Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-02-01

the following words:
81 called to the President on official nm The
morning (Nionday 10th Augus) before the first Veto
hcsSase was sent m. ! found him reading the Nee
sage to the Secretary of the Treasury lie did me The
honor to read the material PASSAGES 10 me- Upo, read
ing that part OF which treats of the superior
and value of the business done by late Bank of he
United States in furnishing exchanges between the diff
crcnt States and sections OF the Union was 40 stror.
ly impressed with the idea that he meant 10 nt;m,s.
mat he would have objection bank which should
DC restricted TO dealing exchanges, that interrupted
MN IN the reading, and asked il TO understand by
what nc had Just read that he prepared to give hs
assent to bank in the District of Columbia with office
their assent to deal in exchanges between them and in
foreign bills; lie promptly replied that he thought Ell
Sr mad shown the necessity of such in
President then gave the outline of such bank or
nseai institution as he thought he could sanction ItwGs
70 Dc m the District Of Columbia have the privilege
o issuing its own notes, receive moneys ON acposite
10 deal in bills Of exchange between the States and
between the United States and foreign States hut he
wished to have the opinion of his Cabinet upon H. HE
and reputation be looked to- He
Ic"d ms cabinet his friends, who by and
particularly TO MIR. w cbser for his opinion upon The
and whether there not clear
a 6dnk u discount and depost-and the one he now
thought OF proposing; and whether the constitutional
ucstoh was not dicrcpt. He reminded that in all
ms former speeches and reports the ground
na congress had no constitutional power to charter
bank which had the power of local discount. Mr. Web
scr pointed out the distinction between the two p.. In
manner winch appeared 10 be satisfactory to him The
substance OF what he said was, understood him. as
i0'ows; lie had decided preference for bank upon
the plan then proposed either Of those which had
Dccn previously spoken of He reminded the President
that he had expressed his preference for bank which
should be restricted in its dealings to bills of exchange
when certain gentlemen from the city of New York
were present several weeks before He then Thought
rs nc dd now, that would answer all useful purposes
One ground of this preference was, and il had great
weight with him, that the plan did mplate the
consent oil The States as in any way any time ne.
cessary to its existence efficiency. He thought the
pa proposed at the commencement Of the session gene
known as Mr. Ewing's bill, homogeneous and OBJ
lecuonabe on this ground His general course of think
ing on such subjects led him to prefer that whatever
psscr so 3Tenment asserted, authorized
assert! shouo DC exercised independently of State au-
thority, and of the interference OF the States"
dollars would be sufficient "
"A name, he said was important. What should il be:
Fiscal institute would do 1t was objected c and the
name OF Fiscal Bank preferred by Of the Cab
met lie replied that there great deal in a name
and he did not wish the word bank appear in the BILL
The President then inquired il inc was understood He
SAID there must be misunderstanding of what he pro-
posed to do Addressing himself to Mr. EWING he ask.
ca nm ne thought he understood his views fully. Mr..
G~iNG undertook to rccapitulatc. He understood the
PRESIDENT to have objection bank in the District
OF Columbia with Offices of discount deposit in the
nm abruptly by saying he did understand him at ALL
ne was not willing TO sanction any such bank. UNDER
supposed Mr. Ewing intended to say that he understood
inc President had no constitutional objections such
o bank Mr. Ewing, however, without EXPLAINING,
Oh 10 say that he understood the President have
no objections to bank in the District Columbia with
power to issue its notes, moneys on de-
post with offices agencies in the Satcs having the
privilege, without their assent, of dealing in bills Of cx
change drawn in one State Territory and made paya
BILE IN another State Territory of the Union and in
bills between the United States and foreign States or
Nations.
"Thc President said he was then understood He re-
4ucsted Mr. Webster particularly to communicate with
the gentlemen who had waited upon him that morning
and to let them know the conclusions which he had
come lie also requested MIR. Ewing TO aid in getting
the subject properly before Congress- requested that
ahey would take care not to commit him by what they
to Congress. They might express their confidence and
oehei that such bill had just been agreed upon
Inference from his Veto Message and his general views
lie thought he might request that the should be
put INTO the hand OF some friend of his upon whom
nc couid rely. Mr.. Sergeant named, and he ex-
pressed himself satisfied that he should have charge Of
II. lie also expressed wish to the bill before it
was presented to the House, if it could be managed
Dut these are not the only Witnesses Mr.
Cushing, In his letter to his constituents, dated
27th Sept 1871 ) page S, says-"He (the Presi-
aeht) had reflected much and counselled with
ms constitutional advisers the subject and
arrived was this: ~
"EIlher no discounts, or, if discounts, then as
sent Of States"
. Again. on page 9, Mr.. Cushing says-"In -.
gard TO this, the President, it IS believed. never
lost sigh. of the fundamental iasa orioinalIv in
his mind Either no discounts, or, if discounts.
then assent of States.''
Now as 1t is notorious that the discou.t;ra fe,
ture was not embraced in the Fiscal COOPERATION
Bill, according 10 the Presidents Fundamental
principle of which he never lost sight, Stat, as
sent was not necessary.
With this array of facts leave it to an eplipbt-
ened public to decide how far am sustained in
the positions which assumed, and how far the
conduct of Mr.. Tyler has been consistent win
those principles of candour and good faith whc.
should regulate the actions of all
But the President has undertaken in his letter
returned N hav flor my
interview and told him the Wing party had reject
ed the proposition had agreed upon. Here
the Presidents memory fails him. had but one
interview with him afterwards, and that was in
the presence of Thomas Butler King of Georgia.
He sent message TO me, through Mr.. King, re.
questing me to call at his house. This message
was communicated to me through Mr.. Dawson
OF Georgia. ! accordingly went with Mr. King
to see the President, and found his object was
to assure himself that the last clause of Mr.. Bay
ards proposition had been stricken out, and when
he found IL had been done he said it was "aIl
highland Immediately entered into an animated
conversation with Mr.. King on The advantages of
an Exchange Bank as distinguished from Bank
of discounts, and illustrated his opinions by refer
ence to the operations of the old Bank of the u.
~ In those two branches of business, he affirm
Ing that the dealings Of that institution in ex-
changes had always been beneficial, whilst its op
erations in local discounts had been unfortunate
for all concerned. This, repeat, was the only in
terview that took place between the President
and myself on the subject, except that Of the l6tf
Of August, and confidently appeal 10 Mr.. King
to bear me out in the assertion that made no
such statement that the Wing party, or the
leaders of that party, had rejected the proposed
scheme for a Bank.
1t may not be amiss to state here that in giving
the narrative of facts which ! have detailed in
this communication have not trusted to my mem
DRY alone, deep as the impression which they
made upon it, AS early the 3rd of October,