Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-09-04

To The Stnais Of the Cnitsd States
| The bill entitled IAN act 10 incorporate tbs
subscribers TO the Fiscal Bank Of The Used |
/ States" which originated in the Senate, has been |
considered by me, with sincere desire TO con |
| form nv acton IN regard 10 IT, to that Of the two |
/ Houses OF Congress. BY the Constitution 1t Is !
made my duty, either TO approve the bull by sign !
| ing II or TO return II with my objections 10 the |
House IN which il originated. cannot Sonsci- |
entiously give my approval, and proceed 10
discharge the duty required OF me by the Con
stuuon- TO give my reasons for dIsspprovIns.
The power Of Congress TO create a National !
Bank TO operate per sc over the Union, has been !
question Of dispute flom the origin OF our Gov !
eminent. Men most justly and deserVedly es
teemed for their high intellectual sndowmentS,
their virtue, and their patriotism, have, IN regard
TO it, entertained different ADD conflicting opln-
ions. Congresses have differed. The appro-
val of one President has been followed by the
diSapproyal Of another, The people at different
times have acqulesced in decisions both Tor and
against The country has been, aud still is,
deeply sgitaed by this unsettled question. 1t
will suffice for me to say that my own opinion
has been UNIFORMLY proclaimed TO be agans, the
exercise Of my su ch power by this Government.
|
twenty five years, the opinions thus entertained
fhaye been unresevedly expressed. declared It
in the Legislature OF my native State. In the
House of Representatives Of the United States
it has been openly INDICATED by ne. In the
Senate chamber IN the presence aud hearing OF
many who aIe at this time members Of that body
II has been affirmed and re.afhfmed, in speech
Is aud reports there made, and by votes there nc.
corded. In popular assemblies have unhesa
tngly announced it; and the last public declara
ton which Imude, and that but short time be-
fore tho late Presidential election, referred to my
previously expressed opinions as beng those then
entertained by me; with full knowledge Of the
opiRlons thus entertained and never concealed,
| was elected by the people Vice President Of
the United States. BY the occurrence OF con.
tngency provided for by the Constitution, and a.
rising under an impressive dlspensalIon Of Provl-
dence, succeeded 10 the Presidential Office
Before entering upon the duties Of tina, Office,
took an oath that would "presevp, protect.
and defend the Constitution oflhe United States"
Entertaining the opinions alluded To, and having
taken this oath, The Senate uad the county wal
see that could not give my sanction 70 a meas
ure Of the character described, without surrender
II: ing oil claims TO the respect OF honorable men
all confidence on The part ot tho peope--aIl sell
respectful regard for moral aud religious obll
gatlons without Ill observance Of which ua Gov
eminent can be prosperous. and no people car
bs happy. 1t would be TO commit cln,
which | would not w'uy commit to gam an,
earthly reward, and which wouid Justly subjec
o; rae 10 the rdlcule and scofn Of all ylttuou
men.
deem it entirely unnecessary at this time I
enter upon the reasons which have brought m
mind TO the convictions feel and entertain uT
on this subject. They have been over and owe
again repeated. If some Of those who have pr,
Ceeded me IN this high office have cnlereralne
and ayowed different opinions, yield all cont
dence that their convictions were sincere.
claim only 10 have the same measure meied o.
10 myself. Without going further into the argt
ment, will say that, IN looking to tho power
Of this Government to collect, safely keep, an
dlsbuIse The public revenue and lncldeuilylo reg,
late the commerce and exchanges,i have moi bee
- able TO satisfy myself that the establishment b
on this Government of bank of Discount, in III
ere ordinary accepatton oil that lern.was a necessar
na means, or one demanded by propriety, 10 execu
ls- those powers. What can the ocal discounts
]Ie the bank have to do with the collecting, SAT,
- as the mere dscounling Of paper is concerned,
"a, ls quite immateral to this question whether Il
enl discount is obtained at State bank or unlis
the States bank. They are both equally locel-bo
e1 beginning ana both ending IN local accom-
en- mediation. What influence have local dlscoun
oil granted by any one form of bank IA the reguI
be- ting the currency and the exchanges7 Let Il
ere history Of the late United States Bank aid Us
Mn' answering this inquiry.
TO For several years after the establishment 9th
ing institution, it dealt almost exclusively IN local d
the counts and during that period the country W
lies for the most part disappointed IN the cons
We quences anticipated from its Incorporation.
the uniform currency was not provided, exchang
lew were not regulated, and little or nothing was
with ded to the general circulation; and IN 1920
rom embarrassments had become SO great that the
the rectors petioned Congress TO repeal that ar
the Gle of the charter which made its notes receN
Il bic every where IN payment OF the public du'
It had,up tNAbat period, dealt to but very SIN
extent in exchanges, either foreign or domes'
o,s' and as late as l623 its operations 10 that ne
DC mounted 10 little more than seven millions
'Aat dollars per annum. A very rapid augmenat
ne's soon after occurred, and in 1898 It's dealings
Inc exchanges amounted TO upwards Of one hund
II millions of dollars including the sales ofs
y OF drafts and all these immense transactions W
IS effected without the employment Of extra
DC d nary means, The currency of the eoun
the became sound, and the negouatons IN the
) al changes were carried on at the lowest poss
s,We rates. The circulation was increased 10 NJ
. IN than S22 600 900 and the notes ofihe Bank "
regarded as equal TO specie all over the count
wing mus showing a,mo" conc lusYe.y' '"a1 y vi,
It the capacity 10 yea, 10 eAcnanSE, 'fu no' ~
vantages. |, may bc remarked. too,that noiw