New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-08-18
MESSAGE
OF the President Of the United States,
returning with his Objections, the
Bill TO incorporate the Fiscal Bank
of the q. States, August I6, lS1i.
), ,b1 s,ro,, oc the Unit.d States

To the Senate Of the Unit:d States
The bill entitled An incorporate the subscribers
M Fiscal Bank Of the United States which originated il
be Senate has been considered by me, with sincere dc
conform my action in regard that of the two Hou
es of Congress- By the Constitution is made my dut.
either to approve the bill by the signing it, return
with nv objections the House in which it originated
cannot conscientousy give my approval and proceed Il
discharge the duty required of by the Constitutional
give ms reasons for disapprovng.
The power of Congress National Bank to ope
rate per Sc the Union has been question OF dispute
from the origin of government Men most justly and dc
seredIv esteemed for their high Intellectual eHdOwmcns
their virtue and their patriotism, have regard IT, enter
tanned different and conflicting opinions. Congresses have
differed The approval of President has been followed
by the dsapprova OF another he People ut different times
have acouiesced in decisions both for and aguint Th,
country has been and still deeply agated by this unsettled
question: 1t will suffice for say that my opinion
has been uniformly proclaimed to be against the exercise
any such power by this Government On all suitable occa
suns during period OF twenty-five years. the OPINION hu
entertained has been unreservedy expressed declared
in the legislature of my native State In the House OF Re
representatives. of the United States has been openly vind
ted by me-
In the Senate chamber in the presence and hcarug
many who are at this members of that BODY has beer
affirmed and reatrmed in speeches and reports there made
and by there recorded In popular assemblies have
unhcsangy announced it, and the last public declaration
which made and that but short time before the late Ptes
Dental election, referred TO my previously expressed 0pln
ions as being those then entertained by with full know
ledge the opinions thus entertained and conceded
was elected by the people Vice President OF the United
States v the of contingency provided for by
the Constitution and arising under impressive dispense
ton of Providence succeeded to the Presidential ohcc
Before entering upon the duties of that Office took oat
that would preserve protect and defend the Constitution
Of the United States.
Entertaining the opinions alluded to- and having taker
this OATH the Senate and the country will sec that couc
not give my sanction OF the character descr
bed without surrenderng all claim TO the respect OF non
oablc men-al confidence on the part OF the people-al
serespect-a regard for moral and religious obligations
without an observance of which, government can b,
prosperous and no people be happy would be t'
commit crime which would not wtuly commit TO GAR
any earthly reward and which would justly subject me tt
the rdicule and scorn OF all vlrtuous men,
deem it entirely unnecessary this time enter upor
the reasons which have brought my mind 10 the convictions
feel and entertain this subject They have over and over
again been repeated If some of those who have preceded
me in this high office lave entertained aud avowcd different
opinions Weld all confidence that their convictions were
claim only to have the same measure mced cu
myself. Without going further into the argument VIII
say that in looking the powers of this Government TO cot
ec safely keep and disbure the public revenue and incr
denav regulate the commerce and exchanges, have moi
been able satisfy myself that the establishment by th
Government, bank of discount, the ordinary accepta
of that term necessary means, or one demanded
by pronrciy 10 execute those powers What the oca
discounts of bank have do with the collecting saekecp
Ing, and discussing of hc revenue 7
So far the ascountng OF paper concerned, 1t u
quite mmatera this question: whether the discount Is Oh
tanned AT State bank Il u. ;. Bank
They ARE both equally ocaI-both beginning and both end
inc in local accommodation What influence have loca
discounts granted by any form of banks, IN the regulating
Of the currency and the exchanges Let the history oil th
late United States Bank aid answering this inquiry
For several years after the establishment OF that insu
ton II deal, aos, exclusively local discounts, and during
that period the CSnry for the part diSupponte'
in the consequences anticipated from It's incorporation
uniform currency not provided exchanges were no
regulated and little nothing added TO the general CIR
ulatiou and in 1920 its embarrassmcntS had become S'
great that the Directors pettoned Congress to repeal tina
article of the Charter which made It's notes rcccaoc ever
where, IN payment OF public dues
II had, up that PERIOD dealt TO but very small eXten
IN exchanges either foreign or domestic; and as late
1882, It's operations that line amounted TO ie more
than 100000 per annum; very rapid augmentation
seen after occurred, and 10 1883 It's dealings IN the eX
changes amounted to upward of Slo0,00o,0e0 including
The sales oil It's own drafts; and all these immense ransac
tons were effected without the employment OF eXtraordl
nary The currency of the country became sound
and the negotiations In the exchanges were carried
the lowest possible rates.
The circulation was increased TO than $50 000 0Ot
and the OF the Bank regarded as equal 10 specie
al over the country; thus showing, most conclusvey
that IL was their capacity deal exchanges and not IL
local discounts which furnished these facilities and advsn
lages Ii NAV be remembered that notwithstanding tn
Immense transactions of the Bank, in the purchase of ex
change the losses merely nominal while the time
edscouns, the suspended debt was enormous, and foun
most disastrous TO the Bank and the country Its power
local discount, has, fact proved 10 De fruitful source
yori,lsn and corruption alike destructive 10 the publ
Morals and 10 the general veal
The capital invested banks Of discount IN the Unite
States creaedby the States this TINE exceeds SS5ooOO
@ and il the dscounting of local paper could have pro
dsced any beneficial effects the United States ought
possess the seundest currency in the world but the revers
slamentably the fact.
Is the measure now under consideration, OF the oblee
noaabe character TO which have alluded It's cearl
So unless by the 10th fundamental article Of the lth sec