The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1841-10-02

support. Would they stand by hlm2 lie
much preferred that the whole subjecr
shoul:! be postponed until the neat ses-
sion; but if it was necessary to act now
he thoughta plan might be devised which
with their cooperation. might he carried
| through. He wondered why the Senate
continued to postpone acting upon his
Veto Message, which ives veto be ditpo-
sed of. He supposed it might be TO hold
it as rod over his head; and had some
doubts whether it was proper that h e
should consider further upon the subject
until the Senate bad decided what they
should do with the bill then before them.
Some one present assured him that the
postponement of the question pending in
the Senate was intended to give time for
reflection, and to prevent sn incorporate
debate.
The President then gave the outline of
such a bank or fiscal institution as he
thought he could sanction. 1t was to be
in the District of Columbia, to have the
privilege Of issuing lis own notes, receiv-
ing moneys Oh deposite, and to deal in
bills of exchange between the States and
between the United States and foreign
States. But he wished to have the opin-
ion Of his Cabinet uponit. His own cor
sistcncy and reputation must be looked
to. He considered his Cabinet his friends,
who must stand by and defend whatever
he did upon the subject. He appealed
particularly TO Mr.. WEBSTER for his o.
pinion upon the point Of consistency; and
whether there was not clear distinction;
between the old Bank Of the United States
Il bank Of discount and depoSi'e-and
the one he now thought of proposing: and
whether the constitutional question was
rot different. He reminded US that, in
all his former speeches and reports, he had
taken the ground that Congress had no
>titutional power to charter a bank
which had the power Of local discount
Mr., WEBSTER pointed out the distinction
between the two plans in manner which
appeared TO be satisfactory TO him. The
substance of what he said, was as under
stood HIM, as follows. He had decided
preference for bank upon the plan then
proposed over either Of those which had
been previously spoken Of lie reminded
tic Preslden. that he had expressed lis
preference flc & bank which should be
restricted il its dealings to bills Of ex-
change. when certain gentlemen from the
city OF New York were present several
weeks before. He then thought, as he did
now, that it would answer all useful pnr-
poses. One ground of this preference
was, and it had great weight with him,
that the plan did not contemplate the con-
sent of the States or, in any way or at
any time, necessary to its existence Or
efficiency, He ought the plan propos-
ed at the commencement Of the session,
generally known as Mr.. Ewlng's bill, as
incongruous and Objectionable on this
ground. His general course of thinking
on such subjects led him to prefer that
whatever power this Government assert
ed, or was authorized to assert, should be
exercised independently of State authori-
ty, and of the interference Of the States -
He thought there could be no doubt of
the constitutional power to charter such
bank as was then proposed, according
to the Presidents own modes of thinking
upon the subject, if he understood them.
Certainly thee was clear distinction be-
tween such bank and the late bank of the
United States. The one now roposed
was to be limited in its operations to such
objects as were clearly within some OF the
general provisions OF the Constitution, or
such as were clearly necessary in the ex-
ecution, of others. The priveledge of is
suing its own notes, of dealing in ex-
changes, and Of receiving money on de-
posite, all appeared to have immediate re.
ference to or conneXion with the power
given in the Constitution over commerce
between the States, over the currency
and the necessary fiscal operations Of the
Government in the collection, saie-keep-
ing, and disbursement Of the public re-
venue. These were all subjects of ma
tional, and not local or State concern
The distinction between this plan and the
late Bank of the United States lay in this;
the privilege enjoyed by the old bank OF
dealing in local paper, or discounting notes
| lluFlllS Ho bS' ou'
between the different street or commercial
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 connexion with
any of the great national objects fol
which the bank was chartered; nor could
it be claimed as an incident to any Of the
powers given to Congress by the Consti
luton. That privilege, he apprehended
was conferred upon the late bank from
| the belief that without it the stock of the
bank could not be made profitable; anc
it was therefore considered as necessary
incident to an institution which was itsel
but the offspring of an incidental power
| Evnar;ence he thonGht had shown clear