Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-08-18


10 ts Senate NJ the United States.
The bill entitled can act to incorporate the sub
scribers to the Fiscal Bank Of the United s,a,es,m
which originated in the Senate, has been considered
by me, with n sincere desire to conform my action
IN regard TO it, to that of the two Houses of Con-
gress by the Constitution 1t is made my duty, eli
Their TO approve the bill by signing it, or to return it
with my objections to the House in which il orsi.
mated. cannot conscientiously give II my appro
val, and proceed 10 discharge the duty required of
me- by the Cons:ituti1n-.o give my reasons for dis
approving.
/ Inc pcw"- oil Congress 10 create a Na.iona' INK
% operate per So over the Union, has been cues.
| ton Of dispute Il ON the origin of our Govern
ment Men most lrstly and dcscrvedy esteemed
/ for their high Intellectual eniowmunts their ,riu.
and their patriotism, have, IN regard To IT, enter.
tanned different and conflicting opinions Cor.
crosses have differed. The approval of one Presi-
dent has been followed 10y the disa pproyal Of ono
ther. The people at diff -rent times have acuui.sr,d
in decisions both for aud against Tie country hes
been and still IS, deeply agi:a;ed by this unsettled
question. IL will suffice for mo TO say tEat ny own
opinion has been uniformly proclaimqd to be against
:he exercise Of any such power by this Government
On all suItab occasions, during period OF twcntv-
hVe years, the opinions thur entertained have been
! cseIvcdly expressed. declared it in the Le-
g'sature OF my native State In the House of
! Representatives Of the United States il has besn
openly vndIcatCd by me. In the Senate chan,tc r
IN the presence and hearing Of many WHO are AZ
TINS time members OF that body, il has been affirm
81 and cairmcI 10 speeches and reports there mad
ard by votes there recorded. In popuIar assemble,
u have unhesItaungly announced II; and the last
public declaration which made end that buto sb,Tt
time before the late Presidential election referred
10 my previously expressed opinions as leipg rIosa
then entertained 10y me; with = full knnwIsdgc NJ
the opinions thus entertained, and never concealed
! was elected by the people Vice President of The
United States BY the occurrence Of a contInoencv
provided for by the Constitution, and arising 1prrr
an impressive d!spenslton OF Providence. succeed
| ed 10 the Presidential Office. Before snlrrinr ,uor
the duties Of that Office, took an oath lha, wouid
preserve. protect, end defend tho Constitution Of
the United Sta.cs' EntsTtaiGins the opinions alud-
co 10, and having taken lhss oath, the Senate and
the country will see that could not give nv sane
Hon TO a measure of tho character described with.
out SuTrcndcrlng ali claim the rcspctt OF honora-
o.e msn-ai confidence on the part OF the pecple-
al Selt.rcSPcct-all regard Tor moral and resious
IOorsaIions; without an Observance of which no
Government can be prosperous and no people can
/ be happy. II would be to commit crime which |
would not wiliully commit to gain any earthly re-
~aiI' and which would justly subject me TO the III
| dIcue and Scon OF all vIrtuous men.
! deem It entirely unnecessary al this time 10 en-
/ ter upon the reasons which have brought nv mind
to the convictions feel and entertain on this sub
lecI lhcy nave been over and over again re pcated
IL some OF those who have preceded me in this bigb
office, have entertained and ayoyyed different opin
ions, yield all confidence that their convictions
were sincere. claim only to have the same m.n
sure meied out to myself. Without going further
mo the argument Will say that, in looking to the
powers OF this Government TO collect, safely keen
and dIsDurse the public revenue, aud incidcnt,Iiv
TO regulate the commerce and exchanges | have not
been atIc 10 satisfy myself that the establishment
! ny lh's Government OF "a bank Of discount in the
ordinary accepta;On OF that term was a ne~essorv
means, or one demanded by propricty, 10 execute
those powers. What can the uctl discounts of tho
bank have To do with the collecting snf, ksepin.,
anu uisEursing OF the rCvcnuei So far MS the mere
dScounung Of pnnCr Is concerned, IL is quite m,o,.
terI TO tins question whether the discount Is ON
tanned at a STATE Bank ora United States Rank
/ They are both equally Iocll-both beginning and
/ boil ending in local accommodation. What in
hucnce have local discounts, granted 10y any form Of
bank, IN the regulating Of the currency and the %
changesl Let the history OF the late a. : R,,k
I aid us IN answering this inquiry.
| For several years after the Establishment Of that
ms tuition, u dealt aim 81 exclusively I'm Iocs G.
counts and during that period the country was, for
| the most part, disappointed IN tic consciousness
anticipated from It's Incorporation. 4 uniform cur.
rency was not provided, exchanges were not reuu-
lated and little or nothing was added 10 the gene.
raj circulation; and m 1890 Us embarr ssmcnis had
become 50 great. that the directors peutoned Con.
gTsss TO repeal that article OF the charter which
made IT'S noics receivable everywhere iu paymrnt
OF The public dues IL had, uD To that period dealt
/ TO but very small extent IN exchanges either TO-
regn or domestic, and late as 1923 its opera
I tOus IN that line amounted to a little NOR, than
seven millions Of dollars per annum A very p, .
I pa augmentation soon altCr occurred, and IN Is33
/ JUS dealings m exchanges amounted 10 upwards of
one hundred millions of dollars, incudin. the s,Ice
| Of It's own drafts; and all these immense trans,c-
tons were effected without the employment of az
uAorulnhry means. The currency of tie copnfry
became sound, and the negotiations m the rKcbnn.
g's we're cafuCd on az ths lowest possible rates
n9 gu cuIl.l9n WIS increased io moro than S23,
uOOO'O, and the notes OF tie Bunk wrr1 rcr,rdsJ
Is equal 10 sprcIc o.. over the country; thus showing
almost conciusWuIy, tia. o. was The clnrcty 10 deal
/ m exchanges, and not in Ice discounts which
iarulshcd these facilities uni advantages T. p,.y
be remarked, to, hat not~ tbs anG,7g tao mmrrs
rlns1c ions oi tnc Bank u The purcblEy ot cYr,prc
the losses 'u5.-jned were merely nominal. ,gb, ~
the line Of discounts the suspended debt was cpo-
nous, and proved m 80 disastrous 10 the Bank ami
TIE untry It's power OF local discounts has in
acl, proved TO he fruitful source OF fvoutrsm and
corruption, alike destructive TO tho public morals
and TO the general veal
The capital invested in banks of d scourt in tho
United States, created by the States al this time
exceeds sjjOOOOOUO; AM f the dis.ountrng OF local
p7psc could have produced any beneficial effects.
the United states ought To possess The souDdss, cur
rcncy In the world but tue reverse is limen,a6lv
lhe fact.
Is the measure now under consideration Of tho
Objectionable character to which have iIgl-d3 IA
y clearly so, unless by the l6h fundamental article
clio IS IN the following words:
Ihe directors Of The snld corporation shall csta
n"ah one eomIcicnt Office OF discount and dcp1sf-
IN any State IN which two thousand shares shall
have boon subscribed, or may he he'd, whenever.
upon application Of the Legislature OF such Stofe
Congress may, by law, require the same. And
the sud directors may also establish one or more
competent offices of discount and dsp1srtc On any
Territory or District Of the United States and In
any Sut0 with the assent uf such STATE. and ,yi o.,
established, the said office or Offices shall bo only
Withdrawn Or removed ~ the said directors rfrr 10
the expiration Of this charter, with the previous
assent Of Congress- Proriifd, In respect 10 any
state which shall not, nt the FIRST session Of the
Legislature thereof held after the passage of this
act by resolution, or other usual ICglspt pro- |
ccedn-, Internationally assent or dissent 70 the
establishment Of such Office offices within b., such
assent Of the said Slate shall no thereafter pre- |
sumed ind, prOUidsd, ntruih'lssS, That whenever
u snail become necessary and proper Tor carrying
INTO execution ony Of tho powers granted by the |
Constitution 10 establish an office or Offices in any
Of the States whatever aud tho establishment