Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1841-09-30

States. over The currency and the neeeS-
'ary hscal operations Of the Government
70 The collection, ssfe-kesping. aad die.
oufsement OF the public revenue. These
we're all subjects OF national. and not lo,-
cal or State concern. The distinction be
tween this plan and the late Back Of the
Ouiied States lay in this: the privilege
enjoyed by the old bank. Of dealing in 10.
cal Psper, or discounting notes having no
circulation. a. it might be. but jetWeen
The different streets or commercial points
Of the same city, had no conpexion with
ne trade or commerce between The States
and remote Seeliors OF The Union. nor
with The transfer OF the public money
from one point TO another and II had
therefore, no necessary connection With
any Of the great naiionsl objects for which
the bank was chartered nor could IL be
claimed a. On incident to any Of the pow.
ers given TO Congress by the Constitution
That privilege. he aPprr hended, was con
feTTed upon the late back from the belief
that without IL the stock Of the bank could
not be made profitable and il vas there.
lore considered - q necessary incident 10
an institution which was itself bot che of.
spring Of an ineIdentSl power. Expert.
enee, be thought had shown clearly that
such privilege was no logger important
or neeessary. By combining the discount.
ing privilege OF the proposed bank TO bills
OF exchange between this country aad TO-
reign States. and between the several
States Of the Union, this objection would
not lie against IL.
The President expressed bis .eRret that
he bad not used the words 'banksol dis.
count and deposile" in his late Message.
30 that the distinction he now took migi.t
be clearly inferred from that message, and
he could not then be charged with incon
sIsisncy. MIR. BADGER said he thought
nothing would have been gained by the
use OF he terms bank Of discount end
depo'iie" in his message; for. a. 10 ihc
charge OF Inconsistency. IL might, and
probably would, be made against him for
party elect, 81 he sanctioned the bill then
proposed by him. inasnuch a. dealing in
or buying bills Of exchange would be dis
eoUntIsg, aud to that extent make IL a
bank Of discount
When ell the material points appeared
10 be disposed Of. and the me mbers OF the
Cabinet present had expressed their deci.
ded appreciation Of the plan the President
had suggested, be said that after all, he
would not sanction a bank Ia the form
just sgreed upon, IL he supposed that IL
would be made the ground worksor basis
OF bank with ell the powers Of the late
Bank OF the Uni,ed States. He never
would give his sanction TO the power Of
local discount. He feared that. at the nexl
or succeeding sessions OF Congress. the
Wings would be bringing forwarded =
amendments ENGRAVING this pow CT upon
any charter he might now approve; and
he appealed 10 bis Cabinet TO know il
they 'uld stand By him. and use their
influence IN preventing any such move
meats while HE Administration lasted. -
WI WEBsTER and others gave him ell
proper assuTanees upon this point.
The President thought capital Of ST.
teen millions Of dollars would be sun.
eient.
a name, be said, vas important VIVA,
should IL be FiscaI Iasfifuis would do.
II was objected TO. and the name Of Fis.
cat Bank preferred by = member Of the
Cabinet he replied that there was Z
great deal 20 q name. and be did mol wish
the word bank 10 appear in the bill.
The PRECEDENT then inquired il he va,
understood. He said there mus, be nc
Misunderstanding Of what be proposed IA
do. Addressing himself 10 Sir. EuINe,
be asked him IL be thOUghi be understood
hiss views fully. Sir Ewing undertook
10 Fecapiiuls,s. Hs understood the FTp.
sidenl 70 have 90 objection 10 a bs,k in
the District OF Columbia, with Offices o.
diseooni aud opposite 10 The Siaies, viii
I their assent. The President interrupted
him abruptly, b. saying be did not 10
deTslsnd-him al Ell he vas not willinp
10 sanction airy such bank understood
hiss nsiee!iOn 70 be 10 the power Of loca
discount. supposed Mr. EwIsG intend
ed 10 cay that be understood the Pyesr
dsni bad 40 eohsfifuiiOnai objecuons &.
such q bank. Mr.. EwING. however
without explaining. vent on 10 cay, tha
be now understood The President 10 hsv,
no objection 10 q bank In The District n
\ Colombia, Riih the power 20 isms n
own noigg. receive moneys on deuoaie
I with Offices On ageacics IN the States huy
j M
dealing IN bill o. eHchsoes dnun 10 On,
State o. Territory sod nsJs payable u
another Stale o. Territory Of the Uniou
aud ~ bills BET seen TIE Uaiisd State
and forsien States o. Nations.
+ The President said be va then under
stood He reqaasird Sc. WsHsrsa PEI
Iucuiafig % corr mUuicaia With ihs gentle
men uho bed ssiied upon tias that n.orn
+. cog. end 20 lei ihem know ihs sonciu
rioaa 90 Which De bed cone. See eco fa
Iquefifd Do. EwfHo 20 ed 10 gsibns ih
sulieei properly before Conmsss. ne re-
lqaesisd lhai they uoold take cssu no8 q
commit him By shat ibsy said 10 mem
befs a ConFTets % any iatenhon 70 &c
tate % Congress. They nirht ezprea
thcir confidence sod belief shat such q bil
AZ bed iusi beea sgfeed uIen wouia 10
fceire BE- raaciiun but d should BE- B
msiier az inference ffom be Veto Mes
cage and be eenefal viees. he ibuurt
he eight ffqoeat ihsi zoe meatnra thoal
BE- pHi inlo the haafa 81 saae breed 90 b
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