Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-09-13

arc equally distinctive aud Characteristic clearly
show that It cannot DC regarded as other than q
o'hA ol tho United States, with pOwCrS sceming N
more limited than have heretofore been granted &c
snch an institution. IL operates per Sc over the
Union, by yittUe OF the unldej and, in my view
assumed authority OF Congress as a National lie
elSatute, ms dlstnsuishab,e irum bank created by
CongrtsS for the District Of Columbia as the loo /,
Legislature OF the District. Every Unitcd State,
Bank heretofore created has had power TO deal IN
| hi!s OF exchange, as well Gs local discounts Roth
were trading privileges conferred, and bo;h were
exercised, Ivy virtue OF the aforesaid power of Con.
creSs, over the whole Union. The question rf pow
erremains unchanged, without reference to tho ex
tent OF privilege granted. II this proposed Como.
rat IN is to be regarded a local bank of the Dis
tict oi Columbia, invested 10y Congress with GEM
etHl powers To- operate over the Union Il is obuoN
| l0uS To still stronger objections. IL assumes that
Congress may invest n local institution with general
| or national powers With the same propriety that
II may 90 this IN regard to n bank of the District of
ColumOin, II may as TO a Safe hank. Yet who
can indulge the idea that this Government can
! ushuuly, 10y making State bank lis fiscal aren'
invest Il with the absolute and unqualified powers
| conferred by this bill When come to look at
! the details of the bill, they DO not recommend it
strongly to my adoption. A brief notice OF some
oil ITS provisions will suffice.
! First. IL may Justify substantially system of
discounts ct the most Objectionable character IL
is TO deal IN bills OF exchange drawn IN one State
! and payable IN another, without any restraint The
oil OF exchange may have an unlimited time 10 run
ana ITS renewabllity Is no where guarded against
IL may IN Tact, assume the most Objectionable form
oi accommodation paper. Ii Is not required to res,
on any actual, rea or substantial exchange basis;
drawer IN one place becomes the acccpior IN another
ana SO, III turn, the Hcceptor may become the draw
| or, upon mutual understanding. IL may AT the
same time, indulge IN mere lOcat discounts under
NE name OF hi'lS Of exchange. A bill drawn At
Philadelphia on Camden, New Jersey; at New
4 otk on border town IN New Jersey; al Cincin
natl on Newport, IN Kentucky; not to multiply
o'"er examples might, Tor any thing ia this bl., to
RESTRAIN II, become mere matter OF loo Al accommo-
! dalton. Clues thus relatively situated would pos.
sesS advantages over cities Otherwise situated OF So
decided character most Justly TO excite dsS,-
tistacton.
Second There is no limit prescribed to the pre-
MUM IN the purchase of bills OF exchange: thereby
Correcting none OF the evils under which the c,m.
muniIy now laborS, and operating most iriuricus!y
upon the agricultural States IN which the irrcruIar
ties IN the Iates Of exchanges are mos; severely
iel Nor arc these the only consequences \ re-
sumpivn OF specie payments Ivy the banks Of those
States would he liable To intehn te pos,pnnen,, M.
Tor as the operation Of the agencies OF the interior
would chiefly consist IN selling bills OF exchange
ana the purchases could only be made IN specie or
the notes OF banks paying SPecie, the Stale banks
would either have to continue with their doors clos.
cd, or exist at the mercy of this national monopoIv
oil brokerage. Nor can It lie passed over without
remark THAI, whilst the District OF Counbr, \
made the seat Of the principal bank its ci,izens are
excluded from all participation IN any benefit !,
might afford, Ivy positive prohibiting On the bank
from all dIScountng within the District.
These are some of the objections which prnmi.
nenily exist against the details OF the hI; Others
might he urged, OF much force, bot u would he un.
pTohtahie to dwell upon them: suffice il 10 add that
this charter is designed to continue Tor twenty wears
without a co.npouOr that the defects TO which have
oHuded, beng founded on the fundamental lnw OF
the Corporation, are lrrevOclbc; and that If the
! objections Toe weil-ounjed, Il would be oTer-baz
/ ardous TO piss the bail into law.
/ In conclusion, | take leave most respectfully IN
= ~ AT has tel Fh4 t,..E =.
| meet the wishes OF Congress IN the adoption OF
Fiscal Agent, winch, avoiding a. constitutional OH.
lecuons, should hlrmonize conf citing opnious
! actuaIed 10y this feeling, | have been ready to
/ yield much, IN spIut OF cOncIlllIon TO the opin-
ions of others; and il is with great "a I'm that now
/ iee compelled 10 differ iiOm Congress a second
l Tune M the same session. AT the commencement
oil tins session, inclined from choice to deter TO the
Legislative Will, submitted - Congress the pro
| pretty OF adopting Fiscal Agen. which, wrhou,
violating the Constitution, would separate the pub.
! lie money from the Executive control and perform
the operations ct the Treasury, without being bur
| densome 10 the People announcement or expen.
sye to the Government. |. is deeply 10 be regret
] ted that tins Department OF the Government cam
not, upon constitutional and other grounds conc r
with the Legislative Department IN this asst mea.
sure proposed To attain these desirable objects
Owing To The brei space between the period OF the
death Of my lamented predecessor and my own IN
sia,iduon into Office, was, III fact, left time to
prepare and submit dehnItIve recommendation of
| my own IN my regular message; and, since, my
! mind has been wholly occupied IN a most ANXIOUS
attempt to conform my action 10 the Legislative
! Will. In this communication, am confined, by the
Constitution, to my objections simply to this bill,
| but the period Of the regular session will soon ar
| rive, when u will be my duty under another
clause ofle Constitution, "o give TO Co .gress nfor-
m tUn OF the state OF The Union, and recommend 10
| their consideration such measures as | shall Judge
necessary and expeGIent" And most respectful
ly submit, IN spirit OF harmony, whether the pre-
So Al 81 GaF
ther At tins time, and whether the peculiarly OF my
situation does not eniite ne 10 pos;ponement Vi
THIS subject 10 more suspicious PERIOD for de.IJc-
ration.
The two Houses Of Congress have distinguished
themselves al this extraordinary session by the per-
iOrmance OF an immense mss Of labor at a seas IN
very uniIvOraOic both 10 health ard action and
have passed many laws which trust viii prove
highly beneficial 10 the interest OF the country and
fully answer It's just expectations. II has been my
good fortune aud pleasure to concur with them IN
all measures, except this: and why should our diff
terence on This alone be pushed TO extremes? IL Is
my anxious desire that It should not be- l. too
have been burdened with extraordinary lahors oI
late, and sincerely desire time for deep and delIbe-
ate reflection on TINS, the greatest difficulty Of nv
administration. May not now pause until a
more favorable time, when, with the most anx ous
hope that the Executive and Congress NAV cordial
y unite, some measure Of finance may he deIbe.-
a'e'y adopted, promo;Ivc Of the good Of our CON-
mon country
Will take this occasion TO declare, that the con
cnslons TO which have brought myself urc those
ut settled conviction, founded, IN my opinion on a
Just view o the Consultation; that, in arriving at IT,
have been actUsled by other motive or desire
than TO Uphold the institutions O the country as ;hcy
have come down 10 us from the hands Of our god.
Ike ancestors and that shall es ocm my efforts TO
sustain them, even though perish more honorab.e
than TO win the applause OF men by a sacrifice OF
my duty and my conscience.
JOHN TYLER.
WASHINGTON, September 0, 1911
Mr. MORROW Of Ohio, moved the prin,ip, oil
the message, and submitted an order which the
House adopted, to proceed 10 the reconsideration of
the Bank Bill, 10 morrow az II o'clock The mo
ton was adopted, and the House again went into
Committee OF the Whole
The amendment Of the Senate 10 strike oyt ,ic
appropriation for the Charge des Alires at N,rIes
was stu. under consideration. The umcndfnen, vas
very briefly debated by several members. when the
business lu the Committee was interrupted by
/ personal rancouire between Mr. WISE and Mr.
/ STANLY ~
The scene Of confusion which followed il is i'm.
possible 20 describe There was a general CIV for
order nnd general rush for the members engaged
m me conflict Twenty or thirty members were
standing upon the desks, and none were IN their
seats Inc parties we're az length separated, and
plrtIa order was restored.
Mr. WISE proceeded nt once to give his version
Of the affair and with some reluctance was heard
! rise, Mr. Speaker, 5lid he "cool perfectly cool
/ IN The most humble manner to ask the pardon oC
/ lhis House tor disturbing itg harmony. / Icf nv
seat ana went TO the 5sJ. OF the member from n
Carolina 10 remon'Haic with him. / wished 10