Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1841-08-24
INDIANA STATE SENTINEL


IL ne Senate of'fe tli'el SAFES
The bHl entitled IAN act % Incorporate fIe subs
tcr.0cr- o. tbc Flscal Bank q tie ntee states
which ofg.altcd n tho Senste, las been considered
Is DO. with sincere ces.re % conform us action
Inreglrd ioif To- tha. otff- tto Houses cd nrss.
IS the Caus' tit.au e IS ulde my cuty, et..r o.
approve tie b by gung 3, &C % referH q sikh
ny objections q tae House 100 which % 90 gH4fel
cannot censcl cut; ously g ve ny approval aud
proceed 60 discharge the duty f-et 81 ne bg
the Constitutional give my reasons go d.saq7r.v-
iag.
The power Of Congress 70 crcate National
B8nh % operate per over the Union aas been
qucst.oa of dispute from the origin 90 oIr Govern
lncnt Men most Justly and de-ervclly esteemed
tor taeir leh intellectual ENDORSEMENTS, t.cIr trfgc
and Their patriotism. have, DOB regard % D.. enter
tanned different aud conf citing opinions. Congress
Is lave differed. he approval Of one President
las been followed By tie d.-appro.aI d. ap.ther.
The pcoF- az different times AtFe acqu.escea 4 dc-
c.sous both i1r and against. Tie couatTv BIAS
been an stl 4, deeply agtltel by this uasctt.-l
question. IL Wll suffice Tor inc - say chat my own
opinion has been uniformly proclaimed % BE- aslust
the exercise Of any such power b this t'ct rumcni
On AL suitable cccas. ons durlng period ~ twenty
tive years, TIE opinions thus entertained nave been
uurcscrvcdly cxp-eserll doelarod 90 iu tie Logs
iatnre 81 ny native state lu the House It Repre-
scntatIves q tic United states t has been openly
Nndicated by ne. In the Senate Chamber. I'D tae
presence ard hearing oil many Who are at tls time
members oi that body, u has been affirmed aud re
affirmed IN speeches and reports there mace, aud
by votes there recorded In popular assemblies
have INTERESTINGLY announced q and tae Inst pub
lie declaration which made, aad that BOG short
time before Tie late Presidential election. referred
10 my previously expressed opinions as being those
then entertained by me; with TAI know ledge d
the opinions thus entertained, and never concealed,
was electc! by the people ice President Of the
United States. BY the occurrence o. contingency
provided for by the Cou-titu; on. and arising under
Il of u /
ceedcd 10 the Presidential Office. Before entering
upon the duties ct that office, took oath that
| would preserve, protect. and defend the
Constitution of the United States. In
tertaining the opinions alluded @, end having
taken this oath, the Senate and the country Viii
that could not give my sanction - n measure OF
the character described, without suuendcrlnr all
claim d the respect OF honorable mea---a conf
dcnco the part of tho peoplcand All se!i-Fespcct
all regard for moral aud rel rIous obligations
without an observance of which no Govcrnu4eut can
BE- prosperous aud people can be happy. II
would be 70 commit crime which would MT Wd-
fully commit u gain an earthly reward. and winch
would justly subject me 70 the rdcu.e and scorn OF
all yutuous men.
/ deem II entirely unnecessary n this time 10
enter upon the reasons winch have BROUGHT my
mind 10 tho convictions feel au1 entertain this
subject. They have been Over and over again re-
pea cd. VI some OF those who have preceded me
IN this high ofigc have entertained aud av6wcd DIFF
convictions We're sincere. claim Only % have The
came measure retcd out 10 myself Without going
further Into the argument, viii say th1t, IN look
ing TO the powers Of tins Government 20 collect,
safely keep, and dis.ursc the public revenue, and
incidently 10 regulate the commerce and exchanges,
| have Mt been able 70 satisfy myself that The cs-
Enlistment by this Government of bank O! dis
count IN the ordinary acccptation OF that term, was
4 necessary means, or ne'dcmanded by propreiy'
10 execute these powers What can the local dis
counts @! the bank have 10 do with the collecting,
saie-keeping, and disbursng Of the revenue 50
far as the mere dlscountng Of paper is concerned,
It is quite immatcTial % this question whether tef
discount is obtained at State bank or United
States Bank. They are both equally local-both
beginning aud both ending IN n local acconmoda-
ton What influence have local discounts, granted
by any form of bank in the regulating OF the eur
rency and the exchanges let the history Ct tn
late United states Bank aid Us IN answering tins
inquiry.
For seve-dl years after the establishment o! that
institution il dealt almost exclusively 40 !ocll DIS
counts and dung that period the country was io
the most part, disappointed IL the consequences
anticipated from is incorporation. \ uniform cur
icuty was nut PROVIDED, exchanges were not ic-.
lated, and little or nothing was added 10 the gen
eral circulation; and in 1920 its emblrrassments
had become great, that the directors pett.oncd
Congress to repeal that article ii the charter which
made It's notes receivable every where in payment
Of the public dues. 1t had, up to that period, dealt
10 but very small extent IN exchanges, ctAer Tor
e.gn or domestic, aud as late ls23 It's operations
ia that line amounted 10 little more than seven
millions of dollars per annum. very rapid aug
mentaticn soon after occurred, and in l-33 It's deal
irgs in exchanges amounted 70 upwards Of one hun
drcd millions OF dollars, incUsIng the sales Of It's
own drafts and al these immense transactions
effected without the employment ofextraor-
binary means The currency ofthe country became
sound. and the negotiations IN the exchanges were
carried on Mt the lowest possible rates The cir.
culaiion was increased to more than s290O0,0O0.
aud the notes Of the Bank regarded equal
specie all over tic country thus showing, almost
eonclusiyely. that It the capacity To deal IN
chtrvns, aud not in local discounts, winch furnished
these facilities and advantages. |, may be remark
e.. tlat notwithstanding the immense transactions
Of the. Bank Of the purchase 81 exchange the losses
susta ned were merely nominal while n the Inc
of dtscounis the suspended drht enormous, and
prov ii most disastrous 20 the Bank and the country
Its power of local discount has, IN fact, proved 20
be "A fruitful OF iavoritisln and corruption,
alike destructive 10 the public morals and to tao gen.
eral veal.
r capital invested in banks Of discount N the
United states created By the states, at this time,
exceeds $3.50 Oco ,O00 and j; the discounting Of 10.
cs papcr could have produced any beneficial effects,
the United States ought 10 possess the sounees cur
rcncv IN the world hut the reverse IS lamentably
the fact.
Is the measure now under consideration of the
Objectionable character 10 which have alluded II
is certainly So unless by the 10Th fundamental art
Gle Of the It'll section It l. made otherwise. That
article is IN the following words
The directors Of the said corporation shall IS.
t.b,sh one competent Office Of discount and deposte
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