Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1841-09-16

chiefly for its own preservation, protection and
defence, commit an act of gross moral turp-
tude. Mere regard to the will of the majority
must not, in a constitutional republic like ours,
control this sacred and solemn duty of a sworn
officer.
the constitution itself | regard and cherish as
the embodied and written will ofthe whole peo-
pie of the United States. 1t is their fixed and
fundamental law, which they unanimously pre-
scribe to their public functionaries their mere
trustees ana servants. THIS their will. and the
law which they have given us as the rules OF our
action, has no guard, no guarantees of preserva-
ton, protection, and defence, but the oaths which
it prescrbes to public oiiicers-the sanctity with
which they shall religiously observe those oaths,
and the patriotism with which the people shall
shield thy their own sovereignty, which has
maze the Constitution supreme. 1t must be ex-
erted against the will of mere representative
majority, or not at all 1t is alone in pursuance
OF that will that any measure ever reach the
President; and to saykthat because a majority in
Congress have passed bill, the President should
therefore sanction it, is to abrogate the power al
together, and to render its insertion in the Con-
stitutlon work of absolute supererogation. The
duty is to guard the fundamental will of the peo-
pie themselves from-n this case | admit unin-
tentlonal-change or infraction by majority of
Congress and in that light alone do regard the
constitutional duty which [ now most reluctant
ly discharge
Is this BILL now presented for my approval or
disaPproval, such bill as | have already declar
ed could not receive my sanction Is 1t such
bill as calls for the exercise of the negative power
under the Constitution Does it violate the con-
sttutlon by creating national bank to operate
per Sc over the Union Its title, in the first place.
describes its general character. 1t is Z" An act
to provide for the better collection, safe keeping
and disbursement of the public revenue by means
of a corporation to be styled the Fiscal Corpora
tion of the United States. In style, then, il is
plainly national in IN its character Its powers,
functions and duties, those pertaining to the
collecting, keeping and disbursng the public rev.
enue. The means by which these are to be ex-
erted is corporation, to be styled the Fiscal Cor
poration of the United States. tits corporation
created by the Congress of the United States, in
its character of national legislature for the
whole Union, to perform the fiscal purposes, meet
the fiscal wants and agencies, supply the fiscal
uses, and exert the fiscal agencies of the Treasur
les of the United States. Such is its own de-
scription of itself. Do its provisions contradict
its own title They do not.
1t is true, that by its first section it provides
that it shall be established IN the District of Co
umba, but the amount of its capitalize man
ner in which its stock is to be subscribed for and
held-the persons and bodies corporate and poll
TIC by whom its stock may be held-the appoint
ment of its directors, and their powers and duties
its fundamental articles, especially that to es-
tabsh agencies in any part of the Union-the
corporate powers and business ofsuch agencies
the prohibition of Congress to establish any 9TH
er corporation with similar powers, for twenty
years, with express reservation in the same
clause, to modify or create any bank for the Dis
trlct ofColumba so that the aggregate capital
shall not exceed FIVE milons-Wthouten umers-
ting other features which equally distinctive
and Characteristic clearly show that it cannot
be regarded as other than Bank of the United
States, with powers seemingly more limited than
have heretofore been granted to such an nsttu-
ton. IL operates per Sc over the Union, by viz
tue OF the unalded, and, in my view, assumed au-
thorlty OF Congress as national legislature, as
distinguished from bank created by Congress
for the District of Columbia as the local legsla-
ture of the District
Every United States Bank heretofore created
has had power to deal in bills of xchange as well
as local discounts. Both were trading privileges
conferred, and both exercised By virtue of The
aforesaid power of Congress, over the whole I'm
mon The question of power remains unchanged
without reference to the extent of Privilege grant
ed. IT this proposed corporation is to be regard
ed as local bank of the District of Columbia,
invested by Congress with general powers to OPP
crate over the Union, it is obnoxious to still
stronger objections 1t assumes that Congress
may invest a local institution with general or ma
ttonal powers. With the same proprietv that it
may do this in regard to bank of the District of
can indnIge the idea that th;s C,o,,ar,,,ort oan
r;rbtr,1lv" b, naEinn S,o,o ba,,i ;ts e.ai
AGENT invest il with the absolute and n,onai;fed
movers conferred INV this bill5 WIN can,a 10
look to the details Of the b;i thew do NOT recon.
mend il STRANGELY to INV odont;on br;af not;aa
orsome Of IFS 1,roy;sio1s will suffice