Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-10-19


to employ its capital in some
operation or operations Of banking;
which should yield TO stockholders a
fair and reasonable profit. To endow
it with powers and faculties beyond
what is necessary to its own healthy
existence, and the government ends for
which it is created, might be unconsti-
tutional.
In this view the wing party in Con-
gress respected the constitutional scru-
Piles Of President Tyler, when he OBJ
jected that a discount power was neith-
er necessary or proper for any nation
al purpose to such an institution, and
that therefore it was not unconstitu-
lional for Congress to create a dis
count bank operate per Sc, (by an
authority to "a blish branches of dis
count within the State without their
consenD over the Whole Union. Pla-
cling his objections in his veto message
solely upon the want Of authority in
Congress to create a bank of discount
to operate per Sc, and without the con-
sent of the &es throughout the I'm
ion, was kalent to an express dec
laratio9 he consent of the states
had ID to the establishment
off ches, or fthe discount
power bt been granted to the
Bank, the first bill would have
been free from constitutional objec-
tons.
In conformity 81, this understand
ing Of his views standing ne
cessarily infer Ihole tenor
and plain sense lessage, in
which it was h nal duty to
give to the two Hull and frank
statement of all Constitutional OBJ
jections' the whi iembers prepared
a bill leaving out discount power,
and retaining the power to deal in for
eign bills of exchange only, which
passed the two houses by an increased
majority, and was presented for his APP
proval. To the joy.of his political
enemies and the a Rment of his
friends he has applied veto to this
second bill. Can cf credit this
act with pure sense y founded
upon patriotic motiv Yhd sincere
constitutional scruplesN What opera
atoms are left to a bank in which
capital stock can be employed to any
profit to the stockholders, if after TAX
ing away the power of local discounts,
the power to deal in bills of exchange
is to be any more restricted than in the
second bank bill passed by Congress7
1t is evident that without allowing the
capital to be employed in the exchange
business to the extent permitted by the
last bank bill, 1.-The stock will NOT be sub
scribed and the bank cannot even be
born. We are compelled, therefore,
to believe that President Tyler will
never yield his sanction TO any practica
BILE plan of National bank, without
which the life blood ofthe great bust
ness employments ofthe nation,a sound
currency, can never be made to flow
again in healthy and temperate cur
rents Thoughts veins and arteries.
Res0IUed. as the sense Of this NEE
ting,
1st. That the two locofoco expeli-
ments ola Sub Treasury and the state
Banks, as substitute for a National
Bank, by destroying the soundest cur
rency in the world, reduced the peo-
pie ofthe United States from unexam-
pied prosperity to the verge Of bank
ruptcy.
I'd. Resotced, That the wing part y |
in and out of Congress foretold the
ruin impending from these expert
ments, and every where opposed |
these measures from their commence
ment.
Sd. ResOlred, That the wing party
had a right to expect when John Ty-
Ter Joined their ranks and received
their nomination to the Vice Presiden-
cy, that experience had convinced
hlm,as 1t had at an earlier period the
lllustrious Madison and numerous 9TH
other democrats of the republic, that
National Bank twas notonly necessary
and proper, but the only possible
means, by which the revenues could
be collected and discussed cheaply,
and kept safely, by which a sound and
uniform currency could be afforded, as
a healthy restorer to the debilitated hu-
slness of the country, and by which
he Government, with least danger to
liberty, could best provide itself with
money for the exigencies ofwar
and peace.
4th. ResolUed, That in vetoing a
Bank bill, with all the usual powers of
employing its capital in banking oper-
alton, local discounts as we'll as deal
ing in exchange, President Tyler di s.
appointed the just expectations of the
wing party.
9th. ResotUed, Thathi firstveto mes
sage, IN Directing 'to the discount and
power to p ace branches within the
States without their CONSENT" was by
inference equivalent to de-
claration, that United States Bank,
With discount power with the assent