The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-10-02

point is that while the President by way Of precau-
ton caused these words other than for the purposes
If discount 10 be inserted 10 MIR Ewings 10th fun
damental article, he did not Mr. Ewing admits
read "he bin throughout" WHY did be not read
the whole bill There can be but one eIplanatop
The President has long bera Of opinion that . en-
gress has no poper 10 create q corporation IN any
STATE" That opinion was made known to his Cabi-
net Il is also apparent tina, he believed that the oca
ton Of branch Of the Bank in any State without ~
consent first gwen would be The creation Of such
corporation as he did not believe Congress had Ite
power 10 create Il is apparent also, that when be
and Mr. Ewing were discussing the l6sh Fundamental
article, he told MIR Ewing that, while he admitted
that Congress had the power create Bank 10 tie
District Of Columbia, and 10 authorize that branch u
employ an individual agent to manage aud transact
its business other than for he PurpOses Of discount
He then told MIR. Ewing that in his opinion the
poym Of such agencies with the power Of diseon
ing paper would convert such agencies into banchts
or corporations and give TO them such character
would make il his duty TO Veto the bill There
be other explanations given. No other reason can
be assigned for the introduction of these words into
Mr.. Ewings bill.
We can well imagine that the President raid 10 Mr.
Ewing, " make but this point do mol believe
that Congress establish any corporation IN any
State and do believe that 10 establish agencies Of
Bank with power to discount, would be to establish
such corp ration. You must, therefore, preclude
such a construction, by express provision, that such
agency shall not discount that point secured leave
the other details OF the bill you and 10 Congress
All that ak that the bill conforms to my view
the powers of Congress"
That such was the language held by the President
to Mr. Ewing | think Is further apparent from what
Mr., Ewing says in another place. Speaking Of The
interview in the Cabinet Council Of The Slh he
says
81 Mr.. Ewing then said to you" [the President
" have doubt, sir, that the House, having ascer
tanned your views, will pass bill in conformity u
them, provided they be satisfied that il would an
the purpose Of the Treasury and relieve the
try" You then said Canno, my Cabinet see that
this is brought about You must stand By ne il
this emergency Cannot you see that bill passes
Congress such as opprore irithou iaeonsisten-
ey2" declared again my belief that such bill might
be passed, and you then said to me- +" rhdt DO yeu
understand to be my opinions? state them, that
may see that there is Misrepresentation about
them 2"
Mr. Ewing then proceeded 10 state his understand
ing of the Presidents opinions
Fnst, that Congress might creates branch located
in the District Of Columbia ,
That they might authorize such Bank estab.
ish offices of discount and deposit the several States
rfh The assent IF he States"
To this the President replied, !" don't name dis
counts, they have been the of the abomi
nabe corrup,ions and wholly unnecessary 10 en-
ali a tha pa q, lIarh Jn,t ~
and the Government"
" observed in reply that wss proposing nothing
but simply endeavorlng to slate What had under
stood TO be your opinion the powers which Con-.
gress might constitutIonally confer bank tt4t
on that point stood corrected. then proceeded to
say tina, understood you To be of opinion that Con
gress might authorize such Bank 10 establish agencies
IN the several States, with power deal bills al
exchange without the assent of the States, TO which
you replied, yes if they be foreign bills bills
drawn IN one State and payable in another. That i
all the Power necessary for Transmitting he pnbhc
funds and regulating exchanges and the currency.
MIR, Ewing further tells US that in reply sugges
ton by Mr.. Badger, the President said
Talk not 10 me of Mr. Ewing's bill il contains
that odtous feature Of local discounts which have
pudiated IN my message.
] beg the reader 10 bear in mind that this IS Mr.
Ewings account Of The conversation which is now
made the ground work of all the censure which is de-
nounced against the President In this the President
not only TO his opinions before fuy discuss
ed between himself and Mr.. Ewing and imbodied in
the 10th fundamental article as before cited ami
which expressly denied the power of discount TO the
agencies Of the Bank but be goes further into the de-
tails of the bl.-He did not before read Mr. Ewinss
bill throughou-he then confined himself TO the SIN
gle point, to wit the consent Of the States TO the
location of branches and RESTRICTING ali agencies o.
abIished without such consen, to the business other
uan fr the purposes ef discount; but in this con
versaton he expressed his further disapprobauon u
Mr.. Ewings bill, because contained that odious Tea
ture of LEGAL discounisH which he had rerudA,ed in
his message
Now ask in The name Of all tha, is fair and can
did, how all these members Of the Cabinet to
whom the Presiden, protested IN such terms agans,
this principle Of local discounts condemn the Pres
dent for his second Veto Of bill which DO, only g
tahlshed agencies in the States whou, their consent
but gave 10 those agencies full power discount loco!
paper 70 any extent and at any rate Of premium IN
der the SHAPE Of foreign bills Of exchange The
question, and that question which under this state
men, Of The case would strike the aind Of every man
Is, did the second bill authorize the Bank 10 discount
In the frs, place, II gave the agencies established
without the consent OF the States the power Of ds-
eoaaf il was violation Of that fundamental principle
imhciied in Mr. Ewng's 10Th fundamental ar,icle
which had been fully discuss ana =, ,hr
President; and according to Mr. Eving's own show
ing, was the duty Of the President TO Veto The bi
because he had repeatedly declared his oynion that
Congress had power 10 authorize the Bank TO 6.
taelish such agencies And again, this second con-