Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-08-31
VETO MESSAGE.
To TIE SENATE OF THE L. STATES:

regard IT, 10 that of the Two Houses of Congress
BY the constitution it is made my duty either To ap-
prove the Dill ny signing II, or 10 return it with my
objections TO The House in which it originated.
cannot consclentiously give it my approval, and
;roceed to discharge the duly required of by the
Constitution, 10 give my reasons for Disappearing
The power of Congress to create a National Bank
to operate pr Se over the union has been question
OF dispute from the origin of our government. Men
most Justly and deservedly esteemed for their high
intellectual endowments their virtues and their pa
trioiIsm, have, IN regard to it, entertained different
and conflicting opinions. Congresses have differed
The approval of one President has beea followed by
the dIslpproval of another. The People at different
lines have acquiesced decisions b 9TH for md
against. The country has been and still is deeply
agltated by this unsettled question. 1t vii! suffice
for me 10 say that my own opinion has been uniform
ly proclaimed TO be against the exercise Of any such
power by thus Government. On all suitable occasions
during period of twenty-five years, the opinion Tins
entertained, has been unreservedIy expressed
declared II in the Legislature of my native stale In
the House of Representatives has been openly win
dcated by me.
In the Senate Chamber in the presence and hear
ing OF many who are at this time members of that bo
dy, 1t has been affirmed and re-alrmed ia speeches
and reports there made and there recorded. In
popular assemblies have unhesitatincly announced
It; and the last public declaration which made, and
mat bnt shor! time before The last Presidential cleo
ton. referred TO my previously expressed opinions
rs being those then entertained by with a full
knowledge of the opinions then entertained, and ne
yer concealed was elected by the pcopie Vice Pre-
sident Of the United States. BY The occurrence of
contingency provided for by the Constitution, and
arising under an impressive dispensaon of Provl-
dence, succeeded TO The Presidential Office Before
entering upon the duties Of that office took an oath
that would preservc, protect, and defend the con-
siiiulion of the United Sales''
Entertaining the opinions alluded TO, and having
taken hs oath, the Senate and the country will see
that could not give my sanction to measure of The
character described without surrenderinQ ali claim 10
The respect of all honorable men-al confidence on
The part of The people-a sefrespect-ai regard for
moral and religious obligations without an obser-
vance OF which, no government be prosperous
and no people can be happy. 1t would be TO com
init crime which would not willingly commit TO
gam an earthly reward, and which would Justly sub
ect me TO the ridcule and of all viruous men,
deem II entirely unnecessary at this time TO enter
upon the reasons which have brought my mind to
the convictions feel and entertain on this subject
They have over and over again been repeated. If
some OF those who have preceded me in this high
office have entertained and avowed different opin-
ions, yield all confidence that their convictions
were sincere: claim only TO same measure meed
out 10 myself Without going farther into the arpu-
ment, will say that, in looking to the powers of
tins Government 10 collect safely keep and disburse
the public revenue, and incidentally regulate tho
commerce and excha ges. have not been able lie
satisfy myself that the establishments by this Gov
eminent, of bank Of discount in the ordinary ac-
ceP'alon OF That term, was necessary means or one
demanded by propriety, to execute those powers
what can the local discounts of bank have do
with the collecting. safe keeping, and dsbursing of
The revenue?
80 far as the mere dscounting Of paper is concern.
cd, II quite immaterial 10 this question whether
The discount is obtained at a state bank or a Z. S.
Bank.
hey are both equally local-both beginning and
both ending IN local accommodation. What inlu-
ence have local discounts granted by any form of
banks, IN the regulation Of the currency and the ex-
changes! Let the History of the late United States
Bank and US IN answering this inquiry
FOR several years after The establishment of that
lnsttutlon II dealt almost exclusively in local dis
that Ill
tho most part disappointed in the consequences anti
cipatod from its corporation. A uniform currency
was not provided, exchanges not regulated and
HUE or nothing added TO the general calculations:
ana IN 1870 It's embarraSsmens had become so great
That the directors pettoned Congress TO repeal that
article OF The charter which made its receivable
every where In payment of public dues.
III had up to that period dealt TO but very small
extent IN exchanges, either foreign or domestic; and
rs lae as 1882, It's operations in that line amounted
10 mile more than $70O0,00J per annum: a very
RAPID augmentation soon after occurred, and III 1888
us dealings IN the exchanges amounted 10 upwards
oi$ luUOoo 600, including the sales of lis drafts;
ana all those immense transactions were effected
without the employment of extraordinary means.
ne currency of The country became so und and The
lowest rates
The circulation increased TO more than S22,
Doo,o0o and the notes Of the bank regarded as
equal to specie all over the country; thus showing
most conclrsively, that it their capacity deal in
exchanges aud not in local discounts which furnishes
these facilities and advantages. 1t may be remem-
hcred too TINT notwithstanding the immense transac-
tons OF The bank IN the purchase exchange the loss
cs sustained were nearly nominal; while in the line of
disco lnts, The suspended debt was enormous, and
proved most disastrous 10 the bank and The country
It's power OF local discounts has ir fact proved be
fruitful source OF favorsim and corruption alike des
irnctve TO the public morals and TO the general veal
he capital n' eSted in banks Of ds count in The u.
SLltes created by the States, at this time exceeds
$500 100000 and if the dscounling of loca! paner
could have produced any benefc al effects the United
states ough to possess the soundeSt currency in the
World, but the reverse is lamentably the fact
is me measures now under consideration, of tho OBJ
Jectonaole character 10 which have alluded IL is
clearly so, unes by the 10th fundamental article of
inc itth section 1t is made otherwise. That article is
in the following words:
"he directors of the said coronation shall establish
one competent office of discount and deposte in any
state In which Two thou>and shares shall have been
subscribed, or may be held whenever upon application
oil Inc Legislature of such State, Congress may by
aw, require the same. And the said directors may
asoestabsh one or more competent Offices of discount
aud deposile in any Territory or District of the United
States, and IN any State, with the ms sent of such state
aud when established he said office or offices shall
be only Withdrawn removed by the said directors,
PRIOR to the expiration of this charter with the previ
Gus assent of Congress,
Provided in respect 10 any State which shall not
NJ the irst session OF the Legislature thereof held a
Ter the passage ofthis act by resolution or other usu
Sual legislative proceeding, Internationally assent or
dissent 10 the estab> hment of such office or offices
within It, such assent ofthe said State shall ba ib,ro
alter presumed; and provided tholess that when
ever sha become necessary and proper for carving
mo execution any OF The powers g,aned by the Con-
suon TO establish office or Offices in any of the
states whatever and the establishment thereof shall
bo directed by law. 1t shall he the duty of the said d.
recors to establish such office or Offices ,crnr,linrl
1t VIII be seen by this clause that tho directors ire
invested with the fullest power TO establish broncb
many state which has yielded its assent and hlyinr
established such branch it shall not afterwards he
withdrawn except by order of Congress Such as
sent is to be implied, ana to have the force and sane
OF an actually expressed assent provided in respect 10
any State which shall not at the st session of the
legislature thereof held after the passage of this act
by resolution or other usual legislative proceeding IN.
condl''onay assent dissent the establishment of
such once or Offices within it, such assent of such
STATE sha he presumed. The assent or dissent to
be expressed uncnn itonay at the fist session of he