Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-08-19


net, or destroy the integrity of the Wing
party.
vi II S S A G. r.
OF THE PRESIDENT OF THE u.
s., RETURNING WITH HIS Oh.
JECTIONs, THE BILL TOINCOR.
PORATE THE FISCAL BANK OF
THE U. g., AUGUST l8, ls4l.
10 THE SENATE OF THE u. STATES:
| The bill entitled San act 10 incorpo-
rate the subscribers to the Fiscal Bank
Of the United Sla,es," which originated
in the Senate, has been considered by
me, with sincere desire to conform my
action in regard to it, to that of the two
Houses of Congress. BY the const,u.
ton il is made my duty, either to approve
the bill by signing It, or to return it with
my objections TO the house in which it
Originated. | cannot conscienliously give
it my. approval, and | proceed to dis
charge the duty required of me by the
constItu'ion-to give my reasons for dis
approving.
The power Of Congress to create a
national bank to operate per Sc over the
Union, has been a question OF dispute
from the origin Of our government. Men
most Justly and deservedly esteemed: for
their high and intellectual endowments,
their virtue and their patriotism, have,
in regard TO it, entertained different and
conflicting opinions. Congresses have
differed. The approval OF one Presi-
dent has been followed by the disappro-
val Of another The people at different
times have acquiesced in decisions both
for and against. The country has been
and still is deeply agitated by this unset
tied question. Ii will suffice for me to
say, that my own opinion has been uni
formIy proclaimed to be against the exer-
else of any such power BY this govern
ment. On all suitable occasions, during
n period Of twenty-five years, the opin-
ions thus entertained have been unre-
servedly expressed. | declared it in the
Legislature Of my native State. In the
House Of Representatives of the United
States it has been openly yindicated by
me.
In the Senate chamber, in the presence e
and hearing Of many who are al this
time members Of that body, it has been
affirmed and re-afiirmed, in speeches and
reports there made, and by votes there
recorded. In popular assemblies have
unhe sltatinsy announced it 4; and in the
last public declaration which ] made,
and that Sut short time before the late
Presidential election, | referred to my
previously expressed opinions us being
those theS entertained by me with a
full knowledge Of the opinions thus en-.
tertained, and never concealed, l was
elected by the people Vice President o.
the United States. by the occurrence
Of contingency provided for by the
constitution, and arising under m impres
sivc dspe nsaion of Providence, | sue
ceeded to The Presidential Office. Be-
fore entering upon the duties Of that of.
fee, took an oath that ! would "pro-
serve, protect and defend tho consiiu-
ton of the United States"
Entertaining he opinions alluded to, and
having taken this oath, the Senate and
the country will see that could not give
my sanction TO a measure of The charac-
ter, described, without surrcndcring all
claim to the respect Of honorable men
all confidence on the part OF the people
all seli-rcspect-all regard for moral
and religious obligations, without an OBJ
servance of which no governmen Mt can be
prosperous, and no people can be happy.
1t would be to commit crime which
would not wilfully commit to gain any
earthly reward, and which would Justly
snbje me 10 the ridcule and scorn OF
all virtuous men.
deem It entirely unnecessary at this
time to enter upon tho reasons whic b
have brought my mind to the convictions
| feel and entertain on this subject. -
They have over and over again been re-
peated. Ii some Of those who have
preceded me in this high Office have en-
tertained and avowed different opinions,
| yield all confidence that their convic-
tions were sincere. claim only TO have
the same measure me,cd out to myself
Without going farther into the argument,
| will say that, in looking TO the powers
Of this government 10 collect, safely keep
and disburse the public revenue, and in
cidentally regulate commerce and OK
change, have not been able TO satisfy
myself that the establishment, by this
Government, Of bank Of discount, in
the ordinary acceptation Of that term,
was necessary means, or ono demand: ::
ed by property, to execute those powers
What can the local discounts of n bank
have to do with tho collecting, safe-keep-
ing, and disbursing Of the revenue'
So far as the mere dscounting Of pa.
per is concerned, it is quite immaterial
TO this question, whether the discount is
obtained at a State bank or u. States
Bank.
They are both equally local-both
beginning and ending in local accommo-
dalion. What influence have local dis
counts, granted by any form Of banks,
in the regulating of the currency and
tho cxchnngesi Let the history Of the
late United States Bank aid us IN an
swcring The inquiry.
For several years after the establish
mcnt of iha, institution, il dealt almost
exclusively in local discounts, and dur
inu that period the country was for the