Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-10-04
VOL. 36, NO, 3-WHOLE NO. 1872

tonal objects for which the bank was chartered
nor could II be claimed as an incident to any Of
the powers given to Congress by the Constitution.
That privilege, he apprehended, was conferred
upon the late bank form the belief that without il
the stock of the bank could not be made proi,a-
BILE; and it was therefore considered as neces-
sary incident to an institution which was itself but
the offspring Of an incidental power. Expert
ence, he thought, had shown clearly that such a
privilege was no longer important or necessary.
BY combining the dscountng privilege of the pro-
posed bank to bills of exchange between this
country and foreign States, and between the sew
eral states OF the Union, this objection would not
lie against il.
The President expressed his regret that he had
not used the words shank Of discount and depos-
lie" in his late message, so thst the distinction he
now took might be clearly inferred from that mes
sage, and he could not then be charged with in
consistency. Mr.. Badger said he thought nothing
would have been gained by the use Of the terms
"bank of discount and doposite" in his message
for, as TO the charge of inconsistency, it might,
and probably would, be made against him for
| party effect, If he sanctioned the bill then propos-
ed by him, nasmuch rs dealing in or buying bills
of exchange would be discounting, and to that
extent make a bank of discount.
When all the material points appeared 10 be
disposed OF, and the members of the Cabinet pre-
sent had expressed their decided appreciation Of
the plan the President had suggested, he said that,
after all, he would not sanction bank in the form
just agreed upon, if he supposed that it would be
made the groundwork or basis of bank with all
the powers OF the late bank OF the United States
He never would give his sanction to the power of
local discount He feared that, at the next or
succeeding session of Congress, the Wings would
he bringing forward amendments ENGRAVING this
power upon any charter he might now approve;
and he appealed TO iti5 Cabinet TO know it they
would stand by him, and use their influence in
preventing any such movements while his Ad-
minisration lasted. Mr.. Webster aud others
gave him all proper assurances upon this point.
l. The President thought capital Of fifteen mill
ions Of dollars would he sufficient.
name, he said, was important What should
it he !? Fiscal Institute would do. 1t was ohjec-
ted to, and the name of Fiscal Bank preferred by
a member of the Cabinet. He replied that there
was great deal in name, and he did not wish
the word bank TO appear in the bill.
The President inquired if he was understood.
! He said there must be misunderstanding OF
4 what he proposes to do Addressing himself to
Mr. Ewing, he asked him if he understood his
views fully. Mr. Ewing undertook To recapu-
late. He understood the President 10 have no oh
lection TO bank in the District of Columbia, with
offices of discount and deposte in tie States,
with their assent. The President interrupted him
abruptly, by saying he did not understand him at
all he was NOT willing to sanction any such
bank. understood his objection to be the pow
er of local discount | supposed Mr.. Ewing in
had no constitutional objections to such hank Mr.
Ewing, however, without explaining, went on to
say, that he understood the President to have
no objection To n bank III the District OF Column
bia with the power to issue its own notes, receive
moneys OIL depOslte, with offices or agencies IN
, the States having the privilege, without their as
sent, of dealing i'm bills of exchange drawn in one
State or Territory and made payable in another
T State or Territory of The Union and bills between
the United States and foreign States and Nations
The President said he was then understood.
Z He requested Mr. Webster particularly TO COM
Z muncate with The gentlemen who had waited up
5 on him that morning. and to let them know the
E conclusion to which he had come. He also re-
e qIesed Mr.. Ewing 10 aid in getting the subject
e properly before Congress. He requested that
= they would take not TO commit him by what
they said to members of Congress TO any intention
; to dictate to Congress They might express their
t confidence and belief that such bill as had just
il been agreed upon would receive his sanction /;
h but it should be as matter of inference from his
= veto Message and his general views. He thought
n he might request that the measure should be put
into the hands of some friend of his own upon
= whom he could rely. Mr.. Sergeant was named,
and he expressed himself satisfied that he should
a have charge of it. He also expressed q wish to
! see the bill before it was presented to the House,
i if it should be so rnangaed.
- hen said, addressing myself to Messrs Web
VI ser and Ewing, that time 10 be lostin COM
: municang with gentlemen OF Congress; that
d there was danger that Mr.. Ewing's bill would be
is taken up and reported TO the House Immediately
after the bill sent back to the Senate with the
o Presidents objections was disposed of.
n As the members of the Cabinet arose 10 depart
For just before, the President requested Messrs
J. Webster aud Ewing, as they had turned their at
i lenlion more particularly to the subject, furnish
d him with their written arguments upon the points
e they had been discussing. He wanted them TO
II lorly his own opinion, and to lay up for future
e reference. JOHN BELL.
d Washington, Sept 20, 1s4l.