been open.
ly Nnaicsicd by me. ia tho Senate chamber in the
presence and hearing II many who are at this time
members OF TIA, body, has been affirmed and rc-af
frmed Ia speeches and reports there made and tv
votes there recorded. In popui, assemblies ! have
bnhcsiIaungly announced 1t and IN HE last public
declaration which made and tia, hu, short time be-
fore tho late Presidential election referred 10 NV pre.
vlously expressed opinions as being those entertained
by me with fun knowledge Of the opinions thus en-
tCTtaluoH CHpA | as,
people Vice President tho United States By the
occurrence Of contingency provided for br the Con
su""pni and arising under an impressive dispensaon
of Provlence, succeeded TO the Presidential Office
Before entering upon tho duu-. Of that Office took
an oalhlhat would preserve, protect and defend tho
Constitution ofihe United States"
Entertaining the opinions alluded TO, and having ia
Ken this OATH the Senate and the country w see tina,
could not give my sanction to measure Of the char
hoier descnbod without surtendering al claim TO the
rcspec, ofhonorabIe men-all confidence on the part
Of the psopleal self respcc,-a,l regard 70. moral
and religious obligations, without observance of
which, no government, be prosperous and no peo-
pie can be happy. II would be to commit a crime
which would not WHOLLY commit gain an earthly
reward, and which would justly byoct the rid
iculo and scorn Of al vlrluous men
deem 1t entirely unnecessary a, this time TO enter
upon the reasons which have brought nv mind 10 the
convictions feel and entertain Oh a. subject They
have been over and over again repeated If some of
those who have preceded IN this high office have
entertained and avowed diileron, opinions Weld all
confidence hist their convictions were sincere. !
claim only 10 have the measure mc'ej on, 10
myself Without going further into the srg.n ant, |
will say that in looking to the powers of lh.s Govern
meni to collect, safely keep and ds5uIse the public
revenue, and chemically regulate the commerce and
exchanges, have not been able to satisfy myself that
the establishment by tbs Government Of bank OF
discount, IN the ordinary aCceptaian Of that term, was
necessary means or one demanded by propnc,y, to
execute those powers What can the local discounts
Of bank have 10 DO with the collecting, saie-keepng
and disbursing OF the revenue'
So far as the discounung Of paper is concern
81, III quito immaerial TO this question whether the
discount IS obtained at State bank United States
BANK.
They arc bo.h equally looal--both beginning and
both ending m local accommodation. What uGu-
cnee have local discounts, granted by any form Of
6anks.n the regulation OF The currency and the erchan
sesl let the history 9th late Uailed States Bank
ed Us N answering ,his inquiry.
For several years after the establishment, Of that in
s,u,ou dealt almost 1cllsiycly in local discounts
aud during tina, period the country was. for the most
part disappointed in the consequences anticipated from
lis Incorporation. uniform currency not proyi-
ueoi eicnahecs were not regulated, aud little moth
ing was added TO tho general circulation. and ia 1870
Its em5arTasSments had become 50 great that the d.
rscioTs reiiioned Congress 10 repeal that article Of the
charter which made is notes receivable every where
IN payment Of public dues
lihad up 10 that period, deal, butte very small er-
tent IN exchanges either foreign domestic, aud as
late a. 1898, It's operations 30 that lLe amounted TO
li,ile than 600 600 per sunum very rapid aug
menlauon soon after occurred, and 10 1888. its deal
lnss "a TIC exchanges amounted a. upwards OF $780,
900 900, Including The sales Of It's drafts and all
these immense UansacilouS we're effected without the
employment Of eI,rsordnaD means. The currency
Of tie country became sound and the negotiations 10
tie exchanges ~eis canned at the lowest p5sable
rates.
The circulation MAS increased 10 more than s22-
coo 600, and he notes 90 the back we're regarded a.
equal 10 specie ell the county. lhu. showing A.
mon ooncusre.v, thaiil their cspAoiyto deal ln
exchanges, aud no, 20 local discounts WA4ch flfu.b
q these facilities and advantages, Il NAV Tee rcnem-
bete3, too that notwithstanding - Immense ausac-
tons Of toe bdak n the purchase O.. exchange he oss
g. sustained wese merely nominal Whale IN TIE line Of
discounts The sl.penaed Iebi Enormous and found