Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-08-26
THE VETO.
MESSAGE

From the President Of the United States
returning, with his objections, the Bill {.
incorporate the Fiscal Bank of the United
States, August l6, lS4I.
TO the Senate Of the United States.
The bill entitled Gan act to incorporate
the subscribers to the Fiscal Bank of the u.
nited States," which originated in the Sen.
ate, has been considered by me, with sin.
cere desire to conform my action in regard tc
IT, to that Of the two Houses of Congress-
by the Constitution it is my duty, either tc
approve the bill, by signing it, or to return j,
with my objections TO tho House in which il
originated. l cannot conscientiously give i,
my approval, and proceed to discharge the
duty required Of me by the Conslitution--.c
give my reasons for disappearing.
The power of Congress to create Nation.
al Bank to operate per sc over the Union, has
been aquestion of dispute from the origin OF
our Government. Men most justly and de-
servedly esteemed for their high intellectual
endowments,thei virtue, and their patriotism,
have IN regard to it, entertained different and
conflicting opinions. Congresses have diff
cred. The approval of one President has
been followed by the disapproval of another.
The people, at different times, have acquies-
ced in decisions both for and against. The
country has been, and still is deeply agitated
by this unsettled question. 1t will suffice for
me to say, that my own opinion has
been uniformly proclaimed to be against the
exercise of any such power by this Govern
ment.
On all suitable occasions, during a period
OF twenty-five years, the opinions thus en-
tertained have been unreservedly expressed.
l declared it in the Legislature of my native
State. In the House of Representatives of
the United States it has been openly vindica-
ted by me. In the Senate Chamber, in the
presence and hearing of many who are at
this time members of that body, it has been
affirmed and re-affirmed, i'm speeches and re-
ports there made, and by votes there record.
ed. In popular assemblies have unhesita-
tlngly announced it; and the lastpublic decla-
ration which l made, and that but a short
time before the late Presidential election,
referred 20 my previously expressed opinions
as being those then entertained by me.
| With a full knowledge of the opinions
thus entertained, and never concealed, was
elected by the people Vice President of the
United States. BY the occurrence of con-
tingency provided for by the Constitution,
and arising under an impressive dispensation
q Providence, succeeded to the Presiden-
tlal Office. Before entering upon the duties
OF that Office, took an oath that would
| ''preserve, and defend the Constitution of the
United States" Entertaining the opinions
| alluded tn. and having fakon this oath. the
Senate and the country will see that could
not give my sanction to measure of the
character described, without snrreudering all
claim to the respect Of honorable men-all
confidence on the part OF the people-all sell
respect-all regard for moral and religious
obligations, without an observance of Which
no Government can be prosperous, and no
npOnlH h., hapny 4 ha
NIT crime which / would not wilfully
commit to gain any earthly reward, and
which would justly subject me to the ridi-
cule and scorn of all vir;uous men,
Ideem 1t entirely unnecessary at this time
to enter upon the reasons which have brought
my mind TO the convictions ] feel and enter
tain on this subject. They have been over
and over again repeated. If some of those
who have preceded me in this high office
have entertained and avowed different opin-
ions, yield all confidence that their convic.
tons were sincere. l claim only to have the
same measure melted out to myself. With.
out going further into the argument, ! will
say, that, in looking to the powers of this
government to collect, safely keep, and dis
) burse the public revenue, and incidentally to
regulate the commerce and exchanges, ] have
: not been able to satisfy myself that the es
1
of discount, In the ordinary acceptaton Of
that term, was necessary means, or one de
, manded by propriety, TO execute those pow
j erS.
What can the local discounts of the banl
have to do with the collecting, safe-keeping
and discussing of the revenues So far a,
the mere dlscounting of paper is concerned
1t is quite immaterlal to this question wheth
er the discount is obtained at State Bank o
a United States Bank. They are both equal
ly local-both beginning and both ending il
a local accommodation. What influence
have local discounts, granted by any form 0
a bank, In the regulating of the currency an
l the exchanges! Let the history of the LAT
i United States Bank aid us in answering thi
X inquiry.
t For several years after the establishment
d that institution, it dealt almost exclusively i
e local discounts, during that period the cour
}. try was, for the most part, disappointed j
IS the consequences anticipated from its inco
poration. A uniform currency was not pre-
"a vlded, exchanges were not regulated, an
little or nothing was added to the gener
y circulation; and in 1920 its embarrassment
had became so great, that the directors pet
toned to Congress 20 repeal that article
: the charter which made its notes receivab
everywhere in payment of public Dues
had, up to that period, dealt TO but We
IN small extent in exchanges, either foreign
" domestic, and as late as 1923 its operaticl
he In that line amounted to little more she
seven millions of dollars per annum.
I'd very rapid augmentation soon after o
Of CURED, and in 1883 its dealings in excha
I'd ges amounted TO upwards Of one hundr
e, millions of dollars, including the sales of
ut own drafts; and all these immense transa
$, tons were effected without the employme
j. OF extraordinary means. The currency
Of the country became sound, and the negot
tons in the exchanges were carried on at t
- lowest possible rates. The circulation W
increased to more than $22 200, 900, and t
notes Of the bank were regarded as equal