The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-09-25

tory HIM he substance on WhAt ne seH "an, -
| understood him. follows: He had dccidsd pre-
ference for bank upon the plan then proposed over
either Of those VIII oh hal been previously spoken o.
He reminded the President that he had expressed nis
preference for bank which should be restricted 10 ~
dealings 10 hills Of exchange when certain gentemeh
ffon the CITY Of New York we're present several weeks
before He then thought, as be did now, iha wouia
answer all useful purposes. One ground OF TINS re-
ference was and il had great weight with nm 'nAl
the plan did not contemplate the consent u VIC o
as in any way or at any time, necessary 10 is exist
enee or efficiency. He thought the plan proposed a.
the commencement Of the session, generally known a.
Mr. EwIsG's bill, as incongruous and oblscuonapie
on this ground. His general course OF thinking on
such subjects led him TO prefer that, whatever power
this Government asserted authorized 70 assert,
should be exercised independently OF State authority
and Of the interference Of the States. lie thought
there could be no doubt Of the constitutional power 10
charter such bank then proposed, according
10 the Presidents modes Of thinking upon thai
subject if he understood them Certainly there was
clear distinction between such bank and the late
Bank Of the United States. The one now proposed
to be limited IN It's operations 10 such opJects as
were clearly within Of the general provisions OF
the Constitution such clearly necessary IN
the execution Of others. The privilege OF issuing It's
own notes Of dealing 10 exchanges, and OF RECEIVING
moneys ON deposile, all appeared TO have immediate
reference To connexon with the power gwen IN 'e
Constitution over commerce between the States, over
the currency and the necessary fiscal operations OF
the Government in the collection, afekeepng, ana
disbursement Of the public revenue These We're All
subjects Of national and not local or State concern
The distinction between this plan and the late Bank
of the nled States lay in this the privilege enjoyed
by the old bank Of dealing IN local paper OF discount
ing having no circulation, as 1t might be, put
between the different streets or commercial points OF
the same city, had no connection with The trade OF
commerce between the States and remote sections OF
the Union nor with the transfer Of the public money
from point to another; and il had therefore, no
necessary connexion with any Of the great national
objects for which the bank was cbartered nor could
il be claimed incident to any OF the powers gwen
10 Congress by the Constitution That privilege, he
apprehended, conferred upon the late bank rom
the belief that without it the stock Of the bsnk could
not be made protablei and was therefore CONSIDER
ed as a necessary incident To an institution which was
itself but the offspring OF incidental power Expe
renee he thought had shown clearly that such pr
yilege was no longer important or necessary. by
confning the dscoun,ing privilege OF The proposed
bank 10 bills Of exchange between this country and
foreign States, and between the several States Of the
| Union this objection would not lie against 1t.
The President expressed his regret that he had not
| used the words bank Of discount and deposte 10
his late Message that the distinction he now TOOK
might be clearly inferred from that message, and ne
could not then be charged with inconsistency Mr.
BADoER said he thought nothing would have been
gained by the of the terms bank Of discount and
deposeD in his message; for, as TO the charge Of IN
consistency, il might, and probably would, be made
against him for party effect II be sanctioned the Dill
ing bills Of exchange would be ciseouatng, and 70
that extent make il bank of discount.
When all the material points appeared to be disPos
ed of and the members of the Cabinet present had ex-
pressed their decided appreciation of the plan the Pre-
sident had suggested, he said that, after ALL he would
sanction bank in the form just agreed upon, II
he supposed that it would be made the groundwork or
basis OF bank with the powers of the late Bank OF
The United States He never would give his sanction
10 the power Of local discount He feared that, at
~ If CouUresg the w hips
would be bringing forward amendments engrafting
this power upon any charter he might now approve j
and he appealed to his Cabinet TO know fthey would
stand by him, and use their influence in preventing
any such movements while his Administration lasted
Mr.. WEBsrER and others gave him all proper assur-
ances upon this point.
The President thought capital Of fifteen millions
Of dollars would be sufficient.
"A name, he said, was important. What should it
be Fiscal Institute would do. II was objected to-
and the name Of Fiscal Bank preferred by member
of the Cabinet. He replied that there was great
deal in name and he did no, wish the word bank
appear in the BILL
The President then inquired If be was understood
He said there must be misunderstanding of what
he proposed TO do. Addressing himself TO Mr.. Ew-
ING, he asked him if be thought he understood his
views fully. Mr.. EWING undertook TO recaptulate.-
He understood the President to have objection to
bank in the District of Columbia with Offices Of dis
and deposite in the States with their assent.
The President interrupted him uptly by saying he
did not understand him at all he not willing to
sanction any such bank. i understood his objection
to be to the power Of local discount supposed Mr..
Ewso intended to say that he understood the Presi
dent had no constitutional objections to such bank.
Mr.. EWING, however, without explaining went on to
say that he understood the President to have
objection TO bank in the District of Columbia, with
the pc er to issue its own notes. receive moneys on
deposte, with Offices agencies in the States having
the privilege without their assent Of dealing in bills
Of exchange drawn in one State or Territory, and
made payable in another State or Territory Of the
Union and in bills between the United States and TO
| reign States Nations.
| The President said he was then understood He
requested Mr.. WEBSTER particularly to communicate
| with the gentlemen who had waited upon Tim that
morning, and to let them know the conclusions to
which he had come He also requested Mr.. EwINo to
aid in getting the subject properly before Congress-
He requested that they would take not to commit
him by what they said to members of Congress to any
intention to dictate to Congress- They might express
their confidence and belief that such bill had just
been agreed upon would receive his sanctions hut it
should he matter Of inference from his Veto Mes
sage and his general views. He thought he might
request that the should be put into the hands
of friend of his upon whom he could rely.
| Mr.. SERGEANT named, and he expressed himself
| satisfied that he should have charge Of IT, He also
expressed wish to see the bill before it present
| cd TO the House, il II could be so managed.
! then said, addressing myself to Mcssrs WEBSTER
and EWING that no time was TO be lost in communca-
4
\ ger that Mr.. Ewis6s bill would be taken up and re-
ported TO the House Immediately after the bill sent
back to the Senate with the Presidents objections
disposed Of
As the members Of the Cabinet rose TO depart, or
just before, the President requested Messrs. WEBSTER
and EwINc as they had turned their attention more
particularly the subject to furnish him with writ
ten arguments upon the points they had been discuss
ing. He wanted them to fortify his own opinions,
and to lay up for future reference.
| JOHN BELL.
WASHINGTON, Sept 20, IS4l.
| EXPEDITION FOR LIBERIA.