Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-09-24

such subjects led HIM to prefer that, whatever POW
! e. tins Government asserted, Was authorized tC
assert, sHuud Doe exercised independently OF State
authority. aud Of the interference Of the States Tie
thought there could he no doubt OF the uonS
power To charter Srch bank as was then proposed
| acc riding TO the Presidents own modes of think
| ING upon that subject, II 10 understood them
| Certainly there was clear distinction between
| such bank and the late Bank OF the u. States
The one now proposed was 10 bc limited m It's ope
raiions to such objects were clearly within some
of the general provisions OF the Constitution OF suc
as were clearly necessary IN the execution oi Others
The privilege of issuing its own notes Of deang ID
exchanges, and Of receiving moneys on deposite, al
appeared To have immediate reference to conncN.
ION with the power given IN the Constitution over
commerce between the States, over the currency,
and the necessary fiscal operations of the Govern
ment m the collection, safe keeping, and disbu:sc.
ment OF the public revenue. These were all sub.
leets OF national, and not local or $ ate concern.
The distinction between this plan and the late Bank
of the United States lay in this the privilege en-
IJoyet 10y the old bank, OF dealing IN oca paper, or
discounlnc notes having no REGULATION, as II might
be, but between the different streets OF CONNER
cl1l points Ot the same city, had cuuneN'on with
the trade or commerce between the States snd re-
mote sections OF the Uniol nor with the trtnSieS of
the public money from one pONt TO another, and
II had, therefore, no Necessary corncNon with any
OF the great national ohlCc,s for which the bunk
chauered could il I've cltinied a. an incident TO
a1y Of the powers given 10 Congress by the COnSti-
tuition That puyIiese, he apprshended, was CVn-
ierrei upon the tate bank from the belief that
WITHOUT u the stock Of the bank could not he made
profitable; and therefore cons dered as o ne
cesslry incident to an ms tuition which was itself
hut tho offspring Of an incidental power. Expert
ence, he thought, had shown clearly that such
privilege was no longer important or necessary.
By combining the dscuuntins privilege OF the pro-
posed bank To bills OF exchange between this coun
try and foreign States, and between the several
States of tic Union, this objection ~ould not lie
against H.
The President ex,resseS his resrst that bo h,I
not used the words "bank of discount and deposiler
IN mS late Message, 50 that the distinction he now
took might he clearly inferred from that message,
AMI he could not then he charged with nconsisten-
cy. MIR Badger SAID he thought nothing would
have been gained by the use OF toe ms "Oank Of
discount ana depUSlie" m his mcsSage for, 10 the
charge of inconsistency, It might, aud probably
would, bc made S,ains; him for purity effect, II he
sanctioned the bid Ihen proposed 10y hun, nasmuch
as dealing IN or buying bids Ct exchange would be
di'couHiiRg, and TO that extent make II a bank vi
discount.
When all the material points app AIRED to be dis
posed Of, ard the m,mUCrs Of tue Cabinet present
had expressed thCiC derded appreciation of the plan
the President had suggested, he sind that, after all
he would not sanction bank IN the form lust
agreed upon, Il he supposed that it would be made
the groundwork or bass NJ bank with all the pow
ers Of the late Bank OF the United States He
never would give MIS- sanction TO the power OF loca!
discount. lie feared that at the next succeed
ing sessions vt Congress, the Wings would be
oIlV-hlE lOTWhTu amendments engs1' THIS power
upon any charter lac nigh, approve; ana he
appealed to his Cabinet to know 1t they would
stand by him, anu their iuh renee 10 pruventin.
any such movements while his Admns,rat on last
Ell. Mr. Webster and others gave him all proper
assurances upon this point
The President thought a capital Of fifteen mil
lions OF dollars would be sufficient.
name, hc SAID, was important. What should
1t Oc' Fiscal Institute would do. IL was objected
tu, and the name OF Fiscal Bank preferred hy "A
member OF the Cabinet. lie replied that there was
q great deal IN name, and he did not wish the
word bank TO appear IN the bill.
The President then inquired IT ne was understood.
He said there most lie no misunderstanding Of hat
he proposed 20 DO Addressing himself 10 Mr. ES-
ing, he asked hin If tie thought he understood
The his views fully. Mr. Ewing undertook to
recapItulntc. Ho understood President to have
no ot ctiou 10 bank IN the District of Colum-
5a, with uit Of discount aud deposi,c IN the
States, with their assent. The President inter
rupted him abruptly, 10y saying he did no, un-
ierSlanu him at alli lie was not willing TO san
cton any such bank | Understood his objec-
ton TO be TO the power of Local discount. | suppose
Nv Ewing lnended TO say that he understood the
President had no constitutional objections 10 such
bank. MIR Ewing. however, without explaining
went on 10 say, Rat he now understood the p.esl-
Gent TO have no objection TO a bank IN the District
oil Columbia, with the power TO issue It's own notes
receive moneys on depos'e, with offices or agencies
IN the States having the privilege, without ,hcir
assent, of dealing 10 bills of exchange drawn IN one
STATE or CrrItoTy and made payable IN another
State or Territory OF the Union, and in bills tie
tween the United States and foreign States or Ma.
tons
The President said he was then understood He
requested Mr. Webster particularly 10 commune
cate with the gentlemen who had waited upon him
that morning, and 10 ei them know the conclusions
to which he had come. Heals requested Mr. Ew-
Ing TO aid in getting the subject properly before
Congress. lie requested that they would take care
not TO commit HIM by what they said to members
ui Congress 10 any intention dictate to Congress.
They might express their confidence and belief that
such bi as had just been agreed upon wou d re-
ceIve his sanction; but 10 should be as matter Of IN
ference from his Veto Message and his general views.
lie thought he mI-h. request that the measure
should be 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 oft. lie also expressed "A wish
TO see the bill before It presented 10 the House
If il could be managed.
then said, addressing myself 10 Mcssrs Web
stcr and Ewing, that time vas 20 be 0st in COM
munIcaung with gentlemen OF Congress; that there
was danger that Mr. Ewirg's bill would be taken
up and reported % the House Immediately after the
bill sent back to the senate with the Presidents OBJ
IectOus was disposed Of
As the members Of the Cabinet rose TO depart, or
just before, the President requested Messrs. Web
ser ana EwIns as they had turned their attention
more particularly 10 the subject, 10 iurnIsh him with
written arguments upon the points they had been
discussing. lie wan al them to ilrllty his own
opinion, and TO lay up for future reference.
JOHN BELL.
wAsHwcroS, SEPT. 70, 1871.