Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-08-23
MESSAGE

OF tho President ofthc United States returning obec
tons the bill to incorporate the Fiscal Bank of the United
Statos-August l6, ls4l.
the Of The bill entitled an act
incorporate the subscribers to the Fiscal Bank of the United
Stac which originated in the Senate, has been considered by
me, with sincere desire to conform action in regard it,
that of the Houses of Congress. BY Constitution il
is made duty either to approve the bill by signing it,
return It h my objections 70 the House IN which originated
cannot conscienouSy give il APPROVAL and proceed
discharge the duty required of me by the Constitution give
The power Congress National Bank to operate
origin of our government, Men most nsy and deservcdiv
eemed for their high intellectual endowmen their virtue
their patriosm havo in regard to it, different and
conflicting opinions Congress have differed. The approval
President has been followed by the disappova
The people at different times hive acquesced in decisions both
for and against The country has been and still deeply aga
opinion has been uniformly proclaimed he against tho
exercise any such by this On all suitable
occasions, during period of five years, the opinions
thus entertained have been unreeryedy expressed declared
reenayes of the United States has been openly vindcated
In the Senate chamber the presence hearing many
who this time members OF that body it has been affirm
ed and camed in speeches and reports there made by
votes there recorded In popular assemblies have unhesitat
ngy announced and in the last public declaration which
made and but short time before the late presidential election
referred my previously expressed opinions being
then entertained by mel with full knowledge of opinions
dent of the United BY contingency
provided for by tho Constitutions arising impressive
hce Before entering upon the duties of that office an
oath that would preseye protect and defend the Cousti
Entertaining the opinions alluded and having taken this
OATH the Senate and the country will that could
my sanction of the character described with,
rendering all cn the respect of honorable men-a
dcnce the part of the peopea selfespect for moral aud
religious obligations without observance of which, gov
% tn so S% be ana G p
any earthly rewards and which would justly submit to the
rdicue and scom of oil virtuous men.
deem highly this time upon the
sons which have brought mind to the convictions feel and
repeated If of those who have preceded this high
office have entertained and Nvowcd different opinions yield all
confidence that their convictions sincere. claim
have the measure mced out myself Without going fur
Their into the argument will that in looking the
revenue and incidentally regulate the md exchanges
this government Of bank Of discount in the Ordinary aecepa
ton Of ha term was necessary %S1" o, one demanded by
of bank have to do with the collecting saekeepng and dis
bursting of the revenue!
So far the dcounting paper concerned quite
to tins question: whether tho discount " obtained at
They both equally oca-boh beginning and both ending
in local accommodation What Influence have local discounts
granted by any form of banks in the regulating of the
and the exchang Let the history OF late u B. Bank aid
several years amer the establishment of that institution
dealt almost exclusively local discounts, and during that peri
cd, the country was oi the disappointed in the
quences anticipated from incorporation. uniform currency
not provided exchanges were not IGsulatod and LILLE or
had become 50 grcS that the
Congress 70 epeal mat article Of us en ; hv n "
had, that PERIOD dealt but very small extent in
operations line amounted little than 81 900 900
annnm very rapid augmentation soon nte1 occurred and
00OOOO including the sales Of its own drafts and all these
transactions effected without the employment Of
means The currency the country
negotiations the exchanges carried the low
est possible rates.
Tho circulation was increased than s22O ooo and
of the bank regarded equal specie all over
country thus showing almost ooncusve that 1t was heir
capacity deal aud not in local discounts, which
these facilities and advantages IL may be remember
3D. too that Notwithstanding the immense transactions OF tho
bank in the purchase of exchange the losses sustained were
merely nominal while line of DISCOUNTS the suspended
ebt was enormous and found the bank and
country power Of discount has fact proved TO be
fruitful Of votsm and corruption, alike destructive 10
the public morals o the general veal -
The capital invested in tho banks Of discount IN the United
created by exceeds
il the dscountng of local could have produced any
beneficial effects United States ought to possess the SOUND
est currency the world but the amentaby the fact
the under consideration, Of the Objectionable
character which alluded II clearly unless b