Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-08-25

ncaton Of Mr. Dallas, the committee reported
a resolution in these words: 'ResolUed, Ihat
il is expedent TO establish National Bank,
with branches in the several States" (See
journal of 1914, y. 5O4.) Upon this resolution
some proceedings were had, which commend
to the attention of those gentlemen who are
opposed 10 the branching power oil the BANK OF
the United States. Mr. Stanford moved 10
strike out the latter branch Of the resolution
"wiih branches in the several States" Upon
this question the ayes and noes were taken,
and The vote stood, ayes Id, noes l3S; and
among the noes were p p Barbour and ;. w
Eppes of Virginia. John G. Calhoun OF South
Carolina, J. Forsyth Of Georgia, late Secretary
Of State under Mr. Van Buren,, G. j.. lngersoll
of PENNSYLVANIA, William II. King Of Alabama,
w. Lowndes of South Carolina, Alfred Cuth-
bert of Georgia, and a host of other then dis
tinqushed republicans (See Journal of 1914,
p. 504-5.) The amendment having been de-
leated, the question REQUIRED on the adoption oil
the original resolution. Now, sir, how do you
suppose the vote stoodI II any person viii
consult the journal of 1914, p. 505-6, he will
find that the vote stood, ayes %, noes 81, or
nearly two TO one In favor Of il. And II he
will look at the ayes and noes, he will find re-
corded in the affirmative the names OF John T..
Calhoun, Mr. Forsyth, late Secretary OF State,
Mr. G. J. Ingersoll of Pennsylvania, and Mr.
William r. King, now a Senator from Alaba-
ma. Without going into details il is sufficient
to say that bill was introduced and passed in
the Senate by vote of II 10 ID, (see journal
of 1915, p. 69S-9) and il was passed in the
House Of Representatives by vote Of 1919 TO
81. [See journal Of 1915, p. 652-S.]
This bill was sent to Mr. Madison for his sig
nature, and on the 30th of January, 1878, he
returned il with his objections, or, in other
words, he vetoed the bill. But did he rest his
al mr. Of
message answer for him. Mr. Madison used
these strong expressions: "Waving the ques-
lion of the constitutional authority OF the Lee
Qislature to establish an incorporated bank as
being precuded in my judgment by repeated
recognitions, under varied circumstances, OF
the validity Of such an institution, ia ac,s oil
the Legislative, Executive and Judicial branch
es of the government, accompanied by lndica-
tons in different modes of the concurrent will
Of the nation, the proposed bank does not APP
pear to be calculated to answer the purposes
OF reviving the public credit, Of providing a
national medium Of circulation, and Of aiding
the Treasury, by facilitating the Indispensable
anticpations of the revenue, and by afiording
10 the public more durable loans" Here il
will be distinctly seen that Mr. Madison aban-
doned his constitutional objections, and, treat
ing that question as settled, he rested his veto
on the defects in the provisions of the bill IL
self.
On the 5lh of December, 1915, Mr. Madison
in his annual message to Congress. called their
attention TO The subject of uniform currency,
and mentioned Bank OF the United States as
one Of the agents which would aid in furnish
ing il. This recommendation was seconded by
very able report from Mr. Alexander Dallas,
/ then Mr. Madison's Secretary of the Treasury,
in which he showed the indispensable necessity
OF such an institution. The recommendations
were promptly responded TO by Congress
That part OF the Presidents Message which
referred TO the currency, was referred on the
following day, 9Th Of December, 10 special
committee, Of which John G. Calhoun of South
Carolina was chairman. See journal of 1915
p. 26.1 On the Sth Of January, 1916, MI
| Calhoun reported the bill to establish Bank
of the United States. tSee journal of 1916
p. 1885, After very protracted debate, the
question was at length taken on the passage Of
the bill in the House of Representatives, when
il passed by a vote of 80 to IL. [See Journal
of 1916, p. 4s9 and 490.J In the Senate this
bill passed by vote of 90 ayes to 10 noes, and
il received the sanction of President Madison
II may not be uninteresiing TO the Editor OF
the Windham County Democrat to know thai
this horrible monster of Bank of the United
States was fastened on the country in 1916 by
the votes of Mr. Forsyth, late Secretary o.
State under Mr. Van Buren,. and Mr. Ingham
Secretary olthe Treasury under Gen. Jackson:
administration, and that the first United States
Bank, in 1871, was fastened upon the country
by the vote of John Langdon of New Hamp
shire, of Revolutionary memory, and the ack
nowledged head Of the Democratic party il
that State. w.