New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-09-23


win the wishes of his friends. He spoke Of The
relation that existed between him and h. CABINET.
and now necessary II was that he should have their
support. Would they stand By him He much
preferred th.t the whole subject should De post
poned until the next session but II Il was mecca
sarv TO act now, he thought plan might DC devised
which. with their cooperation. might De carried
through. He wondered why the Senate continued
10 Dostpore acting upon Ms Veto Message which
was vet to be disposed Of He supposed i might
be 10 hold j, as rod over MS head aEd mad some
doubts whether it was proper that ne should con-
,ider s1her upon the subject until the Senate mao
decided what they would Go with the ol!i inen be
fore them. Some one present assured him that
the postponernent OF the question pending IN the
Senate was intended TO give time FOR reflection,
and to prevent an incorporate DEBATE
The President then gave the Outline OF such
bank or fiscal Institution a. he thought ne eouId
sanction. Il was 10 be n the District Ct Celurn-
ba 70 nave the privilege OF issuing lis own Rete>
receive moneys dePssite, and 10 deal In oiis OF
exchange between the States and between Inc
United STATE. and foreign States. But ne wished
70 have the opinion Of his Cabinet upon II HIS
own consistency and reputation must be Looked to-
lie considered his Cabinet his friends. who mu>t
stand BIZ and defend whatever he did upon the sub
iec, lie appealed particularly to Mr. Webster
for his opinion upon the point OF consistency and
whether there was clear distinction between
the old Bank OF the United States bank o. fis-
c0urt ami dsp0site-and the one he now thought
Of propssinr: and whether the observation-disclosures
non vas not different. He reminded Us that, IN
all his former speeches and reports. he had taken
the ground that Congress had 80 constitutional
power to charter bank which had the Powor OF
local discount.
Mr. Webster pointed ont the distinction be-
tween the Two plans in manner which appeared
10 be satisfactory to him The substance OF what
he said was, as understood him. as follows
He had a decided preference for Bank upon the
plan then proposed over eitser OF those which lad
been previously spoken of. He reminded the
President that he had expressed bis preference tor
= Bank which should be restricted IN It's dealings
to bills II exchange. when certain gentlemen from
me civ Of Ncw-l ORR were present several weeks
before He then thought a. he did now. that 1t
would answer all useful purposes. One ground OF
TINS preference was and It bad great weight with
nam. thar the plan did not contemplate tho consent
Of the States as, IN any way at any time, neccs-
sary 20 its existence or efficiency. He thought the
plan proposed at the commencement OF the ses-
sion generally known as Mr. Ewings bill, "a in
congruous and Objectionable on this ground.
His general course of thinking on such subjects
led nira 20 prefer that, whatever power this Gov.
ernncnt asserted, authorized 10 assert
should be exercised independently Of; State author
Nv and of the Interference OF the States. He
thought there could be no doubt OF the c9nstItI-
tional power to CHARTER such bank was then
proposed, according to the i"resdents own modes
Of thinking UPON that subject. If he understood
them Certainly there clear distinction be-
tween such bank and the late Bank of the United
STATES. The one now proposed was to be limited
in It's operations to such objects were clearly
within some of the general provisions of the Con-
.tlution, or such as were clearly seces>ary in the
execution of others. The privilege OF issuing is
own notes of dcaliag in exchanges, and OF receiy-
ing moneys on dcpos tc, all appeared to have I'M
mediate reference to orconnecton with the power
given in the Constitution commerce between
the States. over the currency, and the necessary
fiscal operations OF the Government in the colec-
lion, safe-keeping, aLd disbursement Of the public
reycrue. These all subjects of national, and
no; local or State concern
The distinction between this plan and the late
Bank OF the United States lay in this the Privi
lege enjoyed By the old Bank of dealing in local
paper. OF discounting notes having ne circulation
As it might pc but between the different streets
commercial points of the same city, hai no con-
nexion with the trade or commerce between the
States AID remote sections OF the CD'on, nor with
the transfer OF the public money from one point
To another and it had therefore, no ncces
-arv conucxion with any of the great national OBJ
lects for which the Bank chartered nor could
it be claimed as an incident to any Of the powers
given TO Congress by the Constitution. That priv
ilege, he apprehended was conferred upon the
lat. Bank from the belief that without it the stock
of the Bank could not be made profitable and ii
was therefore considered necessary incident
70 an institution which itself but the offspring
OF an Incidental power. Experience, he thought,
had shown clearly that such privilege was no
longer important or necessary. By combining the
discoun,ng privilege of the proposed Bank to bills
rf excha2ge between this country and foreign
States. and between the several States of the
Union. thi, objection would not lie against it.
Tie President expressed his regret that ne had
not used the words bank of discount and de-
po,itc in his late Message, so that the dstinc-
.ion he now took nigh, be clearly inferred from
that Message, and he could not then be charged
with inconsistency Mr.. Badger said he thought
nothing would have been gained by the OF the
terms =" bank of discount ard deposite in MS
Message; for Us to the charge OF inconsistency, it
might, and probably would, be made against him
for party effect, if he sanctioned tue bill then pro-
posed b. him, inasmuch a. dealing in or buying
bills of exchange would be discounting, and to
that exten, make it a bank OF discount
When ell the material points appeared to be
disposed Of. ana the members Of The Cabinet pre-
sent had expressed their decided appreciation Of
the plan the president, had suggested, he said that
after ali he would not sanction bank IL the form
Just agreed upon, if he supposed that it would be
made the ground work or basis o; q bank with all
the powers ofthe late Bank OF the United States
He never would give hi. sanction to the power Of
local discount. He feared thar, al the next or
succeeding sessions of Congress, the Wings would
be bringing forward amendments ENGRAVING this
power upon any charter he n:isht now approve ;
and ne appealed TO his Cabinet TO know il they
would stand By =im and their influence IN