Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-10-04

rather fortunate than otherwise; that his veto of
the bill then before him would lead to the adop
ton Of much better one. also congratulated
him upon the happy circumstance Of the delay
which had taken place in sending in his Veto Mes.
sage. The heat and violence which might have
/ been expected if the Veto had been sent IN I'M
medaiely upon the pussage Of the bill, would now
be avoided. Time had been given for cool re-
Election, and as the Message did not exclude the
idea of bank in some form, no unpleasant con-
sequences would be likely to follow. He express
sed his great surprise that there should be much
excitement upon the subject; said that he had had
his mind made up on the bill before him from the
first, but had delayed his Message that there
should be time for the excitement to wear Off that
nothing could be more easy than to pass a bill
which would answer all necessary purposes; that
il could be done in three days. The next day,
having occasion TO see the President again, he re-
quested me 10 furnish him with such information
as tile War Department afforded of the embar-
easements attending the transfer and disbursement
of the public revenue to distant points on the from
tier, IN Florida, &c. He at the same time requested
the TO draw up brief statement of my views up
oh the subject, showing the practical advantages
and necessity of such fiscal institution as he had
thought of proposing Such information as
could hastily collect from The heads of the prin-
cipal dsbursing bureaus of the Department, han
Jed to him on the evening Of the same day. know
ing that time was Of the utmost importance in the
state in which the question then was He receiv
ed the statements gave him with manifest indif-
ference aud alarmed me by remarking that he be-
gan to doubt whether he would give his assent las
| understood him) to any bank.
The next day "wednesday, the 18th August
was the stated time for the weekly meeting of the
Cabinet with the President. Mr.. Webster, Mr.
Ewing, and myself, went ut ten O'Clock in the
morning. and were informed that the Pfesiden,
was engaged with Messrs Berrien, Sergeant, and
] think Mr.. Dawson, of Georgia. We waited I'M
iii they retired, and the President made his ap
pearance about three quarters OF an hour after
wards. Mr.. Badger came in soon after the Presi-
dent joined u.s. Messrs Cruenden aud Granger
did not attend. The conference which ensued
was long one-lastng two hours at least, accur
ding to my Recollection. | cannot pretend to de-
tail all that said neither can undertake TO
give the language employed by the President upon
every point nor of the members OF the Cabinet
can only slate the substance OF what was said
upon those points which most attracted my atten-
ton.
The President commenced by stating That he
had been waited upon that morning by commit
tee Of Members of Congress, who desired TO know
his views uron the subject of bank--such one
as he could sanction. He had given them no sat
isaction upon that subject, but had informed them
that he would first consult with his Institutional
udvisers--his Cabinet-throngh whom he thought
it most regular thai his views should be commu
nicaed. He asked The opinion of his Cabinet
remarkng al the Same time, that the habit Of ex-
pressing his views members of Congress upon
subjects O much interest,", subjected him 10 great
embarrassments and much misrepresentation
That question being disposed Of the President ad
ver1ed briefly, but with much connexiOn, to the
relation IN which he stood to the Bank question
and his disposition to go us far as he could tocunl-
ply with the wishes OF his friends. He spoke OF
the relation that existed between him and his Cab
met, and how necessary it was That he should have
their support Would they stand by him? He
mnch preferred that the whole subject should be
postponed until the next session hut il il was
necessary to act now he thought plan mighs he
devised which, with their cooperation, might I've
carried through. He wondered why the Senate
continued TO postpone acting upon his Veto Mes.
sage which was yet to be disposed of. He sup
posed it might be 10 hold il as rod over his head
and had some doubts whether il was proper thai
he should consider further upon the subject unit
the zen tie had decided what they would do will
the hill then before them Some one present
sured him that the postponemebt of the question
pending IN The Senate was intended to give tIms
Tor reflection, and 70 prevent an Incorporate de
bate.
The President then gave the outline Of such q
bank OF fiscal institution he thought he could
sanction. ii wus 10 be in The District of Colum
lila, 10 have the privilege of issuing its notes, re
cei,e moneys on depose, and to deal in bills o
exchange between the Stutes aud between the U
l''lteu SIiHes diiU IOTeigu states. Dut WiSllt'
10 have the opinion OF his Cabinet upon it, Hi
own consistency and reputation must be looked
Ia. He considered his Cabinet his friends, VIII,
must stand by and defend whatever he did npOr
The subject lie appealed particularly 10 MIR
Webster for his opinion upon the point OF cOnss
lency aud whether there not a clear dis
tinclion between the old Bank of the Unitet
States a bank of discount and depoSite aud III,
one he now thought OF proposing; and whetbe
the constitutional question not different. III
reminded ms that, in all his former speeches ant
REPORTS be had taken the ground that Congress
had no constitutional power TO charter bank
which had the power of local discount. Mr.
Webster pointed out The distinction between thu
Two plans IN manner which appeared TO he sat
ismctory TO him. The substance OF what he snio
was as understood him rs follows: He hal de
chled preference for a bank upon the plan thei
proposed over either Of those which had beer
previously spoken of. He reminded the Presi
dent That he had expressed his preference for
bank which should be restricted in its dealings Il
bills OF exchange, when certain gentlemen from
he Guy OF New York were present several week
before. lie then thought, as he did now, that
would answer all useful purposes. One eroun,
OF his reference was, and il had great weigh
with him, that the plan did not contemplate thu
consent OF the States, as IN any way or at any
tune, necessary TO lis existence or efficiency. liz
thought the plnn proposed at the commencement
OF the session, generally known as Mr.. Ewing
bill, as incougruous and objectionable on thi
ground. His general course OF thinking ON sucl
subjects led him TO prefer that, whatever powe
this Government asserted, or was authorized 4
assert should be exercised independently Of STATE
authority, and Of The interference OF the States
He thought there could be no doubt OF the con
stInional power to charter such bank wa
then proposed, according to the Presidents own
modes OF thinking upon that subject, IL he under
stood them. Certainly there was a clear iislinc
tion beiwe cen such hank and the late bank OF tn
United States. The one now proposed was to b'
limited in its operations to such objects as wer'
clearly within some of the general provis
ions OF the Constitution, or such as were clearly
necessary in the execution of others. The prlv
lege OF issuing its own notes, OF dealing IN ey
changes and OF receiving moneys on deposte, nj