Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1841-08-28
VETO OF THE BANK BILE.

The Presidents Secretary, Mr.. John
Tyler, Jr., now appeared, having made
his way with some difficulty through a
crowd which surrounded the door of the
Senate Chamber, and delivered a message
from the President, returning the bill for
the charter of a Fiscal Bank, with his OBJ
~iections thereto.
The further consideration of tho land
distribution bill was thereupon informally
passed over, to be resumed tomorrow, and
the message was read at the Secretary's
table, as follows:-
TO The Senate of the United States;
The bill entitled can act to incorpo-
rate the subscribers 10 the Fiscal Bank of
the United States" which originated in
the Senate, has been considered by me-,
with a sincere desire to conform my action
in regard to it to that of the two Houses
of Congress. BY the Constitution, it is
made my duty either to approve the bill
by signing it, or to return it with my OBJ
.~iections to the House in which it origina-
ted. | cannot c~onscientiously give it my
approval, and | proceed to discharge the
duty required Of me by the Constitution,
to give my reasons for disappearing.
The power of Congress to create a Ma
tional Bank to operate per Sc over the
Union has been a question of dispute from
thc'origin of our Government. Men most
Justly and d~eservedly esteemed for their
high intellectual endowments, their virtue,
and their patriotism, have, in regard to it,
entertained different and conflicting OPT
MONS. Congresses have differed. The ap-
proval of one President has been followed
by the d~iapproval of another. The people
ut different times have acquiesccd in dec'-
sions both for and against. The country
has been, and still is, deeply agitated by
this unsettled question. 1t will suffice for
me TO say that my own opinion has been
uniformly proclaimed to be against the
exercise of any such power by this Gov
eminent.
On all suitable occasions, during a Pc
Rod Of twenty-five years, the opinion thus
entertained has been unreseryedly express
ed. declared it in the Legislature of my
native State. In the House of Represen-
,~tatives of the United States it has been
openly indicated by me. In the Senate
Chamber, in the presence and hearing OF
many who are Mt this t,n1e members OF
that BODY, il has been affirmed and re-af-
firned, in speeches and reports there made,
and BY votes there recorded. In popular
assemblies / have unhesitatingly announ-
ced it; and in the last public declaration
.l.ul .-.la ,,l fhnt hut n short TINA
before the late Presidential election, | re-
ferred to nay previously expressed opinions
as being those then entertained by me.
With a full knowledge of the opinions
thus entertained, and never concealed, [
was tlected by the People Vice President
Of the United States. By the occurrence
Of a contingency provided for by the Con-
stitution, and arising under an impressive
dispensation of Providence, | succeeded
to the Presidential office. Before entering
upon the duties of that Office, ! took an
oath that | would "preserve, protect, and
defend the Constitution of the United
States" Entertaining the opinions allu-
.ded TO-, and having taken this oath, the
Senate and the country will see that |
could not give my sanction to a measure
of the character described without surren-
dering all claim to the respect of honora-
bic men-all confidence ON the part of the
Peoplc-all self-respect-all regard for
moral and religious obligations without
an observance of which no Government
can be prosperous and no People can be
happy. 1t would be to commit a crime
which | would not willingly commit to gain
any earthly reward, and which would just
w subject me to the ridicule and scorn Of
all virtuous men.
| deem it unnecessary at this time to
enter upon the reasons which have brought
nv mind to the convictions | feel and en-
terrain on this subject. They have been
over again repeated. If some of those who
have preceded me in this high Office have
entertained and avowed different opinions,
| yield all confidence that their convictions
were sincere. / claim only to have the
same measure melted out to myself. With
out going further into the argument, | will
say that, in looking to the powers of this
government to collect, safely keep and
disbursc the public revenue, and incident
ally to regulate the commerce. and exchan-
ges, | have not been able to satisfy myself
that the establishment by this government
of a bank of discount, in the ordinary ac-
c~eptation of the term, was a necessary
means, or one demanded by propricty, to
execute those powers. What can the local
discounts of the bank have to do with the
collecting, safe keeping and discussing of
the revenues So far as the mere discount
ing Of paper is concerned, it is quite i'm
material to this question whether the dis
count is obtained at a State bank or a
United States Bank. They are both equal
ly local-both beginning and both ending
in a local accommodation. What influence
have local discounts, granted by any form
of bank, in the regulating of the currency
and exchanges? Let the history of the
late United States Bank aid us in an
swering this inquiry.
For several years after the establishment
of that institution it dealt almost exclu-
sively in local discounts, and during that
period the country was, for the most part,
disappointed in the consequences anticI-
pated from its incorporation. A uniform
currency was not provided, exchanges
were not regulated, and little or nothing
was added to the general circulation ; and
i'm 1920 its embarrassments had become so
great that the directors petitioned Con-
gsess to repeal that article of the charter
which made its notes receivable every
where in payment of the public dues. 1t
had, up to that period, dealt to but a very
sn,oll extent in exchanges. either foreign