Wisconsin tribune. (Mineral Point, Wis.) 1847-1854, 1848-12-22

the manuscript papers or Mr.. Madison author
lied to be purchased for the use of the Gov
eminent by an act of last session, and now 70.
the first time accessible to the public From
these, it appears that President Washington,
while he yet held the Bank in his own hands.
actually requested Mr.. Madison, at that timo
member eff the House of Representatives,
to prepare the draft of a veto message for him.
Mr.. Madison, at his request, did prepare the
draft OF such message, and sent it to him ON
the 2lst of February, 1871. A copy of this
original draft, in Mr.. Madison's own hand
writing, was carefully preserved by him. and
Is among the letters lately purchased by Con-
the same sheet, and is also in Mr.. Madison's
own handwriting
''Feb. 81, I791-Copy of a paper made out
and sent to the President, at his request. TO be
ready III case his Judgment should finally de-
eide against National Bank, the bill being
then before him.
Among the objections assigned in this pa
per TO the bill, and which were submitted for
the consideration ofthe President, are the fol-
lowing:
Il object to the bill because it is an essen
tial privilege OF this government, that power
not delegated by the constitution cannot bo
rlghttully exercised; because the power pro-
posed by the ball to be exercised is not express
~ delegated; and because | cannot satisfy
myself that 1t results from any expressed pow
er, by fair and safe rules of Interpretations
The weight of the precedent of the Bank of
1871; and the sanction OF the great maine of
Washington, which has beenso often invoked
IN It's support by the Developments of these
iactS, should satisfy the country shat it ought
not to be continued. 1t would have been for
Iuildte Tor the country, and save thousands
from bankruptcy and ruin, had our public men
resisted the temporary pressure of the times
upon our financial and pecuniary interests AMI
refused 10 charter a bank. OF the second
Dank the country became abundantly satisfied
atthe close offs twenty wears duration. as IN
the case Of the first bank, and it also ceased
to exist, under the repeated vetoes of presi-
dent Jackson, 1t Teeled and fell--and subse-
quent attempt to charter a similar institution,
was arrested by the veto of President TYLER.
Mr. Madison, in yielding his signature 30
the charter Of 1876 did so upon tine ground
OF respect to precedeuts-aud as he subse-
quently declared, the Bank of the L. States.
though Oh the original question held 10 be I'M
constitutional, received the executive sigma
tUre.
1t is probable that neitIlerthe Bank Of 1891
nor that oi 1916, would have been cliartsred
out ioF the enbarrassment Of the Govern
iIieAt ~ IT'S hnances, by the arrangement OF
ths currency. The pressure which existed
= ne hrst IN consequence OF the war OF tha
bSeFoiuslon, the second the consequence of
TIE war OF 18l2-both were resorte1 ia, in
the delusiVe hope thar they would restore
pu5hc credit and afford relief TO The Cavern
ineht and to the business of the Country
nose OF eur public men who opposed the
"hCIe American system at It's commeuce-
ment' and throughout lis progress, foresaw
ana predicted that it was frauaht with iucal-
culdole mise bet, aud must result in the So
fiooS consequences 10 the best interests ofths
country for a series Of years These wise
councils were unheard, aud the system was
est"oiisnSd- 1t was soon apparent thar ns
practical. operation WAS unequal and unjust
upon GiLeTeHt portions of the country, and
upon the people engaged in different r,,rsiijts
AIl were equally entitled to the favor and
protection OF Government. Ii fostered aud
elevated the monied power, aud enriched the
favored few at the expense of the many. Itx
eHect was 10 make 1.-The rich richer and the
poor poorer; ITS tendency was to create dis
fInctIon IN society, based upon wealth. and Ia
give the favored classes undue control ami
sway IN our Government. Ii was to organ
tzed tnonled power, which resisted the popr
i"F "iii' and sought TO shape and control the
publIc policy, by taxing labor
Under the pernicious workings of this
combined system" of measures, the country
witnessed alternate seasons of temporary
aparaut prosperity; of undue and disastrous
commercial revuisious; of uHpreced nj ecs
auctuatlon Of prices, and ct the oppression eg
the great nterests-of agriculture and con-
lnerce--of pecuniary sufferincs, and finally
bankruptcy of thousands.
Alter severe struggle Of more than a
quarter OF century the system was over
thrown.
The Bank has been succeeded bv q ,,rac,i-
cal system of finance conducted and controlled
soiely by the government. The constitutional
currency has bee n restored the public er.dir
maintained unImpaired. even IN Il periad of
ioreIgn war. and the whole country has be
come satisfied that Baaks-National or State
are not necessary as fiscal agents Of the,
government. i he revenue duties have taken
, lie place OF protective tariff The distri-
button derived from the sale Of the publ;c tands
.ias oeen abandoned and the corrupung sys-
tern OF internal Improvements. it is h,ned has
been effectuaily checked.
II IS not doubted that If this whole train s
measures designed to take wealth from, tba
many and hasten NJ on the few were to prevail
the effect would be TO change the entire char
acter OF the government The only dancer
remains; It Is the reduction OF that bran~}
Oh the system which consists in internal i'm
Holding ont as it does, induce
iients TO the people of particular sectjon,
i =, ioeaIiohs 10 embark the government I'm
'Pi'tuG - CaJCui1te the Inegi-
able consequences This branch Of the svs-
EN- IS SO evidently linked aud combined witt
ne ethers that as surely as an effect IS BRO
iuced oy an adequate cause. If it is resins
aihed ana firmly established il REQUIRES NO
agacity to foresee that it VIII necessarily ara
peediiy draw after It the establishment az a
National Bank-the revival OF a protectiges
ariff-ttle distribution Of the public monev---
nd not oniy the postponenlent TO the fuiuye
II the payment or the present national 3cb.
'uf ITS amount will annually increase.
L entertain solemn conviction, that iftbe
Internal improvement branches OF the..Amer-
can system" be not firmly resisted at this