Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-28

,eris led him 10 prefer that, whatever power this TO
asserted authorized to assert, should
he exercised Independently OF Stale authority, anu
AZ the interference of the Staes He thought there
coud be no doubt Of the constitutional power to char
,er such Bank as was then proposed, according to
tho Presidents own mode Of thinking upon that SUD-
iect if he understood them. Certainly there was
clear distinction between such Bank and the ia'e
Rank of the u. S. The enc now proposed was 70 oe
limited in its operations to such ohJecs as were cea
within some of the general provisions of the Cons''u
inn or such us were clearly necessary in The execu
lion Of others The privilege OF issuing IT'S own notes
of dealing in exchanges and OF receiving moneys On
deposite all appeared TO have immediate reference 'o
ar come xun with the power given IN the Constitution
over commerce between the States, over the currency
and the necessary fiscal operations of the Govern
ment in the collection safe keeping, and disbursement
of the public reyenae. These were the subjects oil
NATIONAL and not local State concern. The dstlnc-
ton between this plan and the late Bank OF ,he u o
Law in this the privilege enjoyed by the old Bank, OF
dealing in local paper discounng notes having no
circulation mi ght be- between the different streets
or commercial points OF the same city, had no c""-
EXON with the trade commerce between Inc o'a'
and remote sections of the Union, with the Trans,
fer of the public money from one point to another' a
il had therefore no necessary connection with any "
the great national objects for winch the BANK "u'
chartered nor could il be claimed as an incident 10 any
of the powers given TO Congress by The Consi,luio'
That privilege he apprehended, was conferred uPI
the aie Bank from the belief that without 1t The so
of the Bank could not be made profitable; and y was
therefore considered necessary incident 70 al =,
sttution which was itself but the ohsPf,he Vi q"
dental power Experience, he ihough', mao sno"n
clearly that such privilege was no ionge' p.,are
or necessary BY combining the discounted pnyheIss
f tho nrono,ed Bank bills of exchange between lhs
countrv and foreign States, and between the several
States of the Union, this objection would not lie
enrpff af ha
aa tho words abank of discount and deposltc IN ms
,e Message SO that the distinction he now took n'en.
be clearly inferred from that message aud ne eouiu
m, then be charged with inconsistency. MT. baogei
said he thought nothing would nave oeeh game" y
saa r.e If the terms "bank of discount and depose
n his message; for as the charge of Inconsistency,
!, m;pl and probably would, be made against HIM for
marty effect if he sanctioned the bill then proposed by
him. nasmuch dealing in or buying bills OF exchange
would be dseountng and to that extent make II BANK
When all The material points appeared 10 be disposed
Of and the members othe Cabinet present had express
ed their decided appreciation OF the plan the President
Ind suupested he said that, after all, he would not
sanction a Bank in the form just agreed upon, if he
supposed that it would be made the groundwork or ba-
clio Of a bank with all the powers OF the late Bank OF
the u S. He never would give his sanction 10 the
mower of local discount He feared that at the next or
succeeding sessions of Congress- the Wings would be
bringing forward amendments ENGRAVING this power
upon any charter he might now approve and he ap'
pealed TO his Cabinet 10 know if they would stand by
him. and use their influence in preventing any such
moyemen mis- while his Administration lasted. MIR. Web
s,er and others gave him all proper upon this
point
The President thought capital Of fifteen mlionI Of
dollars would be sufficient.
| A name, he said, was important. What should. j,
be- Fiscal Institute would do. 1t objected to, and
the name Of Fiscal Bank preferred by member OF the
Cabinet He replied that there was great deal IN
name and he dad not wish the word bank 10 appear in
the bill
The President then inquired if he was understood
He said there must be misunderstanding OF what ne
nroposed 10 do Addressing himself TO MIR Ewing, he
asked him if he thought he understood his views full
w. Mr.. Ewing undertook TO recaPltulaie. lie un
dersood the President TO have no objection 10 bank
in the District Of Columbia, with offices OF discount
and dcpose in the States, with their assent Inc
President interrupted him abruptly, by saying ne
did moi understand him at all; he not willing &c
sanction any such bank understand his objection &c
he To the power of local discount. | supposed MIR
Ewing intended to say that he understood the Pres
dent had no constitutional objections 10 such bank
| Mr. Ewing however, without explaining went on tc
saw that he now understood the President TO have
objection 10 bank in the District Of Columbia, with
the power issue its own notes, receive moneys on
depose with Offices or agencies in the States having
the privilege without their assent, oil dealing IN ols
Of xchange drawn in one State or Territory and made
payable in another State or Territory OF the Unlon and
in bills between the United States and foreign States
or Nations.
The President said he was then understood. lie re-
uuested MIR. Webster particularly TO communicate with
the gentlemen who had waited upon him that morning
and 10 let them know the conclusions 10 which he had
come. lie also requested Mr.. Ewing TO aid in getting
the subjec, properly before Congress. He requested
that they would take not 10 commit him by what
they said 10 members OF Congress TO any intention to
dictate 10 Congress. They might express their con-
6dence aud belief that such bill as had just been
asreed upon would receive his sanction; but 1t should
be as matter Of inference from his Veto Message and
his general views. lie thought he might request that
the measure should lie put into The hands OF some friend
Of his own upon whom he could rely. MIR. Sergeant
was named and-he expressed himself satisfied that he
should have charge Of It, He also expressed wish to
see the bill before it presented to the House, II
could be managed.
then said, addressing myself 10 Messrs. Webster
and Ewing, that no time was TO be lost IN commune
eating with gentlemen of Congress; that there wa:
danger that MIR. Ewing's bill would be taken up and
reported to the House Immediately after the bill sen
back TO the Senate with the Presidents objections wa:
disposed of.
| As the members Of the Cabinet rose 10 depart, oil
lust BEFORE the President requested Aessrs "eostei
and Ewing, they had turned their attention more
particularly 10 the subject, 10 furnish him with writer
arguments upon the points they had been discussing
lie wanted them TO fortfy his opnion ana 10 LAY
| nm car fu,pre reference JOHN BELL.
/ WAyuISGroS, Sept. 90, lS4l.