The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-08-14
THE MADISONIAN
BANK HISTORY.

BANK HISTORY.
The charter of the first Bank of the United
States was presented to President Washington
for his signature on the 18th day OF February,
1891. The following correspondence ensued
between the President and the Secretary OF the
Treasury: u.. ..s#
Wednesday Morning, 23d Feb, 1871.
SR: have this moment received your sentiments
with respect to the constutionaty of the bill TO in
corporate the subscribers to the Bank of the United
States"
This bill was presented to me by the joint Commit
tee of Congress- at IL o'clock on Monday the 18th
instant. In what precise period, by legal interpre,a
ton ofthe Constitution can the President retain in
his possession before becomes law by the lapse of
ten days2
GEO WASHINGTON.
To the Secretary of the Treasury.
February %, 1871.
SIR In answer to your note of this morning, just
delivered to me- give il my opinion that You have
ten days, exclusive Of that which the bill de-
ivered to you, and Sundays; hence, in the present
case, if it is returned Friday, at any time while
Congress sitting, it will be in time.
1t might be question, if returned after their ad-
journment on Friday. @ #.
have the honor to be, with perfect respect, sir,
Your most obedient servant,
A. HAMILTON.
To the President of the U. 8. VI 49,.
The bill was signed on the 25th, being the
18th day after its presentation. So long had the
President retained it, the apprehension Of a veto
became very general, and, after the 10th day
had elapsed, il is said that one Of the Commit
-~-~-~-- -----~aa-A e4is waited upon General
washington, and very eagerly exclaimed Now
we have you'll" The bill has become a law
by the Constitution p But the President that
day finally decided to sign the bill, and returned
il accordingly. The President had great diff
culties in regard to it, and veto message was
actually prepared by Mr. Madison, by request,
and is now extant.
The bill to renew the charter of the old Bank
in 1911, was defeated by the casting vote of
Senate by him on the occasion were prepared,
it is said, by distinguished member Of the
present Senate, who took prominent part
against the bill in the debates at that time Mr..
Clinton said, among other things, '.In the course
OF long life, have found that Government is
not to be strengthened by an assumption Of
doubtful powers, but by wise and energetic
execution of those which are incontestible."
The charter Of the Bank of 1915 passed Con-
gress on the Goth of January, and was vetoed
by President Madison on the 3Oth Of the same
month.
The charter of the Bank of 1916, passed
Congress on the 5th of April, and was approved
by the President on the 10th of the same
month.
The bill to renew the charter of the same
Bank was presented to President Jackson on the
4th of July, 1882, and was vetoed by him on
the 10th of the same month. ... ...a#
While the charter of 1891 was before Presi-
dent Washington for consideration, he required
the opinions in writing Of his Attorney General
(Mr. Randolph,) Of the Secretary Of State,
(Mr. Jefferson j and, both reporting the act to
be unconstitutional, the President called for the
opinion Of the Secretary Of the Treasury, (Mr.
Hanilton.) This was adverse to the first two,
and contributed to induce the President to sign
the bill 7# s.F@+~@
Mr.. Jeferson's opinion was concluded with
the following paragraphs relative to the veto
power:
The negative of the President is the shield pro-
vided by the Constitution to protect against the in
vasons of the Legislature: LIST. The rights of the Ex
ecutive. I'd. Ofthe Judiciary. Sd. Ofthe States and
State Legislatures The present the case ola right
remaining exclusively with the States, and is conse-
quenty, of those intended by the Constitution to
be placed under his protection.
It must be added, however, that unless the Presi-
dents mind, view of every thing, which is urged
for and against this BILL toerably clear that is un-
authorized by the Constitution; if the pro and the
con hang SO even to balance his judgment, Just
respect for the wisdom of the Legislature would natu
rally decide the balance in favor of their opinion il
is chiefly for cases. where they clearly misIed by
error ambition, interest," that the Constitution has
placed check in the negative Of the President"
The charter of the Fiscal Bank which passed
Congress on the 9Th inst, was presented to
President TYLER on Saturday, the 7th, at about
o'clock, p. M.
The latest expressions of Mr.. TYLERs views
in regard to National Bank, are contained in
letter written last October in reply to interroga-
tories put him by sundry voters of Henrico, Vir-
ginia, during the canvass for Electors for Presi-
dent and Vice President of the U. s. The
portion of the letter we allude to was as follows:
In reply to the first branch of your inquiry, I
quote and adopt the language Of Gen. Harrison in the
speech delivered at Dayton; There IS not in the
Constitution any express grant of power for such pur
pose and it could be constitutional to exercise
that power, save in the event the powers granted to
Congress could not be carried into effect without re-
sorting to such an institution" The latter branch of
your inquiry is fully answered BY my answer TO the