The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-08-21
THE MADISONIAN.
THE VETO MESSAGE.


lv four wears AGO. we entered this political me
tropolis of the Union, and vowed upon the altar
of patriotism that our energies should be devot
ed to the resistance OF the Sub-treasury and
TO the restoration of the finances and curren-
CIV of the country upon stable and popular basis.
The system we opposed has been tried and con-
demued by the People and by Congress, and the
act repeating it, on Saturday last received the
sanction of the President. Having thus far full
filled our pledges, we, this morning of our enter
ing upon fifth volume, take fresh, though not
new, departure, and lay before our readers
document, which, we trust, is the introduction
TO new and better order of things.
No rejecting reader of this paper will be sur
prised to see in its columns to-day, A VETO, by
President TYLER, of the bill to incorporate a
National Bank No one, who knows his cha
racter or the history of his opinions, could pos
sibly have anticipated different event as the
result of his deliberate action upon the bill he
has returned. No one, who knows that there is
no witness to show one recorded line of ours in
favor of such an institution, can be surprised
by the readiness, we avow, to sustain to the ex-
tent Of ability, the act of the President.
We have the less hesitation in doing so, for the
reason of our profound conviction from the be-
ginning that il was morally impossible for him
to approve the bill, and for the fact of our sincere
belief, as it is our earnest desire, that great
and glorious good may ultimately come out of it
in the attainment by some other mode, of the
ends of the Government and the wants of the
People, and the final adjustment of this vexed
question upon perfectly constitutional basis,
that will be likely to stand forever hereafter, be-
yond the fluctuations of trade and the strifes of
party.
1t has doubtless been to the President painful
duty to differ with many of his friends, and espe-
cially to the extent offeelng constrained to put
his negative upon an important, and, with many,
along and deeply cherished act, Of those who con-
tributed to promote his election tothe Vice Presi
dency But if they recur TO the fact that act of
Providence and the choice of the People placed
Mr.. TYLER at the head Of the Government, with
all his long cherished, matured, and wel-known
principles and opinions still upon his conscience,
they will find in their hearts no honest DISPOSE
ton to censure, however much they may lament
we are sure, he would not have made, to meet
all the just expectations of his friends, compati-
bic with his duty to his country and the Consti-
tuition. He has reflected upon the subject with
the deepest anxiety, and with the most sincere
desire TO settle question which has so long and
SO injurously agitated the country. With due
Difference to the wisdom of Congress, he yet
ha. koo A. L.so
renee with the principles Of the measure they
presented for his signature. He has diligently
discharged his duty, according to his oath and
his conscience, and the bill is returned with his
objections, frankly, clearly, and firmly stated.
1t remains for Congress and the country to pass
judgment upon the act, and we devoutly hope
they may bring to its consideration heart and
mind, as candid, as kind, as dispassionate, and
as conscientious, as has been exercised by him.
The Presidents objections are confined princi.
pally to three points, viz:
l. The unconstitutionalty of the bill;
2. Theimpractcability ofthe 18th fundamen-
tai article of the 18th section !; ~" ~. afi
g. The absence Of all necessity of Federal
bank TO make local loans, as a means Of trans
acting the fiscal business Of the Government.
The first point he deems it unnecessary to
argue. 1t is matter of faith and of pro-
found conviction, long entertained, and every
where proclaimed by him in every form of ex-
preston. 5an ss,s a@. ...@ aas g.. ,..,.sN
The second point he argues very forcibly, and
makes it sufficiently apparent that the so-called
"compromise" section, is an evasion, not con-
cession, and that while il first appears to yield
point subsequently fully asserts the power
to establish branches without the unqualified as
sent Of the States, the lawful existence Of which,
he denies. He also intimates that it would bring
the States and the Federal Government into d.
rect conflict, putting the peace Of the Union in
peril He shows that it is otherwise Impractical
BILE, and at war with reason and justice. s.tl
+ The other point relating to the discounting
power, is especially worthy the attention of
statesmen and Of the people. There is no man
better acquainted with the corrupting tendency
of local loans from federal corporation than
Mr.. TYLER as his report of 1884 will clearly
show. 1t is to this cause, more especially, than
to any other, that the corruptions and embarrass-
ments Of the two National Bankswe have had are
attributable. The enormous discounts ofthe late
Bank to favorite presses, politicians, and legisla
tors, and their evil effects, are not forgotten, and
the fate Of the Pennsylvania Bank Of the United
States perpetuated the example to the last. These
evils are not necessary, and ought, if possible,
to be avoided. The discounting power is not
necessary Tor the regulation of commerce or the
currency. The only possible pretext for it is.
that il is a source Of profit, when judiciously
used, to the Bank. But il is frequently the cause
of its bankruptcy. Government need not be ne
cessarily subject to the injurious and HuctuatiDg
effects Of such cause. II wants, and the peo-
pie want, more than any thing else, STABLE