Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-08-28

incorporate inc EiSCdt 1''tiiA " ''iO
United States, August 10Th, ISL.
Tothc senate of the United states.
The bill entitled ..in act Ia incorporate the
Subscribers to the Fiscal Bank OF The United
Siatcs," winch originated IN the Senate, has ocen
considered by mo, With II sincere desire l" con
form ny action in regard Ia It, to that oi the $50
Houses OF Congress. BY the C"nsitnii"n' II Is
made nv duty, either to approve the bitI - sign
inc It, or to return it with nay ciIeeuons To the
House IN which IL origlua ted cann"t c"nsct-
eutiousIv give IL my approval, and proceed to
discharge the dusy required of me by the Consul
,utlon-to give reasons for disappearing.
The power OF Congress TO create a NtHona'
Bank to operate per sc over the Union, has been
a quest ton Of Dispute tro,n }hG origin 81 our gov
crntncnt. Men most Justly aud desef""a'F IS
iccmed for their hIEh intellectual cn!n"ma"js'
,helr virtue and their patriotism, have, IN FcgfFo
20 it, entertained different aud conflicting "r'n
IONS Congresses have differed. The approx al
Of ono President has been followed by the dt-hP
prevail OF another. The people At d-t!areht times
have acqWesrel IN decisions both Tor ah7 against
The country has been, and stttI ts deeply a2tla-
ted bv this unsettled question. 1t VIII sHtli@e
for nae to say that my own opinion has been "ni
forinlv proclaimed 10 30 against the exercise o.
any such power by this governments ga all
suitable occasions, during a period Of - years
tho opinions thus enfcraineI have been nnre-
servedly expressed. declared 1t Ill the Legs
Iature of my native state In the House 81 lte-
presentatIyes OF the United states - mas ueth t.
neoIy vio6icatcd by In the senate cham
her. in the Lresence and hoaring OF many "h" are
n, t,s tnne members OF that bnjT u has been al
lirmcd and reafirmed, IN speeches aud reports
there made and bv votes there iecot4od
In popular assemblies have nHhcsitatIa2'y an
nonncei it; and the last public decifrs'l'n winch
made, and thrt bat short tiHe before Inc lat
Presidential election. referred to my pros ,
expressed opinions IS h-1og those thaa ""'e'
tanned by me: with a fall In'NIedEe al ih' 9''i
ions thns entertained, aud nsv"r c"'"e'. 't'i y" a.
elected l,y the people E"o President ot '''1 o''
ted States.
By the occurrence a Il contingency provide
for by The Constitution, and arising under asa ~"
nressive dispensation Of Pro, jdcncc, succeedl
to the Presidential office Before entering uP'
the duties Of that office. | took "ata 'hat
would .spreservc. protect and defend tie t"i
stitation of the United States" E"tertalnI"
the opinions alluded Ia, and having taken tia
oath the Senate and the conntry wt see ta}t
could not give nv sanction 10 Il measure "t IN
character described, without surrcnderIng a
claim to the respect Of hon .rahlc m"n--iti c""i
dence Oh the part of the Peopie-a!l sell FesPe'
all regard for moral and religious obligation
without an observance of which no Governmei
can be prosperous, ard no people can be haPp
II would he % commit Il crime which WONG II
wilfullv commit To gain any earthly reward Fl
which would Justly subject me to the ridicu'e nj
Scurn oi all NtftuouS faeH
deem it entirely unnecessary ut th's time
enter into the reasons winch have brought Il
mind to the convictions feel and entertain
this subject. They have tcGn over and over
gam repeated. If some OF these who have RI
ccetled IN this nigh office have entertained al
avowcd different opinions. Weld all conhien
ths, their convictions sincere | claim q
" to have the same measure mcfed oat iaF M
self Without going farther into the argument
will say that, in looking to the powers at the @
eminent TO collect. safely keep. and disbuTse +
public revenue, and incidentally to regulate I
commerce and exchanges, have not been able
satisfy myself that the establishment by u
Government Of a bank of discount in the eFd3na
acceptatIon ct taat term, was q necessary mea
or ono demanded by pro2siety, to execute tbs
powers. What the local discounts OF
bank have to do with the collect ting. safe CepgE
and discussing Of the revenue? - far rs
mere dlscounilur of paper is coaneraed.lt Is qa
inmateral 10 this question whether the dlsco1
IS obtained a. 4 state bank United Stu
bank. They are both equally locai-both
ginning and ending in local accommodation
What influences have local discounts granted
any former bank. in the regulating OF the curr
cv and the exchanges? Let the history 81
late t. States bank AID Us IN answering tins
curry.
In several wears after the establishment OF
institution. il dealt almost exclusively IN local
coants: and during that period the country
tor tho most part. disappointed IN the conseql
ces anticipated from its incorporation Il
form currency not provided. exchanges W
not regulated, and little nothing was added
the general circulation, and IN lS1U, lis emf
easements had become so great, that the DIrec