Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-08-19
MESSAGE


.ersbets IL the Fiscal Baak the U.d'ed Slsses.
which originated il the Senate has been consider
I'd By rie. sh sinrere desire y conform my ac-
ti,n' ia gard 10 It. 10 that Of the Houses of
Congress. By the Constitution, it Is made my du-
~. el;her to spsrove the bill by signias It. TO
retrrn il with ry objections 70 the liease u whieh
= arisiussed | ranaui canscisatioasiy give !; my
,npfogaI and pruceeA to discharge The nuIy
nuifed Of nc b. she ConstiGuioE--ic give my tea.
sons for disapprosiag.
Tie power Of Congress TO create National
BANK to operate PR Sc over the Uaion, has been
question of dispute from the origin q cur Govern.
men M.n mot Justly and desergedly esteemed
of lheir hgh intellectual endowmeuts, their virtue,
ard their patriotism, have, in regard 10 il, enter
tained different ard conflicting opinions Con-
s-essss have differed. The approval ct one Presi-
isnt has been followed by the disappiovai &c
her The people, at different tines, have scqni-
ssced in decisions both for and ngsinsf. The renn-
ry has beer and still is deeply sgitated BY this en-
setled question: II will suffice fet me say. that
nv own opiaion has been uniformly proclaimed TO
BE- osaiast tie exercise of any such power by this
Government Ga al suitable occasions dagirg
netiod az twenty-five years, the opinion he's en-.
tertaned has been anreservsdly expressed. de-
alared il ia the Legislature Of my native State. IL
tha iionse OF Representatives OF The United States.
1 has been operly vindicsted By me. la the SEN
nc Chamber, in the presence and hearing OF many
been affirmed and "a affirmed in speeches and
nlrs shete made, and by votes there rocoided d. In
popular assemblies have unhesitaiinsly announced
4 /; and in the last public declai afion wch made,
ard tina, bat short tine before the late Presiie-
tal election referred 10 my previously expressed
opinions as beieg those then entertained By me.
With full knowledge Of the opiaisns titus eater
mined, aud never concealed, vas elected by the
paoile Vice President Of the United States. By
aCo Esft
Constitution, and arising under On impIe'sise dis
pensstion Of Providence, succeeded 10 the Pft 81
lontial oiGcs. Before entering ppon the duties Of
that office I took oath that | would preserve,
protect, and defend the Constitution Of the United
State.. Eu,ertaiting the opinions alluded to, and
having taken this oath, the Senate and the eoan-
tfy vii see that | could NOT give my sanction TO q
measure Of the character described wiihuu, sufren-
derng all claim 10 the respect OF honorable mem
all confidence the part Of the PeoplG--sll self
respeci--all regafd fer moral and religious oblga-
tions without an observance Of which no Govern
ment can be prosperous, and no People can be
harpy. 1t would be commit crime which
sonid not willully commit to gain any earthly re-
ward, and which would justly subject me to the
rid cne and scofn Of all virtuous men.
deem il entirely unnecessary this time TO en-
err upon the reasons " nch have brought my mind
10 the convictions feel aud entertain ihis sab
jsct. They have been over and over again rep.at
ed. II some Of those who have preceded me in
this high Office have entertained and avowed diff n
ent opinions, ;ield all confidence tllat their
vicrious we're sincere. | claim only 10 have The
same measure meted cut 20 n, self. Without going
further into the argument, will say tlpt, in lock-
ing TO The powers of this Government to collect
safely KEEP, and dsbu.se the public revenue, and
horizontally to regulate tho commerce and ex
changes have not been able to satisfy myself that
The establishment by this Government Of bank OF
discount, in the ordinary acceptaiien of that term
wBs necessary means, demanded BY pro-
piiety, to execute those powers. What can the 10,
cal discounts of tic bank havsio do with lie COL
cctiug sae-keepinE, and Disturbing Of the reyenuei
So Ear as the di-counting OF paper is concern.
ed il is quite immsteFial 10 this question heiher
the discount is obtained at State Bank OF Unit.
ed States Bank. They both equally local
both be ginning nd beth ending in local accom-
mediation. What Influence have local di.counts.
granted by any form of bank, in the regulating OF
the cure ncy and The exehangesl lie, The histor,
OF the late United States Bahk aid US 10 answering
Ills inquiry
For ,eversl years after the establishment OF that
institution, il dealt almost exclusively in local dis
counts, and during that period the country was for
the most par, disappointed in the quences an
tcpatcd from its incorporation. A uniform curren-
cywas not provided. exchanges were not regulated,
and little or noihng added to the general cir
culation: and in 1920 its embairassments had be-
great, that the directors pctilioned Con
sress to repeal that article Of the charter which
nude its notes receivable everywhere in psymsni
Of public dues. 1t had, up 10 that period dealt 10
but very email extent in exchanges either foreign
or domestic, and late az 1928 lis urera,ions In
that line amounted 10 Little more than seven mil
lions Of dollars per apnun. A very rapid augfnea.
ta,on after occurred, and in 1923 its dealings
in exchanges amounted to upwards of one hundred
millions Of doa,s, includrs the sales of It's own
drafts; and all these transactions were effected
without the employ ment Of extraordinary means. |
The currency OF the country became sound and the |
ne go ia,ions IN The exchanges carried ON al
the lowest possible rates. The circulation was in
10 more than $22 600 600, and lie notes Of
the bank regaidtd equal 10 specie all over |
the couatty; thus showing almost cogclusisely tha
il was the capacity to deal in exchanges and no,
in local discounts, which furnished these facilities
and advantages. IL uiny be remarked too that !
tho immense transactions OF The
bank in The palckase Of exchange, The losses su.-
tanned were merely nominal; while in tile line Vt
discounts the suspended d, bit was enoi tnons and
proved most disastrous to he banks and the cuur-
NY It's power of loc al discount has IN fact proved
to be fruitful Of layorism ard ctr.ur tier,
plise destructive to Ike public morals and TO lic
general veal
The capital Invested in banks Of discount in the |
United States created by The States, at this time |
cal paper could have produced any beneficial effects
the uaited States ought 10 possess the soundest |
currency in the world bal the reverse is lamenta-
bly, the fact.
Is the measure now under consideration of the !
objectionable character to which have alluded /
Ii IS clearly so, unless by tho 10th Fundamental ar
iiclu Of The b section il /. made otherwise. That
c r.icle is in the following wo.is:
" The directors OF the said corporation shall es-
tablsh one competent office ,f discount and depo-
site in any State in whica two thousand shares
shall have been subscribed moy be held when
ever, upon application Of tho Legislature Of such
State, C,ngress may, by Laws, require the same
And the said directors may also establish one or
more competent Offices of discount and deposse in
any one Territory or District of the United States,
and in any STATE, with the assent OF such Siaiei
and when established, the said Office Offices
shall be only withdraw removed by the said
directors, prior to the expiration OF this charter,
with the previous assent OF Congress Provided.
in respect 10 any State which shall not, at the FIRST
session OF the Legislature thereof held sitsr the
passage Of this act by resolution OF other usual le-
gislsiiye proceeding, uncondilionay assent or dis
sent to the establishment Of such Office or Offices
within H. such assent Of tho said State shall be
thereafter presumed And Pyorided necsriheiess,
That whenever il shall become necessary and pro-
per, for carrying into execution any of the powers
granted BY the Constitution, 10 establish an Office
or Offices in any Of the States whatever and the
tah sbment thereof shall be directed by law, il +
shall be the duiy Of the said directors to establish
IL rakl,.