The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-06-23

THE CLAMOR FOR A FISCAL AGENT OR
BANK-THE ABUSE OF THE PRESl-
| DENr-THE NEGLECT OF CONGRESS
TO DO WHAT THEY PROGRESSED 10
! BE NECESSARY.
The mention of an intention to establish another
| U. S. Bank when they should attain to power, was
seldom made by the Wing leaders except in
Whispers during the continuance of the canvass, and
although it was carefully kept from being made a
leading question of policy for the people to pass upon,
by their votes, yet the moment they felt themselves
! fully 1eshed with power, they commenced a furious
crusade not only against the infdel Saladin of a
Sub Treasury, but in favor of that Christian nsitu
| ton, National Bank, and all the armies of advoca-
cy of such sacred establishment, were Immediately
set in notion to effect the victorious of the
country from the ravages of destructive Sub Treasu-
ry, aud to place in the holy and keeping and
to subec it to the benecent control of such bank.
To accomplish this, Congress was summoned to ho d
extra session. at the instance of others, but by
order of the Chief Magistrate, who then seated
on the throne of Presidential power; but before the
convention of that body The President had departed
sleep with his fathers, and the sceptre had passed
into the hands of our present Chief Magistrate,
disciple of the old Republican party, pupil of
the ancient Virginia school. His message 10 Con-
gess on the subject OF the b-Treasury
pressve of opinion that it had been dsapproved of
by the people; but at the same time he forebore to
commit himself in favor of National Bank, such as
previously had existed in the country, and gave no
charter of such Bank by his signature Of approval,
as it was the wish the Wing leaders to tasten upon
the people.
1t was well known that the President had been, be-
fore his elevation opposed to such an institution and
it was hoped for by those who knew him best, and
confded in his integrity and consistency of opinion
and conduct that he would never consent to approve
any act for the re-estabshment of any such bank
of the United States had formerly fetered the
ton. Nor were their hopes defeated or expectations
disappointed by the event For, although he had ex-
pressed Willingness to sanction law for the esta-
blishment of such fiscal agent for the regulation
of the exchanges would possess the virtues
of a bank and Sub-Treasury united, without inn
bodying the Objectionable features of either,
yet it was determined by the Wing leaders, with Mr..
Clay at their head to frame and pass such bank
bill as would satisfy the camors of the ultra
bank men of their party, and to compel the Presl-
dent to approve Of it, or to render himself the OBJ
ject of dislike and distrIst of his pretended Wing
friends by his rejection and disapproval of the mea-
An act was accordingly passed, not in conformity
with the wishes of the President, but in accordance
with those entertained by Mr. Clay and his Congress
sional coad utors--whch act, embracing as it did
most of the odous features and extraordinary powers
of the old United States Bank the President deemed
his duty to defeat by hls Veto. This at once tx-
cited strong current of opposition against the Pres
dent amongst those who had before protested to be
his friends and abuse was avished upon HIM without
stint mercy; and another nscal agent, somewhat
softened in feature, prepared and passed, which
also because of the Objectionable provisions 1t con-
tanned received the Presidential Veto. This second
discontinue of their favorite project and consequent
defeat of sher cherished hopes, the signal for a
general prescription of the Chief Magistrate by most
of the leaders of the Whgs-more especially of that
portion of them who were marshalled under the BAN
ner of Henry Clay and the President was branded
traitor by those whose purposes were thwarted by
his incxibe integrity, and his consistent adherence
to his original principles At the session OF Congress
that commenced in December, the plan of fiscal
agent, such as the President would approve, was
submitted to both Houses of Congress, through the
Department of the Treasury, and II was coihdeh.y
expected that the bill for the establishment oil
National Exchequer such as would relieve the anx-
ieties of large port of the people, would be
taken up at an early day, considered, perfected ana
passed Such however, was not the case, and more
than six months of this protraced session, have been
permitted to waste itself in wordy debate on other
and generally Inferior measures as to national I'M
nnrtoHce while the bill for the Exchequer for the re-
gulation of the exchanges of the county, has lam
elected and unnotced, and is still permitted to sleep
in undsturbed repose the files OF Congress
The solicltude that formerly expressed by the