Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-10-12

speeches and repOr.S, ne hau tahOh tAO
ground that Congress had no constitution
al DO yer to charter bank which had the |
mower of local discount. Mr.. Webster
nointed out the distinction between the |
two plans in a manner which appeared to
be satisfactory to him. The substance Of
what he said was, as understood him, as
follows: He had decided preference
for bank upon the plan then proposed
over either of those which had been pre-.
yiouslv spoken of. He reminded the Pre-
sident that he had expressed his prefer
ence for bank which should be restrict
ed in its dealings to the bills of exchange,
when certain gentlemen from the city of
New York, were present several weeks
before. He then thought as he did now,
that it would answeN II purposes. One
ground of his prefereN was, and it had
great weight with him, at the plan did
not contemplate the consd of the States
as, in any way, or at any Nme necessary
TO its existence or efficiency. He thought
the plan proposed at the commencement
of the session generally knowR as Mr.Ew-
ing's bill, as incongruous andVobjectiona-
bic on this ground. His general course
of thinking on such Subjects led him to
prefer that whak power this govern
ment asserted authorized 10 as
sert, shouI9 independently of
State aua he interference of
the States. II at there could be no
doubt ofthe conventional power to char
ter such bank as was then proposed, ac-
cording to the Presidents own modes of
thinking upon that subject, if he under
stood them. Certainly1 ''as a clear
distinction between s. sd the
late bank of the Unite one
now proposed was to its OPP
erations to such obied glearly
within some of the grad Us of the
constitution, or such clearly me-
cessary In the execution others. The
privilege of issuing its d notes,of DEAL
ing in exchanges, and of~feceiving mon-
eys on deposte, all appeared to have i'm
mediate reference to or connexion with
the power given in the constitution over
commerce betweenthe States, over the
currency and the necessary fiscal opera
lions of the Government in II sRoliection,
safe-keeping,an disbursement Nhe pub
lie revenue. These were &iects of
national and not oflocal or ST ncern.
The distinction between this Ind the
late bank of the United States i'm this;
the privilege enjoyed by the oNSbank, of
dealing in local paper, or discounting
notes having no circulation, as it might be
but between the different streets or com.
mercial points Of the same city, had no
connexion with the trade or commerce
between the States and remote sections OF
the Union, nor with the transfer of the
public money from one point to another;
and it had therefore no necessary conncx-
ion with any Of the great national objects
for which the bank was chartered, nor
with the transfer of the public money from
one point TO another, and it had therefore
no necessary ccnnexion with any of the
great national objects for which the bank
was chartered; nor could it be claimed
as an incident to any of the great powers
given to Congress by the constitution
That privilege, he apprehended, was con-
ferred upon the late bank from the belief
that without it the stock of the bank could
be made profitable; and it was therefore
considered as necessary incident to ar
institution which was itself but the off.
spring of an Incidental power. Expert
ence, he thought had shown clearly thai
such privilege was no longer important
or necessary. But combining the dis,
counting privilege of the proposed bank
to bills Of exchange between this country
and foreign States, and between the sever
al states of the Union, this objection would
not lie against it.
| The President expressed his regret thai
he had not used the words, shank of dis.
count and deposite" in his late Message,
SO that the distinction he now took.
might be clearly inferred from that mes.
sage, and he could not then be charged
with inconsistency. Mr.. Badger said he
thought nothing would have been gained
by the use of the terms shank of discount
and deposite" in his message; for; as to
the charge Inconsistency, it might, and
probably would, be made against him for
party effect, il he sanctioned the bill then
proposed by him inasm2ch as dealing in
or buying bills of exchange would be dis
counting, and to shat extent make it bank
of discount.
When all the material points appeared
to be disposed of, and the members ofthe
cabinet present had expressed their deci-
ded 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 ground work 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 sessions of Congress the
Wings would be bringing forward amend
ments ENGRAVING this power upon any
charter he might now approve: and he ap-
pealed to his Cabinet to know if they
would stand by him, and use their influ.
ence in preventing any such movements
while his administration lasted. ar.
Webster and others gave him all proper
assurances upon this poin'.
The President thought a capital of fif.
teen millions of dollars would be suffi.
Gent.
A name, he said was important. What
should it bel Fiscal Institute would do. II
was objected TO, and the name of Fiscal
1 R1sfL Trof..rred H., =, -. ~ (.