Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-09-13
MONTPELIER, SEPTEMBER 13, 1911.

someHg exceedingly ouire and revolving to my
ears in the term Fiscal Bank y but thought,
What is there in name? A rose by any other
name, would smell as sweet" Looking, there
fore, rather to the utility Of the substantial iacul
ties than to the name of the contemplated nstilu-
ton, we consented to that which was proposed.
"a. AS to the place Of location Of the bank.
Although Washington had passed through my
inlnd asamong the cities in which it might he ex-
lpedient 10 place the bank, 1t was believed to lie
Tue least eligible of some four or five other cities.
Nevertheless, we consented to fix it here.
And lastly, in respect to the branching power,
there was not probably solitary vote given IN Ell
iher lionSc OF Congress for the bill hat did not
greatly prefer the unqualified branching power,
us asserted in the charters of the two former
Banks OF the United States, to the 10Th iunda-
mental condition. as finally incorporated in This
bill 1t is perfectly manifest, therefore, that it was
not in conformity with the opinion and wish OF
lnaloIilies in Congress, but in friendly spirit of
concession towards the Pres lent and his pdrlicii.
lar friends, that the clause assumed that form.
80 repugnant WAS il to some Of the best friends
Of national bank in the other House, that they
iually voted against the bill hccmlso it contained
the compromise of the branching power.
1t ~ true that in presenting the compromise to
the Senate, stated ~ was the fact, that did not
know whether it would be acceptable to the Pres
I,IcIIl az not thar, according TO my opinion, each
department Of the Government should act upon
lis OWE responsibility independently Of the OH
er; and that presented the modification Of the
branching power because it was necessary TO en-
sure the passage of the bill in the Senate, having
dscerla'ned that the vole would stand 20 against
1t to %, If the form Of That power which had been
reported by the committee were persisted ill.,
But nevertheless did entertain the most conf
dent hopes and expectations that HE bill would
receive the sanction of the President; and this
motive, although not the immediate one had great
weight in HE Introduction and adoption of the
rompOmis clause | knew that our friends who
would not vote for The bill as reported were uclu-
atcd, rs they avowed, by considerations of union
and harmony, growing out OF supposed views of
HE Presiden aud presumed llnl he would not
Tan to feel and appreciate their sacrifices But
! deeply regret that We mistaken. Not
withstaudug all our concessions, nude in n gcnu-
ne and sincere spirit Of concaliun, the sane
ton Of the President could hot be Obtained, and
the bill has been returned by him with his ohjcc
tons.
And shall now proceed to consider those OBJ
IJcctons, with much brevity rs possible, but
with the most perfect respect official and person.
al, towards the Chief Magistrate.
After stating that the power of Congress to es-
ablish national bank, to operate per Sc, las been
II controverted question from the origin of the
Government the President remarks Men most
Justly and desevedy esteemed for their high in
iellecnal endownculs, their virtue aud their pat
riotism, have, in regard to it, entertained different
i ed. The approval of one President has been fol-
lowed by The dsapprovaI of another"
For this statement of the case it may be infer
red that the President considers the weight of au-
tlorily, pro and con, to be equal and balanced.
But if he intended TO make such an array of it
If Inc intended to say that it was in equilibrium
I must respectfully bat most decidedly, dissent
from him. | think the conjont testimony of his
l'ory; 'ra"ltion, anu me khoWie"se oil IVihS VIII
heSScS prove the contrary. HOW STANDS me 1ues'
llohs as 10 ne oplhloh OF Congresses! me Con-
Er'SS OF lroIi me NohGIesS OF 1912 ~, me On
grPsS Oh iolo w. lle congress Oh icol 81, and
nhaIIy, Inc present congress- nave All respective
" ana unrqulV"c"iIy' athrned inc existence Of
power III Congress 10 establish a N"llohn hahk TO
Operate per Se' we oehoiH, theh, Inc concurrent
4 opinion OF i've different Congresses ON one sde.
ana Wha' congress Is 'lere Oh 'he oi'pnS"e sue
| ne congress Oh loli : WIS hicn'o'r oil uie
senate III mat year, When II decided 10y me Cast
S N",c ~ 'lle zee ire''ih'' "Sll'>' u'e renew
~ OF me thar!er OF ite on bank OF l''t United
0'hteS' ANA now nere' ~ my pace, "GH TO me
testimony Already bloIe NE iuOlIc, ny "t'ihfIh%
''at II Is W'tiih my certain knowledge, h't that
I"cr'soh "' me c'hhie 81" NOT proceed from nds-
ne'e' OF II h"l'ruy OF the senate IN the over ct
N"nSr'SS !" eSt"'"'s'i Nn''ooa' bahK' nut rom
cnl'n"le1 'ohS'aera'i"hs Ut cNPe",e"cy an" cor
ls''''''oh"'y' y "''J rI'y oi NE "'"ae, 'h ''e
contrary us hh""' entertained no """"' "s I"
t,l' power % nus ','o "ce'''n' rs 10
Oo'H'' 'seS' s'""us "No ''i "''' n"' "''e' VI Ut
must ITO. more lhh'' one AGAINST II power.
lie, US now look INTO 'le s'a'e OF au'"crny uG-
rn"n'e rom me opinions ., iresue''s VI Tue u
li'uo SUITES, rTts'"ehl w "s"I"S'on pe"e'eu w
me power OF congress, ana approVeh a pahK mn,
PRESIDENT Jefferson approved ocls TO extend
branches mo o'ner paris o. the on''e' H.altS'
an" TO PUNISH c4"N'e''e','rs n' tho NOES OF tne
'n''N -"t'S "'''ch were "elolu " nn Justnrat'"h
Wh"'rNc' upon iHe nss",i'puoh o' lhe u"consIi'u-
DC 'N.f""e" or UNI hmehc "e '""'"'l "i''rtcd
upon ,he co"n''r'e'ers OF corporation which
came ''"" rN'''mre without any "",hor'!y' ahl III
VIOLATION o the constitution OF 'he m'l James
mHHSo'h notwithstanding Ih"S,' G"'y s""iHfs
"Htn he ha1 el'rr'piho"' ana Ei''ch ne ""oaNy