Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-09-11
VETO OF THE FISCAL BANK.

Il large vote.
VETO OF THE FISCAL BANK.
To the House OF Representatives. of the L. States:
1t is with extreme regret that | feel myself con-
strained, 10y the duty faithfully 10 execute the office
OF President Of the United States, and to the bes,
of my ability "to preserve, protect and defend the
Constitution of the United States" TO return to The
House, in which 1t originated, the bill ito provide
for the better collection safe keeping and disburss
ment Of the public revenue, by means Of a corpo.
ration to be styled the Frsca Corporation Of the
United States" with my written objections.
In my message sent to the Seante on the 18th day
OF August last, returning the bI "to incorporate
the subscribers TO the Fiscal Bank of tbe iTn,.d
States" distinctly declared that NV own ooinop
had been uniformly proclaimed to be against the
exercise cot the power OF Congress TO create n
National Bank to operate per Sc over the Union >,
and, entertaining that opinion, my main objection
TO that bill was Used upon the highest moral and
rei ous obligations Of conscience and the Con,trp
ton. | readily admit, that whilst the qualified
vETo with which the Chief Magistrate Is invested
should be regard d. and was intended by the wise
men who made II part OF the Constitution, as a
great conservative principle OF our system, without
the exercise OF which, on important occasions n
mere representative majority might urge the Go
yernment IN Ils legislation beyond the limits fixed
by its trainers, or might exert It's Just powers too
hastily or oppresslyey; yet il Is a power which
ought to be most cautiously eNerted, and perhaps
never, except IN case cminenIy involving the
public interest, IN winch the oath of the Pre-
sident acting under ms CONVICTIONS both mental and
moral, mperiously requires It's exercise In such a
he has ALTERNATIVE. lie must ellher exert the
negative power entrusted 10 him by the Consttu-
ton chiefly for its own preservation, protection and
defence, commit ar act Of gross moral turpiude
Mere regard TO the vii! OF majority must not, in
constitutional republic Ike ours, control this
cred and solemn dCly OF sworn officer. The
Constitution itself | regard and cherish Es The en-.
bodied and written will OF the whole People of the
United States IL Is their fixed and Fundamental
law, which they unanimously prescribe to the pub
lie tunctunaTies-IheIr mere trustees and servants
This, their will, and the law which they have civ
en- US as the rule Of our action, has no guard, no
guaranty Of preservation, protection, and defence
but the oaths which II prcscu5es 10 the public Off
GERS, the sanc,lIy with which they shall Tellgiously
observe those OIlhS, and the patriotism with winch
the people shall shield It by their own sovereign
will, which has made the Constitution sup.eme.-
IL must be excTied against the will OF mere repre-
sentative majority or ut all. IL Is alone in pur-
suance OF that vii. that any measure can reach the
President; AMI To say that because i majority IN
Congress nave passed bill the President should
therefore sanction H. is 10 abrogate the power alto
selher, and 10 render Its insertion tie COnsItu-
ton work Of absolute supererosauUn. The duty
is 10 guard the fundamental will OF the Peope Them
selves from I'm this case | admit unintenionaD
change or iBtIacuun by majority IN CUngtess.-
And IN that light aone do | regard the constiIu-
uonal duty which now most reluctantly discharge.
Is this bill now presented for my approval or
disapproyal, such bill as have already declared
could not receive my slnctIOu7 Is It such a bill as
calls for the exercise OF the negative power under
the Constitution Does it violate the Constitution
uy creating National Bank to operate per 81 over
the UnIonl Its TILE, in the first place, describes us
general character. IL IS ian act 10 provide for the
better collection, ssfe-keepIng, and disbursement
OF the public revenue, by means OF corporation to
he styled the Fiscal Corporation of the United
SfalCS" In s'ye then, II Is plainly nauOna. IN IT'S
character. Is powers, functions, and duues are
those which pertain to the collecting, keeping aud
discussing the public revenue. The means by
which these TO be eXeGed Is corporation, 10 be
styled the Fiscal Corporation OF the United States
IL Is a corporation created by tie Congress Of the
United States, m Its character OF National Legs
iaiuTc for the whole Union, TO perform tie fiscal
meet the fiscal wants aud exscncies sup
ply the fiscal uses, aud exert the fSeI! agencies OF
the Treasury oi the United States. Such Is It's own
description Of itself. Do its provisions contradict
It's tlte2 They do not. 1t is tue that 10y It's FIST
section, provides that shall be established IN the
District oil Columbia; but he amount Oi MS capital
the manner m whIch IT'S stock Is 10 be subscribed
Tor and hed-the persons and bodies, corporate aud
polite, by whom us stock may be ht.d-ihe APP
pointment OF It's directors, ani their powers aud
duties-its fundamental articles, especially that 10
establish agencies IN any part OF the Union-Ihe
corporate powers and business OF such agtncIcs-
tie prohibition OF Congress TO establish any other
corporation With similar powers tor twenty years
with express reservation IN the same clause TO mo-
dify o. create any bank for the District of Columbia
so that the aggregate capital shall not exceed i've
millions; without cnumCTatng other features which
are equally distinctive and Characteristic, clearly
show Ihal Il cannot bo regarded other than a
Bank Of the United States, with powCfs seemingly
more IIm ed than have heretofore been granted TO
such an institution. IL operates per Sc over the
l. MON, 10y virtue Of the unalied, and, IN my view,
assumed authority OF Congress rs National lie
gslature as dIstngUlshaJlC from a bank created by
Congr,ss for the District OF Coumtil, rs the local
legislature OF the DISTRICT Every United States
Bank heretofore created has had power TO deal In
hills OF exchange, well rs local discounts. BDin
were trading privileges conferred, and both were /.
exercised, by virtue of the aforesaid power Of Con-
gross, over the whole Uoion. The question OF pow .
BE- remains unchanged, wIthuut reference 10 The CN.
Tent Of privilege granted. 10 this proposed Corgu-
au u Us TO he regarded rs local bank OF the Dis.
Fict Of Columbia, invested 10y Congress with gene
raj powers 20 operate over thc Union, % IS o5uON.
Gus 10 still stronger objections. Il assumes that
Congress may invest q local ust'ut on with general
,r national powers. With TIC same PROPHECY that
mey DO this IN regardtO a Unnk OF the Disrct Of
Columbia, 10 may rs 10 a State hank. Yet who
AN indulge tie idc0 that this Government can
lghuuiiy, Ivy making State tank iis hscal agent,
invest @ with the absolute aud unqualified power,
conferred 10y this bnl1 When ! come TO 'ook 20
he details Of tho bill, they 90 not recommend d.
ironcy TO my adoption. a bret notice Of some
,f u.s. proys uns viii suffice.
First. IL may justify substantially system Of
discounts of the most Objectionable character 4. |
s 10 deal in bulls OF exchange drawn In one State
md payable IN another without any restraint The
ii.l Of exchange may have an unlimited time 10 run,
Ind its rcucwauiIily Is no where guarded against
{ may, in fact, assume the most Objectionable form
Il accommodation paper. u Is not required to rest
IN any actual real, o. substantial exchange basis
f1wcr IN one place becomes tho acccptor IN another
md s1, IN turn, the ac5crtJr may become the draw
In, upon a mutual understanding. II may, 90 tho /
amc time, indulge in mere lOcii discounts under /
he name Of bulls of exchange. bii dawn ut /
on Camden, New Jersey; al New /
York on a border town IN New Jersey; az Cncin /
,ati on Newport, m keutuckyi not TO multiply /
lthor examples, might, ior any thing N this bill to
cstrain t., become mere matter Of locd accommo- |
lotion. Clues thus relatively situated would POS. /
ess advantages over cities otherwise situated, OF So
decided a ehamctcras most Justly to excite dissa.
lsiactlOn.
Second There Is no limit prescribed to the pro
mum N the purchase Of bills vt exchange; there by
JueeIing none OF the evils under which the com