Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-08-21
NESSAGE

j FROM THE PRESIDENT or THE NTT |
SrATEs; WITH his oBJEc.
TloNS, THE BILL TO INCORPORATES THE
FISCAL BANK OF THE UNITED STATES |
AUGUsr IL. 1871.
The bill entitled IAN act TO INCORPORATE the sub.
scnbers TO the Fiscal Bank Of The United S,ates"
/. which originated IN the Senate has been consuJ.,el
by me. with n sincere desire 10 conform INV ac,io,
IN regard 10 ~, To that OF the two Houses of Cong ross
Dy me constitution II Is made my duty either To an
! prove The bull by signing IL, or to return il with mo
ooJeeuons, TO the House in which il originated.
cannot consnientiously give il nv appmyal. and I
5 proceed 10 Discharge tho duty reouirej al ,n. h. a.,
OonsiituhOn-io give my reasons for disaptoying
ihs power OF Congress 10 crc,te a National bank
|" operate per 80 over the Union, has been n oues.
"o" " dislnte fnorn the origin Of our Goyeramen.
wen most Justly and deservedly esteemed for their
high intellectual ondowments their WHINE ,nl ,ho;,
Pau'ousm, have, in regard 10 il. entertained differ
! W anu conflicting opinions. Congresses have differ.
Z ca. The approval OF one President has hecn al
! "weI oy the disapproval OF another. The people
IA uiheient hIacs, have aequiesced in do cisions b,,b
Tor and against. The country has been and nil !,
u deepiy agIteied BY this unsettled question. Ia WI
g sliice u TOT me iosay, that my own opinion has beel
uniformly proclaimed to be against the exercise on
= any such power by This Government. On all sui,a. {
9 PIC OCCASIONS, during n period Of twenty-five years.
d the opinion thus entertained has been nnreseryeily
"a expressed. declared it in the Legislature OF INV
naive State. In the House of representative OF
ue Ctlted States It has boon openly IMPLICATED by
'" Nv" W Ait Scultc Chamber, IN the prcSpuce and
e nearing OF many who ara al this time members Of
y that body, 1t has been affirmed and reanirmed. in
speeches AMI reports there made. and by votes there
Y recorded. In popular assemblies have uuhesiia-
J. hhg'y announced as and the last public declaration
Il which | made. and that but n short limo beCorc tho
q lale PresIdental election, | referred to my previous.
~ expressed opinions as being those then entertain.
e ed by me.
With a full knowledge Of the opinions thus enter.
tained'and never concealed, I was elected by the
IL nTfaula AHa. II r. -
occurrence Of a contingency provided for by the
Constitution, and arising under an imnressiye dis.
pcnSailon al Providence. | succeeded 60 the Presi.
" dental office. Before entering upon the duties OF
'na' oil'e' took an oath thatl would preserve
protect and defend the Constitution of The IInited
S'aies' Entertaining the opinion alluded to, and
having taken thus oath. the Senate anl The country
: VIII sec That | could not give my SANCTION % n mca
" sure OF The character described. without surrender
:. ing all claim 10 tho respect Of honorable men-al
- confidence GA the part of The pcopls-all selErespcc
:: an regard ior moral aud religious obligations
~ without an observance OF which no Government car
=, DC prosperous. and TO people can lie happy. I
=. would be to commits crime which would moi will
- iuly Commit TO gain any earthly reward. and which
"S would justly subject me To the rdicule and scorn a
Cd all Y rtuous men.
i deem II entirely unnecessary at this time 10 en-
'h 'cr upon the reasons which have brought my mine
no 10 TIE CONVICTIONS ! feel and entertain on this sub.
neJ,c' Ihey have beenover and over again repeated
'"TN WIN ~ lIttNutd me in tntS high
Office have entertained aud ayoxed different oo;n.
re- ions' yield all c"nfdenco that their cony Ictions
ay were sincere. claim only 10 have the same mea-
MT sure meIed Oui 10 myself
It's without going further into the argument. I would
say, ihat m looking 10 the powers Of this Govern.
ro- Rcnt 10 collect. safely keep. and di-burse the uub.
Iie Ic revenue, AID incidentally to regulate the com.
les merce and exchanges, / have not been able 10 sotis-
OF " myself that the establishment by This Govern.
ment OF a bank Of discount. in the ordinary nccep
Nv I TALON OF That Term
TO demanded by propriety, TO execute those p,,yer.-
as "hal can The local discounts ofihe bank have 10 do
I'D with the collecting. safe keeping. and disburSing the
=" 'e'c""e' % iar as the mere dIscouniing Of papc-
$ concerned, n ~ quite imml terial to the hueSiion
MS "helher The discount is obtained NJ n State Rank or
a United States Bank. They are both equally In.
"h caI-boih beginning and both ending in a local nc
eoInnodaiion. What influence have local discounts
granted by any form Of a bank. in tho reg uIating O
The currency and the exrhangesl Let the bist,,v
Of Tue late United States Bank all Us in answering
Ihis inquiry.
For several years after the establishments Of tha,
institution II dealt almost exclusively in local dis
counts and during that period The country was, foe
II te most part disappointed in the consequences nm
'e'pa'ed from is Incorporation. a uniform cunen
cY was not provided, exchanges were not regulated
aiu huIe or nothing was added TO the general cir.
eulIlion and IN 1920 lis emharassmenis had be-
rome so great That the directors pctilioned Congress
TO repal that article in It's charter winch made rs
- notes receivable every where ia payment Of public
dues.
a IL had. up to that period. dealt TO but a very small
extent IN exchanges. either foreign or domestic, and
as late n 1923 IS operations ia that line amounted
TO a ltue more than seven millions per annum. A
very rapid augmentation soon after occurred, aud IN
1898 It's dealings IN exchanges amountde Co upwards
Of one hundred millions Of dollars, Including the
te sales of lis own drafts and all these immense
m. transactions were effected without the employmeuI
Of extraordinary means. The currency of the cppn.
Try became sound. and the negotiations i'm the OF.
en'hges were carried on at the lowest possible rates
lhe circulation was increased 10 more Than " 600
dy VOV' unu 'he notes OF the bank were regarded rs
a. equal 10 specie all over tho country ,bns sbou;n,
almost eonclusivcly that il was The c,noc;,, ,oIori
VA exchanges and not local discounts. which C,n;sb.
ca mese facilities and advantages. n mav be re
ih Unltheu To- That notwithstanding the immense trans.
So"%nS oI INC bank IN Tho purchase Of exchange.
&c, me losses sustained were merely nominal ,yh;lo :,
us. 'he Inc OF discounts the suspended debt vyn !,
ity NOUS and proved most disastrous 10 The bont ,,J
es Ihe country. Its pnwer Of local discount has in
iact proved TO be a fruitful source of G,v,,,t;sn
we ais and 10 the general veal.
s.c The capital invested in hanks NJ 5,.a,
err Ohleh states, created by the States at this limo OF.
ceeds SSJO,OOO.OO0, and If the discou,ti,, "a -
bat p'ptt 'ould nave produced my beneficial en.c,s
Oh ,no uhl'ed states ought 10 possess the sounJe.t
Lo bly the fact #" i'neh'a'
Dr. Is the measure now under consideration or Tho
ell Questionable character 10 which have alInd,d p
is y ,s clearly So unless by the 10th fndamonipI ar
he '|' y We ilh section It Is made Otherwise, That
article s ia tho following words
.Ihe direction Of tho said Corporation shall est,b
hsh one competent Office Of discount aud deprsif in
any Stale m which ino thousand shares Mi La,o
been subscribed, Or may be beld, whenever, np,1
rT"'a,lO" OF iho legislature Of such State. Con.
may ny law require the same. And the said
as oireclofs may also establish one or moro ,,mno,on,
5hc's oi discount and deposite in any Territory q,
g'''H'i OF Tho United States. and in any Stat. ,y,,h
" '"e assent OF such State; and when sst,bl,.b.d ,Le
.i'l o,ioo or offices shall be only Withdrawn or r..
~ m'ye' Dy TIE s1id directors prior 10 The erofron,,
be- i TINS charter, with The previous s..ent oC ca,-,es,
Ifo,ueu' 90 respect 10 any State winch shall not n
ue nfs' session oi the legislature thereof held oGo,
'' passage oi This act. by resolution. or Ohio, gsg,l
ID ls.,'"le proceeding. Internationally assent or M.
b. -UL W We nsI1IIIahmnnI OF .urh II -