Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-09-16

United States, with powers seemingly more linn |
tied than have heretofore been granted to such an
institution. 1t operates PER Sc over the Union,
by virtue Of tho unaidcd, ard, in my view, as
sumcd authority Of Congress as a National Log
isature, as distinguishable from bank created
by Congress for tho District of Columbia. as the
local Legislature of tho District.
Every United States Bank heretofore created
has had power to deal in bills of exchange, as
well as in local discounts. Both were trading
privileges conferred, and exercised, by virtue of
the aforesaid power of Congress, over tho whole
Union. The question ofpower remains unchang-
cd. without reference to the extent of privilege
granted. If this proposed Corporation is to be
regardedas n local bank of the District of Colum-
bia, invested by Congress with general powers
to operate over the Union, it is obnoxious to still
stronger objections. 1t assumes that Congress-
may invest local institution with general or ma
tional powers.
With the same propriety that il may do this i'm
regard to a bank of the District of Columbia. il
may as to a State bank. Yet who can indulge
the idea that this Government can rightfully, by
making State bank its fiscal agent, invest il
with the absolute and unqualified powers confer
red 10y this bill When L come to look at the
details of the bill, they do no, recommend it
strongly to my adoption. A brief notice of some
of its provisions will suffice.
First. 1t may justify substantially system of
discounts of the most Objectionable character
1t is to deal in bills Of exchange drawn in one
state and payable in another, without any re-
straint. The bill of exchange may have an un-
limited tune ~ ond ito rnnrwahi)itv is no
where guarded against. 1t may, i'm fact assume
the most Objectionable form of accommodation
paper. 1t is not required to rest on any actual,
real, or substantial exchange basis drawer in
one place becomes the acceptor in another, and
| so on In turn the acceptor may become the draw
or, upon mutual understanding. 1t NAV, at the
same time, indulge in mere local discounts under
the name OF bills of exchange. A bill drawn in
| Philadelphia on Camden, New Jersey at New
York on a border town in New Jersey; at Gin
clnnati on Newport, Kentucky, not to multiply
other examples, might for any thing i'm this bill
to restrain 1t, become mere matter of local ac-
| commodation. Cities thus relatively situated
would possess advantages over cities otherwise
situated, of so decided character as most Justly
to excite dissatisfaction.
I'd. There is no limit prescribed to the premi-
um in the purchase of bills ofexchange; thereby
correcting none of the evils under which the COM
munity now labors, and operating most injurious
| ly upon the agricultural States, in which the in
equality in the rates of exchange are most severe
| ly felt Nor are these the only consequences
"A resumption ofspecie payments by the banks of
these States. would be liable to indefinite post
ponement for as the operation of the agencies of
the interior would chiefly consist in selling bills
OF exchange, and the purchases could only be
made in specie, or in notes Of banks paying spe-
with their doors closed, or exist at the mercy of
this national monopoly of brokerage. Nor can it
be passed over without remark, that whilst the
District of Columbia is made the seat of the prn-
cpal bank, its citizens are excluded from all par
ticpaton in any benefit it might Afford by pos
tive prohibition of the bank from all discountlng
within the district.
These are some of the objections which prom-
neny exist against the details Of the bill others
might be urged, ofmuch force, but it would be
Improbable to dwellupon them--suiiice it TO add,
that this charter is designed to continue for 90
years, without competitor; that the defects to
which have alluded being founded in the fun
damentai law OF the Corporation, irrevocable;
and that 1t the objections be well founded, it
would be hazardous to pass the bill into a
law.
felt the NEST anxious oasns s6ilts to
to meet the wishes of Congress in the adoption OF
afiscai Agent, which avoiding all constitutional
objech""s, should harmonise conflicting opin.
ions. Actuated by this feeling, have been
ready to weld much, in spirit of cancellation, to
the opinions OF others and ii is with great pain
that now feel compelled to differ from Congress
second time in the same sesson.-At the com
mencement OF this session, inclined from choice
TO deter to the Legislative will, l submitted to
Congress the propriety of adopting Fiscal :
gent which, without violating the Constitution,
would separate the public moneys from the Exc
cuiive control, perform the operations of the
Treasury, without being burdensome to the Peo-
pie, or lnconvenlent, or expensive to the Govern
ment. 1t is deeply to be regretted that this De-
partment OF Government cannot upon constitu-
tlonal and other grounds, concur with the Leois-
iatlve Department in this last measure proposed
to attain these desirable objects.
! Owing to the brief space between the period
OF the death of my lamented predecessor, and nv
own installation into Office, | was, i'm fact. not
lett time to prepare and submit a defnitive re-
! commentator In my own regular message; and
since, my mind has been wholly occupied in
most anxious attempt to conform my action to the
Legislative will
| In this communication, am confined by the
Constitution TO my objections, simply TO this bill,
but the period of the regular Session will soon ar.
rIve when it will be my duty, under another
clause OF the Constitution, ''to give to Congress
Information of the State Of the Union, and recon-
mend to their consideration such measures as 81
shall Judge necessary and expedient.'' And |
most respectfully submit in spirit of harmony.
whether the present differences of opinion should
be pressed further at this time, and whether the
popularity of my situation does not enrtle me to
a.posiponement of this subject to more auspi-
clons period for deiberaton.
The two Houses Of Congress have distinguish
ed themselves at this extraordinary session. by
the performance OF an immense mass of labor at
season very unfayorable both to health and ac-
ton, and have passed many laws which trust
VIII prove highly beneficial to the interest of the
country, and fully answer its just expectations
III mas been my good fortune and pleasure to con-
cur WIN them In all measures, excapt this, and
why should our differences on this alone be push
cd 10 extremes IL is my anxious desire that