Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-08-26


To the Senate Of The Cniied States:
The bill cu,itled IAN acl 10 Incorporate
the Subscribers To tho Fiscal Bank oi the
u. States" which originated in the Sem
ate. has been considered Ly me, with sim
cere desire to conform my action III regard
IN il, to that of the TWO Houses OF Congress.
By The Constitution il is made my duty
either TO approve the bill ny signing ii. or
to return it with my objections. 10 the
House in which il originated. cannot
conscicn,iously give it my approval. and
1 proceed to discharge the duty required OF
me by the Constitution-,o give my rea-
sons for disappearing.
The power Of Congress TO create n Ma
tional Bank to operate per Sc over the
Union, has been a question Of dispute from
the origin of our Government. Men most
Justly aud Gescrvedly esteemed for their
high intellectual cndowmcnts, their virtue,
and their patriotism, have. i'll regard TO H.,
entertained diilcrcu, and conflicting opin-
ions. Congresses have differed. The ap-
proval of Que President has been followed
by the diSapproral OF fanoiher. The Pco-
pie. nj different times, have acImiesccd IN
decisions both for aud against. The coun-
try has been, and still is, deeply asiiated
by this unsettled question. IL will suffice
Tor me To say, that my own opinion has
been uniformly proclaimed 10 be against
the exercise of any such power hy this
Government. On ai! suitable occasions.
during period o. twenty-five years, the
opinion thus entertained has been unre-
srrve,I!y expressed. ! declared 1t in the
Legislature Of my native Stale. In The
House uf Representatives of the United
States il has been openly vindicnied hy
me. In the Senate Chamber. in the pre-
sencc and hearing of many who are at this
time members Of that body, it has been
affirmed and reaiiirmeL, speeches and re-
ports there made, aud by votes there re-
corded. IN popular assemblies have un-
hcsitalingly announced it; and the last pub
lie declaration which made, and that but
n shor, lime before the late Presidential
election. referred 10 my previously ex-
pressed opinions rs being those then en-
leriaired by me. With a full knawled5 81
of .he opinions thus enleft timed, aud never
cnncealed, was esecicd by tho sseaple
Vice President OF tie United States. 81
tho occurrence of a contingency provided
for by the Constitution, aud arising under
an impressive dispensaiipnuE z Providence,
/ succeeded to sbe Presidential Office
Before entering upoH tsie duties oil liai of
Gee, took an oath that ] would "Pre-
serve. protect. and defend the E2nsii!plIonI
opinions alluded TO, and having taken this
oath, The Senate aud Tho country vii: see
tina, icppld not give ui sanction IN a
measure pf the ciaracfer described svita-
our surfenderiug all cinini 10 The 7espeetof
honorable men-all confidence on 7ha patt
ofihe People-all self.respe ci--all Tegas
for moral aud religious nbligaiions, wsiEi-
out an observance Of ss!licti no g6yaru-
ment eau be prosperous, and no peoliseran
be happy. Itwould be 10 commit a crime
which would not wilfully commit TO gain
any earthly reward, and which would just
y subject me 10 the rldicmlc aud sco!n of
all vIrtaOus meu.
deem il entirely unnecessary at thi,
time TO enter upon the rcasUns which have
brought nv mind To the conviction feel
and entertain Oh this subject. They have
been over and over again repeated. II
some OF those who have preceded me in
this high Office have entertained and avow
cd different opinions. yield all confidence
that their convictions were sincere. claim
only 10 have The same measure meled out
to myself. Without going further into the
argument. will say that, in looking 10 the
powers of this Government 10 collect, safe
" keep, and disbursc the public revenue.
and Incidentally 10 regulate the commerce
and exchanges, have not been able To sat
isty myself that the establishment by this |
Government of bank Of discount, in the |
ordinary ncccpIatlnn OF that term. was Il
necessary means. or one demanded by |
proprIcty. ,o execute those powers. What
can the local discounts OF the bank have To |
do with the collecting, safe keeping, and !
discussing OF the revenue! So far as the |
mere dIscounllnsof paper is concerned, it
is quite mma'erial 10 This question wheth
er the discount is Obtained al Il State Bank
or United States Baak. They are both
equally loral-bo,h beginning aud both
ending In Il local accommodation. What
influence have local discounts. granted by
any form Of bank. in The regulating of the
currency and The exchanges Let the
history Of the late United States Bank aid
us in answering this inquiry.
For several years after the establishment
Of thai Institution, it dealt almost exclusive
ly in local discounts; aud during that period
the country was, for the most part, disap-
pointed i'll the consequences anticipated
from its incorporation. 4 uniform currem-
cy was no, provided, exchanges were not
regulated, aud little or nothing was added
10 the general circulation; and in 1920 its
cmbarrassments had become so great, that
the directors petiiioned Congress TO repeal
that article OF the charter which made It's
notes receivable everywhere in payment Of
The public dues. II had, up TO that period,
dealt to bu, very small extent in exchan.
ses, either toregn or domestic, and as late
as 1873 IFS operations in that line amour
leu 10 little more than seven millions Of
dollars per annum. a very rapid aug
uien'ntion soon after occurred, and in 1888
.EEa