Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-09-04


the final adjustment of this vexed question
upon perfectly constitutional basis, that
will be likely to stand forever hereafter, be-
yond the fluctuations oftrade and the strifes
of party.
1t has doubtless been to the President a
painful duty to differ with many of his
friends, and especially so to the extent of
| feeling constrained to put his negative upon
an important, and, with many, long and
deeply cherished act, of those who contrib
uted to promote his election to the Vice
Presidency. But if they recur to the fact
that an act of Providence and the choice of
the People placed Mr.. Tyler at the head of
the Government, with all his long cherish
ed, matured, and we-known principles and
opinions still upon his conscience, they will
find in their hearts no honest disposition to
censure, however much they may lament
his decision. There is no reasonable sacrl-
fee, we are sure, he would not have made,
to meet all the just expectations Of his
friends, compatible with his duty to his
country and the Constitution. He has re-
hected upon the subject with the deepest
anxiety, and with the most sincere desire to
settle a question which has so long and so
iniuriously agitated the country. With due
Difference to the wisdom of Congress, he
vet has been unable to bring his mind to a
concurrence with the principles of the lea-
sure they presented for his signature. lie
has diligently discharged his duty, accord
ing to his oath and his conscience, and the
bill is returned with his objections, frankly,
clearly, and firmly stated. 1t remains for
/ o,,I tbo 10 md
upon the act, and we devoutly hope they
may bring to its consideration heart and
mind as candid, as kind, as dispasionate,
and as conscientious, as has been exercised
by him.
The Presidents objections are confined
principally to three* points, viz:
]. The unconstitutionality of the bill;
2. The impracticability of the 18th fun
damental article of the 18th section;
8. The absence of all necessity of a
Federal bank to make local loans, as a
means of transacting the fiscal business of
the Government.
The first point he deems it unnecessary
to argue. i, 1t is matter of faith and Of pro-
found conviction long entertained, and ev-
cry where proclaimed by him in every form
of expression.
The second ,oonthe argues very forcibly,
and makes it sufficiently apparent that the
so-called "cornpromise" section. is an eva
sion. not concession, and that while it at
first appears to weld point, subsequently
fully asserts the over to establish branches
without the unqualified assent of the States,
the lawful existence Of which, he Denies
He also intimates that it would bring the
States and the Federal Government into di-
rect conflict, putting the peace OF the
Union in peril. He shows that tits otherwise
impracticable, and at ar with reason and
Justice.
The other point, relating TO the discount
ing power, is especially worthy the atten-
ton Of statesmen and of the people. There
is no man better acquainted with the cor
rupting tendency of local loans from fed
eral corporation than Mr.. Tyler, as his re-
port of 1884 will clearly show. 1t is to this
cause, more especially, than TO any other,
that the corruptions and embarra sluents OF
the two National Banks we have ha d are at
trbutable The enormous discount of the
late Bank to favorite presses, politicians,
and legislators, and their evil effects, are not
forgotten, and the fate of the Pennsylvania
Bank of the United States perpetuated the
example to the last. These evils are not ne
cessary, and ought if possible, to be avoid
ed. The discounting power is not necessa-
ry for the regulation of commerce or the
currency. The only possible pretext for it
is, that it is source of profit, when judi
cousy used to the Bank. But it is fre-
quently the cause of its bankruptcy. Gov
eminent need not be necessarily subject to
the injurious and fuctuating effects of such
cause. 1t wants, and the people want,
more than any thing else, A STABLE SYSTEM.
A federal institution, established with re-
ference to the finances, can properly have
but three objects:
!. To facilitate the collection, safe-keep-
ing, and Disbursements the public reve-
nues.
=. To supply national currency Of uni
form value, in which those revenues may be
received and managed.
8. Incidentally to facilitate commerce,
by cheapening and equalizing the exchan-
ges Of the country.
If, therefore, the deliberations of the fu-
ture shall lead to the establishment of an in
stituton free from constitutional objections,
and upon principles which shall fulfil the
wants Of the Government and the People,
and be at the same time stable and enduring,
the problem will be solved, and the country
will be at rest.
*All these, it is clear enough however, are pre-
dcated upon the compromise" section of the bill
That out, and Mr.. Rires' amendment in, and the
bill would long since have BEEN law.--Ii'neS.