The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-11-12
BANK HISTORY.

Very great interes, being felt, at this time, in
relation to every thing concerning the Bank, we
are convinced we cannot do better than copy the
following from the National MtelHgencer. 1t
will be read with much interest at the present,
iuncture:
The charter of the first Bank of the L. States
was presented to President Washington for his sig
nature on the 18th day of February, 1901, The
following correspondence ensucd between the PIE
sdenl and the Secretary of the Treasury:
Wednesday morning, 22d Feb, 1871.
Sir,-I have this moment received your sent.
men,s with respect to the constuonallly of the
bill "to incorporate the subscribers 10 the Bank Of
the United States
This bill was presented to me by the joint COM
mi,tee Of Congress at IL o'clock on Monday, l4lh
inst In what precise period by legal interprea-
ton of the Constitution, can the President retain it
in his possession before it becomes law by the
GEO WASHINGTON.
To the Secretary of the Treasury.
February 90, 1871.
Sir-In answer to your note of this morning. just
delivered to me, give it ms my opinion that you
have ten days, exclusive Of that on which the bill
was delivered TO you, and Sundays; hence, in the
present case, if it is returned on Friday, at any
time while Congress are sitting, il will be in time.
1t might be a question, if returned after their ad-
ournment on Friday.
have the honor TO be, with perfect respect,
Your most obedient servant,
a. HAMILTON.
To the President Of the t. S.
The bill was signed on the 25th, being the Ilth
day after its presentation. So long had the Pres-
dent retained it, the apprehension Of veto became
very general, and after the tenth day had elapsed
it il said that one of the Committee on Enrolled
Bills waited upon General Washington, and very
eagerly excaimed-" Now we have you, The bill
has become law by the CONSTITUTIONS But the
President that day finally decided to sign the bill
and returned it accordingly. The President had
great difficulties in regard 10 it, and veto message
was actually prepared by Mr. Madison, by request,
and is now eXtant.
The bill to renew the charter Of the old bank in
1911 was defeated by the casting vote Of George
Clinton The remarks addressed to the Senate BY
him on the occasion were prepared, it is sad by
a distinguished member of the present Senate who
took prominent part against the bill in The debates
ut that lime Mr. Clinton said, among other things,
"Tr the course of n long life, have found that
government is not TO be strengthened BY an as
sumption of doubtful powers, hut by wise and
energetic execution Of those which are incontesl-
ble."
The charter Of the bank Of 1915 passed Congress
on the 2Oih Of January, and was vetoed by Pres-
dent Madison on the 3Oih Of the same month
The ch1rier Of the Bank of 1916 passed Congress
on The 9Th Of April, and was approved by the Pre-
sident on the 10th Of the same month.
The bill to renew the charter of the same bank
was presented 10 President Jackson on the 4h of
July, 1892, and was vetoed by him on the 10Th Of
the same month.
While The charter Of 1891 was before President
Washington for consideration, he required the opn-
ions in writing Of his Attorney Gcperal, (NIr Ran
dolph,) of the Secretary Of State, (Ntr Jefferson,
and both reporting the act to be Unconstitutional,
the President called for the opinion of the Secrea-
~ of the Treasury, (Mr IlamiIton.) This was
adverse TO the first two, and contributed TO induce
the President to sign the bill.
Mr. Jeferson's opinion was concluded with the
following paragraphs relative to the veto power:
"The negative Of the President is the shield
provided by the Constitution to protest against the