Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-09-13
r lCH NJ ND.
NIoNnAY MonN1Nc 800
THE VETO

TIE VETO.
We shall speak Of the Veto No >. with the re-
spect due 10 the Chief Magistrate of the N,,ior
and with the freedom which becomes the Press
Intelligence from Washington had prep,red the onI.
lc tor the event, and are therefore not surnr;s
ell. But there was some expectation and hone ,b,,
the President would have furnished his own nccu-
lar views on this vital subject, in so clear and ds.
unct manner that the popular disconten,s mich,
have been quoted, the worst authorizations ,e,,
ell. As It is, we are saved from absolute desnoir !,
IS true, but the ground Of hope is far from, beip "a
hrm as we could wish. We desire TO make cvcry
allowance tor the en- Embarrassment Of the PresiJsp,'
position, and the weight Of his official cares Inn,
candour compes rs to say, that his course on hi,
question, throughout, has been singular and rer-
picking. Throwing out of view all pleJses cY
press or implied, before the election, the Message
At the opening of the presen, Congress did upouss
'onaoly recognize the necessity Of some strong f.
deral action, to restore Soundness to the currency
and exchanges. After that Message, the Secretary
OF the Treasury prepared, and submitted to Con.
sress, the plan OF Bank, understood every where
and ny all parties, To receive the Presidents sane
uon,-wh!ch plan expressly provided for central
institution with power TO establish branches of dis.
count and deposit by consent; OF the States. The
B'.! which h-st pissed Congress did not materially
vary from MIR. Ewing's plan, except in the feature
which relates to State assent and in that perbaps
not essentially. Yet, the President in his Veto No
!, declares that "Ihe right to INCORPORATE United
States Bank with power and right to establish Off
ces OF discount and deposit in the several States Of
this Union, t0ith or ,OiiIgu, their consent" Is
principle (which can never obtain his SANCTION
Having thus given death. blow TO Banks of dis
count and deposit, the President expata,cs at some
length on the great benefits and profits resulting to
the country from Bank Of Exchange, and leaves
on the mind Of the reader, a clear and decided i'm
preston, that such institution would readily re-
ceIve his favour Accordingly, MIR. Scrpeants
BIil-shlpcd as was believed, in every particular
to suit the Executive iaste-he odious title of Bank
being merged IN one less obJectona ble-nnd the now
eroi diseouHting entirely withheld, )-passed both
houses OF Congress- but has shared the fate orts pre
decessor The grounds OF objection appear to MS not
easily TeconcIiaO.e with the previous express On Of
the Presidents mind. NoiO, appears that not even
n fiscal agent n erchGngs can he consttutonalIy es
tnbllshed to operate per Sc through the Union-by
which VIC understand, not without the consent Of
the States. This doctriue that State assent will
render that constitutional which otherwise would
not be so, finds, we imagine, Ju, little favor with
any party. II the General Government has any
power whatever over the sui jet, it must possess
and exert that power iEJo pendcnty Of the States.
II IS impossible that " hat would be constitutional
m one State, would in another be directly the rc
verse. Such doctrine, carried out in practice
would not only involve many and gross absurdities
but lead to dangerous Consequences. But the Pee
slden it seems, has suddenly found out. thn, buvrg
and selling exchange Is very corrup,ing aa,r. and
liable to great sJusel He thinks that local dsc,yn,,,
might easily counterfeit e1chausc--and therefore no
every thing is liable to abuse it is best 10 have M
thing. He also objects, that no limit is preseriJsd
to the premium paid m the purchase OF bils-a
matter We suppose, which II would be impossible
10 regulate by law, and must altogether depend
upon circumstances. But the most cr,raorJin,rv
objection Of Is that the osta bshmcn. Of what he
chooses TO call ga national monopoIv or broIc,.
oge,' would bc likely 10 postpone indefinitely the
resumption Of specie payments by the State Banks.
We always suppOstd that the establishment NJ tho
United States Bank mos! materially aided tic State
Banks ~ The resumption Of specie payments. The
fact, we believe, is matter Of history. Tho ho,
Administration was friendly and kind 10 the Si,,s
Institutions, and gave them refuge under i,g brooJ
wing from the grasp Of private Jrokeyqg,. We
wish Mr. Tyler had informed us why the ,srrors Of
private brokerage arc not just o. likely to postpone
! the period Of resumption.
! But d ls usoI.ss TO dwell on this subject. Tho
Veto itself Is nor moro Notifying than the reasons
assigned IN J1sulcliion. But what mus, be dop,1
Shall VIC who elected MrTyler, sttf ourssyc, up To
'mnluy and rage" because no has done this tbing7
By no mconA On The contrary, there are strong
ana powerful reasons why the Wings should remain
hm and united, but cool and considcrate. The en-.
envy are seeking, by porsevcring efforts, to produce
DIVISION IN our ranks. II they can possibly bring
about a Tyler Wing porly-nnJ an nnu.Ty!er
wing paty-thoir wishes will be consummat.
co. We will dlsappont them. We will con.
unnc solid phalanx, powerful and unJroken
BESIDE 90 consgung what VIC consider most M.
fortunate detection m the President shall We rorreI
mat other great measures, equally condemned by
inc opposite party, he has stood by usl Let u,
VAT u.icuof events, and SEQ how Tar the unlucky
position, in which that high funclionary is placed
may ALLEVIATE him from the great Wing cause will
which he has heretofore been identified Sufficient
unto the day il the evil thereof
Correspondence efhe Wing