Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-09-30

dlffersnce, and alarmed mc by remsrkine that
he hep an to do,rtt whether he would give his
assent as understood him) to any bank.
/ The next day "Wednesday. 18Th August
/ was the stated time for tho weekly meeting
of the Cabinet with the President. Mr
/ Webster, Mr. Ewing, snd myself, went u,
ten o'clock in the norning,and were informed
II that the President was Engaged with Messrs
Il Berrien, Sergeant, and, think, Mr.. Dawson.
\ of Georgia. We waited until they retired,
/ nnd the President made his appearance about,
i three quarters Of an hour afterwards. Mr..
Il Badger came in soon after the President
II ioined us. Messrs. Crittendcn and Granger
\ did not attend. Tho conference which en-.
sued was a long one-lasting two hours at
least, according TO my recollection. connO,
\ pretend To detail oil that was said neither
can undertake to give the language empoy.
ed by the President upon every point, nor oi
the members OF the Cabinet. ! can only
state the substance Of what was said upon
those points which most attracted my atten.
ton.
The President commenced by stating tha,
he had been waited upon that morning by Il
Committee Of Members OF Congress, who
desired 10 know his views upon the subject
of a bank--such q one US he could sanction.
\ tie had given them no satsfac ton upon the
subject, but had Informed them that he would
II first consult with his constitutional advisers
his Csbinet-through whom he thought Ii;
most regular that his views should be com.
municaled. He asked the opinion Of his
Cabinet. upon the correctness OF the ground
he had taken remarking at the same time.
that the habit Of expressing his views {"
Members Of Congress upon subjects of 81
A.. int IN r.,at ap,h
u rnssment aud much mere pres hon. That
question being disposed OF, the President
| advertcd briefly, but without much conncx.
| ion, to the relation in which he stood to the
| Bank question, and his disposition to go as
lar as be could to comply with the wishes OF
his friends. He spoke OF the relation that
existed between hun and his Cabinet, and
how necessary it was that he should have
their support. Would they stand by him ?
l lie much preferred that the whole subject
H should De postponed until the next session
II but il il was necessary to act now, he though
n plan might be devised which, with their
CO. era,lon, might be carried through, Ho
n wondered why the Senate continued to post.
pone acting upon his Veto Message, which
was yet 10 be disposed of. He supposed it
H might be 10 hold it as rod over his head !;
aud had some doubts whether it was proper
/ that he should consider further upon the sub
/ cct until the Senate had decided what they
would do with the bill then before them
Some one present assured him that the poet.
poncinent Of the question pending in the
Senate was intended 10 give time for refec.
ton, and 10 prevent an intemperate debate.
| The President theo gave the outline of
such bank or fiscal institution ss he thought
he could sanction. II was to be IN the DIS.
trct Of Columbia, 10 have the privilege OF
Of issuing its own notes, receive moneys on
dcposite, aud 10 deal in bills Of exchange
between the States and between the United
States aud foreign States. Bot he wished
10 have the opinion of his Cabinet upon II.
/ Ills own consistency ond reputation must be
looked 10. lie considered his Cabinet his
friends, who must stand by and defend what
ever he did upon the subject. lie appealed
particularly to Mr.. Webster for his opinion
upon the point Of consistency and whether
there was not clear distinction between the
old Bank Of The United Slates-a bank OF
discount and deposiie-und the one ho now
thought OF proposing and whether the con
stitulional question was not different. lie
reminded us that, in all his former speeches
and reports he had taken the ground tha,
Congress had no constitutional power To
Discount. Mr.. Webster pointed out the
distinction between the two plans in n man.
ner which appeared to be satisfactory to him
The substance of what he said was, as I un.
dersiood him, as follows: He had decided
preference ior bank upon the plan then
proposed over either of those which had been
previously spoken of. lie rcmnded the
President that he had expressed his prefe.
reaco for bank which should be restricted
| in its dealings to bills of exchange, when
certain gentlemen from the city Of New
\ York were present several weeks before.
lie then thought, as he did now, that il would
answer oil useful purposes. One ground Of
this preference was, and it had great weight
with him, that the plan did not contemplate
the consent Of the States as, in any way or
at any time, necessary to its existence or
efficiency. lie thought tho plan proposed
a. the commencement Of The session, gene.
rally known IN MIR. Ewing's bill, as incon-
gruous and Objectionable on this ground.
Ills gcnerai couise Of thinking on such sub
lccts led HIM 10 prefer that, whstever power
this Government asserted, or was authorized
TO assert, should be exercised independently
Of Stale authority, and Of the interference of
the States. He thought there could be no
doubt of the constitutional power to charter
such bank as was then proposed, according
To the Presidents own modes OF thinking
upon that subject, If he understood them.
Certainly there was a clear distinction be.
tween such a bank and the late Dank Of the
United States. The one now proposed was
To be limited in it's operations To such objects
as was clearly within some Of the general
provisions of the Constitution, or such ns
were clearly necessary in The execution of
others. The privilege Of having its own
notes, Of dealing in exchanges, and Of re
ceiving moneys on deposiie, all appeared
to have immediate reference to or connexl"n
with the power given in the Constitution over
commerce between the States, over the cur.
rency, as the necessary fiscal operations OF
the Government IN the collection, safe-keep.
ing and disbursement Of the public revenue.
These we're oil subjects Of national, and not
local or State concern The distinction be-
tween this plan and the late Bank Of the
United States lay in this the privilege en-
joyed by the old bank, OF dealing in locol
paper, or discounting notes having 10 circu-
lation, as II might be, but between the dlffc-
rent streets or commercial points Of the same
city, had 10 connexion with the trade or
commerce between the States aud remote
sections OF the Union, nor with the transfer
Of the public money from one point TO an