The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-08-17

States
To tie Senate Of The United States:
The bill entitled IAN act 10 incorporate The
subscribers 70 the Fiscal Bank u the United
Slates," which originated in The Senate, has
been considered by me, with a sincere desire TO
conform my action in regard TO IL. TO that OF the
two Houses OF Congress. BY the Constitution
il is made my duty either TO approve the bill by
signing il, or 10 return il with my objections, TO
the House in which il originated. ! cannot
conscien,iousy give il my approval, and pro-
coed 10 discharge the duty required Of me by the
Constitution--to give my reasons for dlsap-
proving.
The power Of Congress TO create National
Bank to operate per Sc over the Onion, has
been question Of dispute from the origin OF
our Government Men most justly and de
servedly esteemed for their high intellectual
endowments, their virtue, and their patriotism,
have, in regard TO il, entertained different and
conflicting opinions. Congresses have differed.
The approval OF one President has been follow
ed by the disapproval Of another. The People, at
different times, have acquiesced in decisions both
for and against. The country has been, and still
is, deeply agtated by this unsettled question. 1t
will suffice for me to say, that my own opinion
has been uniformly proclaimed TO be against the
exercise Of any such power by this Government
On all suitable occasions, during period of,wenty
five years, the opinion thus entertained has been
unresevedy expressed. declared il in the Legsla-
tuie OF my native State. In the House Of Repesen-
tatyes OF the United States it has been openly yndI
Gated by me. Ia the Senate Chamber in the presence
and hearing OF many who are at this time members Of
that body, it has been affirmed and reaffirmed in
speeches and reports there made, and by votes there
recorded. In popular assemblies have unhesitatng
iy announced it and the las, public declaration which
made and that but short time before the late Pre-
sidental election referred to my previously express
ed opinions being those then entertained by me
With full knowledge OF the opinions thus entertain
ed and concealed, was elected by the People
Vice President Of the United States. BY the occur
renee OF contingency provided for by the Consttu
tion and arising under impressive dispensaton OF
Providence, succeeded to the Presidential Office
Before entering upon the duties of that office took
oath that would preserve, protect, and defend
the Constitution of the nited States" Entertaining
the opinions alluded to, and having taken this OATH
the Senate and the country will see that could not
give my sanction TO a measure of the character des
crbed without surrenderng all claim to the respect
honorable menall confidence the part Of the Peo-
pe-ali sefrespect-a regard for mora! and religious
obligations without an observance of which no gov
ernmen can be prosperous and no people can be hap
ny. 1t would be TO commit crime which would not
wfuy comm, to gain any earthly reward, and which
would justly subject to the ridicule and of
all viruous men.
deem ii entirely unnecessary at this time TO enter
upon the which have brought my mind to the
conviction feel and entertain this subject. They
have been and again repeated Ii some of
those who have preceded me in this high Office have
entertained and avowed different opinions yield all
confidence that their convictions sincere.
claim only 10 have the same measure meted out to
myself Without going further into the argument, |
will say that in looking to the powers of this Govern
ment to collect safely keep, and disburse the public re-
venue and incidentally 10 regulate the commerce and
exchanges, have not been able satisfy myself that
the establishment, by this Government OF bank Of
discount in the ordinary accepaton Of that term as
a necessary means or demanded by propriety, 10
Of the bank have do with the collecting safe-keep
ing, and disbursng of the revenue So far as the
mere discouhling Of paper is concerned il is quite i'm
material this question whether the discount is OBJ
tanned at State bank or United States Bank
They both equally local both beginning and
both ending in local accommodation. What infu-
ence have local discounts, granted By any form ) /
bank Ia the regulating of the currency and the er
changes Let the history of the late United States
Bank aid US in answering this inquiry
70. several years after the establishment Of that in
suon, dealt almost exclusively in local discounts
and during that period the country was for the most
part, disappointed in the consequences anticipated
from Its Incorporation. A uniform currency was not
provided, exchanges not regulated, and lule or
nothing was added 10 the general circulation and in
ls20its cmbairassments had become SO great that
the directors pettoned Congress to repeal that al
ucie OF the charter which made its notes receiv-
able eserywhc.e in payment of the public dues
II had up to that period dealt TO but very small ex-
tent in exchanges, either foreign domestic and as
late as S23 It's operations in hat line amounted TO
little more than millions Of dollars per annum
very rapid augmentation after occurred and in
1883 It's dealings in the exchanges amounted upwards
Of one hundred millions of dollars, including the sales
OF It's own drafts; and all these immense transactions
were effected without the employment Of extraordinary
means. The currency OF the country became sound
anu tue negotiations ia o.~,...s,s 49,. -, X
at the lowest possible rates The circulation was i
creased 10 than $22 600 900, and the notes !,
the bank were regarded equal TO specie all over the
country; thus showing almost conc lusyely that il
was the capacity TO deal in exchanges and OF in local
discounts winch furnished these facilities and ndvan-
ages' u may be remarked too, that notwithstanding
he immense transactions of the bank in the nnrchnse