Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-09-30

psn might be devised which, with their co-opeta.
ton. might be carried through. He wondered y by
the Senate continued 10 postpone acting upon hi-
Veto Message, Which was YET to be disposed Of.
Tie supposed II might h. mold il as rod over his
bead and bad some doubts whether il va. proper
that lie shond consider further nron the 80. rect
until The Senate had decided what they should do
with the bill then before them. Some one p,esenr
assured him that the posponement &C the question
pending in the S.'Hste was intended to give lime
for reflections, and to prevent Incorporate d..
bate
The President then gave the outline of such a
bank or fiscal institution lie thought be could
sanction. Ii was 10 be 10 the District of Celain-
bia, to have the privilege Of issuing It's es,
receiving moneys dcposi,e, deal IN bills
of exchange between tbe States ard between ihc
| United Stules and foreign States. But he wished
to have the opinion Of his C.blnet upon u. His
own consistency and reputation must be looked
He considered his Cabines his friends who must
stand by snd defend wbatever he did upon the sub
jec'. lie appealed particularly to Mr.. Webster
Tor his opinion upon the point Of consistency; and
whether there was not a clear distinction between
the old Bank of the United Ststes--0 bank II dis
! conat and 6eposife--and the one he thought
Of proposing; and whether the constitutional CUES
iion no, different. He reminded Ms that, IN all
his former speeches aad reports, he had taken the
ground that Congress had constitutional POWER
count. Mr. Webster p,'intod out the distinction
between the two plans in manner which appear
ed To be satisfactory to him. The substance ot
what he said was, a. | understood him. as to,iass
tie had decided preference Tor bank upon ihr
plan then proposed either Of those which had
been previously spoken Of. He reminded the Pre-
sident that he bud expressed his preference for
bank which should he restricted in its dealings TO
bills Of exchange, when certain gentlemen from The
city of New York were present several weeks be-
tore. lie then though he did now, that u would
answer all useful purposes. Ore giound Of this
preference was, and it had great weight with him,
that the plan did not contemplate the consent Of
the States or, in any way or at any time. necessary
pits existence or efficiency. He thought the plan
proposed at the commencement Of tie session,
generally known as Nj. Ewnc's bill, q. incongru-
and Objectionable on this ground. His general
course Of thinking on such subjects led him to pre-
Ter that, whatever power this Government asserted,
or wos authorized to assert, should be exercised
independently Of State suihoity, and OF the inter.
ference Of the Ststes. lie thought there could be
doubt Of the constitutional power charter such
bank a. was then proposed. according to the Pre-
| sident's mode. Of thinking, upon the subject,
If no Understood them. Crrtsinly there was clear
| distinction between such hank and the late bank
! Of tho United States. The one now PROPOSED
10 be libted in its operations To such objects
as were clearly within some OF the general p,ovis.
ions u the Constitution such clearly ne
cessary in tho execution of Others. The privilege
| Of issuing lis own notice, sf dealing In exchanges,
and Of receiving money on depose. ell appeared To
have immediate reference TO connexion with the
power given in the Constitution over commerce be-
tween the States. over the currency and the
cessary fiscal operations OF the Government 10 the
collection, ssie.keepng, and disbursement Of The
public revenue. These all subjects Of nation
al and not local OF State concern. The distincion
between this plan and the late Bank OF the United
States lay in this the privilege enjoyed by the old
bank, of dealing in local paper, discounting notes
having circulation IL might be, bn; between the
different streets commercial points Of the same
city, had connexos With the trade or commerce
between the States and remote sections Of The
Union, nor With the transfer Of tho public money
from one point to another and il had, therefore,
no necessary connexion with any Of the great
tionsl objects for which the bank was chartered;
nor could il be claimed incident to any of the
puwers given TO Congress by the Constitution.
That privilege, Lo appIch. aded, conferrcdupon
the late bank from the belief that without it the
stock Of the bank could not be made profitable and
it therefore considered M necessary incident
10 an institution which itself but the Off ring
of an incidental power. Experience. he thought,
had shown clearly that such privilege was no
longer important necessary BY combining the
discuunting privilege OF the proposed bank TO bills
of exchange between this country and foreign
States. aud between the several States OF the Union,
this objection would not lie against it.
The President expressed his regret thai lie had
| not used the words "bank of discount and depos
lite" in his late Message, that The distinction he
took might be clearly inferred from that mes.
sage, and he could not then be charged with in
consistency. Mr., Badger said he thought nothing
would have been gained by the use OF the terms
'bank Of discount and depu,ie" in bis messuse
for, to he charge OF Inconsistency it might, and
probably would, be made against him for party et-
feet, if he sanctioned the bill then proposed by him.
| inasmnch dealing in or hnying bills of exchange
would be diseountiag, aud to that extent make IL a
bank of discount.
When all the material points appeared to be
disposed OF, and the members of the Cabinet pres
cnt had expressed their decided appreciation Of the
plan the President had suggested, he said tiai, af
after all, he would not sanction bank in the fern
Just agreed upon, II he supposed that il would be
made the ground work cr ba.s of q bank with all
the powers OF the late Bank OF the United States.
He never would give his sanction TO the power OF
10, al discount He feared that, at the Dext or sue
ceeding sessions of Congress the Wings would he
bringing forward amendments ENGRAVING this pow
or upon any charter he might approve; and he
appealed his Cabinet to know if they would
stand By him, and their Influence in preventing
any such movements while his Administration last
ed. MIR. Webster and others gave him all proper
assurances upon this poiat.
The President thought capital OF fifteen mil
lions OF dollars would be sufficient.
A name, he said, was importsnt. What should
it bel Fiscal Institute would do Twas object |
ed TO- and the name Of Fiscal Bank preferred by II
member of the Cabinet. He replied that there
was great deal in name aud he did not wish the
word bank TO appear in the bill,
The President then inquired IT he was under |
stood He said there must he no misundsrstand- |
ing of what be rropose.fto do. Addressing himself
to MIR. Ewing, he asked him II he thought be un-
ders;ood his views fulls. MIR Ewing undertook to
recapitulaie. He understood the President to have
90 objection TO q Bank in the District of Columbia,
with offices of discount and depose in the States,
with their assent The President interrupted him
abruptly by saying he did not understand him at
ali: he was willing 10 sanction any such bank.
understood his objection 10 be the Powsr OF
local discount. suppose M Ewing Intended 10
say that he understood the President bad no con- |
Witutioaai objections 10 such bank Mr.. Ewing
however, without explaining. went on to say, thar
he now understood the President to have no OBJ
lection to bank in the District Of Columbus, win
the power TO issue its own notes, receive moneys
on deposite with offices agencies IN the o'@'es'
having the privilege. without their assent OF nrsl
ing ia bills Of exchange, drawn in one state OF
ritory, and made payable in another state o. is'
ri,ory Of the Union, and in bills het~ee" 'n'
States and foieign States or Nations. IT
The President said he was then unoe'ssoo"' ''e
requested Mr.. Webster particularly 10 co"D'uni'
,.,. with the gentlemen who had waited upon hlm
thar morning; and let them know the conclusions