Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-10-09

erafi3Es TO such objects rs were clearly within
Of The gene al provisions Of the cons! itutlon
or such clearly necessary in the execu
ton Of others. The privilege Of issuing lis owl
notes, Of dealing in exchanges, and of receivin!
moneys On deposIte, all appeared to hive lnmcd.
ate reference 10 our cCnrrSioG with the p0we
given IN The Constitution over commerce between
the States. over the currency, and the necessary
fiscal operations Of the Government III the co'lec
ton, s.fe keeping. and be DISBURSEMENT If ths
pubtf- revenue. These were all suIIects Of m
tIoaa ana not local or State concern. The dis
tiaciion between this pan ami the late 3 al, II
the CaIfed States lay minis: the privilege en- 10y
ed by the old bank Of dealing III local paper, Oh
discountng notes haEisg no circulation, IS II
might he, but between me different stratcs oE
commercial points OF the same city, had ne con
neXl0n with the trade commerce between the
States and remote sections Of the UnIon, nor with
the transfer Of The public money from one point
another; and it had therefore, no necessary
connexion with any Of the great national Of Is
for which tho bank was chartered; nor could II he
claimed incident 10 any ot the powers
given to Congress bv the Constitution. That
privilege he approhendci, was Conferred upon
the late bank from the belief hat without II the
stock of the b,nh could not be made profitable !;
and it Therefore considered rs necessary IN
cldent to an institution Inch was Itself but the
offspring Of an ia::dental power. Exper fence,
10 thought, had shavn clearly that such privi
continuing the discauIing privilege of the ptopos
ed bank 20 bills of exchange between this country
and iorcign States, aad between the several states
Of the Union, tins Objection would not lie against
1t.
The President expressed his regret hat he had
not used the words ''bsal; Of discount aud dcpos
itc'' IN his late Message, So that the distinction
he took might be clearly inferred from that
message, and he could not then be charged with
Inconsistency. Mr.. Badger said he thought noih-
neg wonid have been gained By the use Of the
terms '.bans Of discount aud deposIto' IN his
message; for, 10 the charge Of Inconsistency,
il mlra', and probably would. bo made agains:
him for party effect, if he sanctioned the bill then
proposed by him, inasnuch IS dealing or buying
bills of exchange would DC diScoua;iHS, aud 10
that extent make ii bank Of discount.
When all The material points appeared to be dis
rsoscd off, ai!d the members Of the Cabinet present
had expressed their decided appreciation Of he
plan the President had suggested he said that,
after ali, he would not sanction a bank ia the
form Just agreed upon, If he supposed ,hnt i,
with ali the pos ground :%~.@to Bank of the U.
States. He never woulj give has sanction II the
power OF local discount. lie feared that, at the
next succeeding sessions ct Congress, the
Whgs woHid be bringing forward amendments
this power upon any charter he might
now approves; and be appealed to his Cabinet To
know If they would stand by him, and use their
influence in preventing any such movements
vhtle his administration lasted. Mr.. Webster
ana others gave him all proper assurance upon
this point.
The Pro<i}an, thought 4 capital Of fifteen mil
lions Of dollars would be sufficient
name he SAID was important. What should
il be? Fiscal institute would DO. II was oh ac-
ted to, and the name Of FGs;ai BasnI preferred by
a member Of tho Cabinet. lie replied that there
was 4 great deal, in a name, and he did wish
the word bank appear IN The bill
The President then iRf1ired if he was under
stood Ie said there must ho 10 misInderstaEd-
nr of what he proposed to 10. Addressing BIN
self 10 Mr. Ewing. he asked him if he thought
he understood his views fully, Mr.. Ewing under~
took to recaptulate. He understood tho PRESS
dent TO have objection to a bank in the District
If Columbia, with offices OF discount and dopos-
IT, IN the States, with heir assent. The Pres
dent interrupted hun ABRUPTLY, By saying he did
not understand aim Al all; he was not willing to
sanction any such bank | understood his oijcc-
ton 20 he 10 the power Of local discount. sup
posed Mr. Ewing nteaded 10 say that he under
stood the President hal no constitutional OF Jac-
tons to such a bank. Mr. Ewing, kov es er, with
Out explaining, went oat say, laat he under )
stood the President to have objection to bani,
ia the District ol Columbia, with The power to
ss1e its own notes; receive moneys on Geposite.
with offices agencies III the States. having the
PRIV iiegc, without thei. assent Of dealing IN bills
Of exchange drawn IN enc State or Territory OF
the Union, and IN bills }etwceu the United States
and foreign States or Nations.
The President said he was then understood -
lie requested Mr. Webster particularly 10 COM
with the gentlemen who had waited
upon him that morning and to let them know The
conclusions 10 which he had come. He $50
IuesJed MIR. Ewing to aid in getting the subject
properly before Congress. He requested that
hey would take care rot to commit him by what
hey said to members Il Congress to any inten-
ion - dictate to Congress. They might express
heir confidence and belief that such bill IS had
ust been agreed upon would receive his sanction;
)ut it should be az m1iter Of inference from
lis veto Message and his general views lie
lought he n ght request that the measure should
,e pat into the hands of some friend Of his
Ipon whom he could relv. Mr.. Sergeant
named. and he expressed himself satisfied that
le should have charge of il. He also expressed