Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1848-12-11


'g opposed o,lhe cons;itulionaiy and expeency ofhe
bank.
1t is well known als,. that President Washington re-
tanned the bill from Monday. tile 4th when was pre-
shnted 70 him. until Friday the 25th Of Fcbruary-btnr
me last moment permitted him ~ the constitution to de-
berate. when he finally yielded it his reluctant assent
and gave il his signature Il is certain that late rs
the 25d Of February-being the 9th day after The bill
was presented To hin- he Rad arrived Al no satisfactory
concu>un for that day he addressed a noe 10 Gen
Hamilton which he informs him that ..his hill was
presented 10 me by the jint committee If Congress at
II O'Clock Monday the l4th Instant and lie request
ed his opinion Ito what precise period nv legal interne
talion Of the constitution the President retain il ii
his Pssessi'n, before 1t becomes law by the lapse
len days"
If the proper construction that the dav on which
the Iii, was presented To the President and the day on
which his action had up it, were both be count
ed inclusive. then the time allowed him. within which
il would be competent fir him return it To the House
in which il originated with his objections would expire
on Thursday, the 24th ufFehruary. Gen. amtun on
the same day returned answer. in which he states =
e" give il opinion that yon have ten day exclusive
OF that which the bill delivered you ana Sun
days. hence The present case If it returned on Fri
day, it will be in time.'
BY this construction which the President adopted be
gained another day for debeaii and it until
the 10Th of February that he signed the BILL thus afford
ing conclusive proof that he had at last Obtained his
consent TO sign 1t not without great and al most lnsupera
upon tie serious doubts which he had the subject.
mounting time 10 conviction thai it his duly
10 withhold his approval from the bill! This is found
Inung the manuscript papers Of Mr. Madsin, auilslr2d
to be purchased tr the use Of the government by
If the last session Of Congress, and how FIR the fits time
accessible To the public.
\ From these papers, it appears that President Wash
ngon, while he held tile bank bin in hs hands ia
tuay requested Mr. Madison, at that time member III
the House Of Representatives, tnprocure The Jraugt {,
veto message for him: Mr. Madison. al his request.
did prepare the draught vi such ga. and il
him tbs 2s. February, 1871. y copy of this orig
ina draught in Mr. Madison's own hand wiring, was
| carefully preserved by him, and Is among the papers
lately purchased BY Congress II is preceded ~ ruo
written the Sheet which IS also IN Mad son
hand writing, and is as follows:
| ''Fe1ruar, 2ist 1871. Copy Of paper made out
and to the President at his rc4u 10 BE Iady in
his jrdgmei should finally decide against the bill III in
cooperating national bank; the bill being thea before
him.
Among the objections assigned in his paper the bill
and which submitted for the consideration Of the
President, are the following:
." jet to the bill, because ii is an essor"' Trncl-
pie Of the government that powers not delegate BY The
constitution cannot be gifuy rciscd; because the
power proposed by the bill to be exercised is not expressly
delegaed and cause cannot satisfy myself that ii re-
suits from any express power by far and safe rules Of in
terprelaon
The weight Of the precedent oflha bank Of 1871, and
the sanction If dc GREAT If Wash ngloa. which lad
been often invpktd.in lis support, greatly weaken
ID BY lie Development If these facts. The experiment
Of that bank satisfied the conntyy that il 0ug not t1 be
continued. and at the end Of twenty years Congress
fused to echarter IT, 1t would have been fortunate for
the country and saved thousands from bankruptcy and
ruin had public men OF 1916 resisted the Temporary
pressure of the times upon na.c and pecunary
teress ana refused to charter the second bank. OF h>
tile country became abunIantly satisfied and the
If lis twenty years duration, as in the the irs
bank il also ceased to exist. Under the repeated blows
of President Jackson, Ieeed and fell, and subsequent
attempt to charter similar institution arrested by the
veto of President Tyler.
Mr.. Madison, in yielding his signature to the charter
of 1876 did upon the ground of the respect due pre-
cedenls; and, he subsequently, declared the Bank Of
the United States, though the original question: held
10 be Unconstitutional received The Incentive signature
It probible that neither the bank Of 1911, thai II
1916, would have been chartered but for the enarrass
mrnt Of the government in lis finances the dIagrnen;
of the currency. and the pecuniary pressure whc exs
ted-the first the consequence Of the If r revtu-
on and the second the consequence of the WIZ Of 1872
Both were resoried to in the dplnsve hope that they
would restore public credit, and af'rl reefp the GOV
eminent, and to the business of The Country.
Those Of our public men who opposed tn whole "a
merican SYSTEM at lis commencement, troughGut IFS
progress, iuIesaw and predicted that ii was Taught with
ncalculabe mischefs and must result in Serious injury
the best interests of the country Fora series OF year
their wise counseIs. unheeded. snd the system
established. 1t app2reu that lis rTaci!-
cal operation unequal and unjust u'on dliiren p'!-
lons Of the country, and upon the people engaged in diff
fercnt pursuits.
All were equally entitled to the fayr and protection Of
the government. Ii f1slered and Elevated tie money
power and enriched the favored fw by taxing labor
at the expense Of the many. Its effect was to make
the rich richer and the poor pooRI lis tendency was
to create distinctions in society based on wealth. and to
rive The favored classes unGta control aud sway IL
our government. 1t was organised money power
which resisted the popular will and sought shape and
control the public policy.
Under the pernicious workings of this combined sys
tenn Of measures the cuuntT witnessed alternative sea
sons of poraIy apparent prosperity; ct sudden ant
disastrous commercial rev,slonS; of unprecedented fuc
uaton of prices, and depression Of the great interests Of
agriculture navigation, ald cumm'rce OF general pecu
mary suffering and Of fla bankruptcy f thonSand@-
After a severe struggle Of more than quartz. VI :
century. tie system WIS over'hrowa
The bank has been succeeded by practical system "
finance conducted an. controlled solely hy the govern
mcnt The constitutional currency has b ca restored
the public credit maintained uaimpai!ed, even IN pen
ud foreign war aud the whole country la become 81
-ld that banks, National State arc nut necessary
fiscal agents Of The government Revenue duties have
taken the place uihe protective t3iif. The dlsiT In
ton Of the money derived from the salc If tile publ
lands has been abandoned, and the coTrupting system
internal mpruvment it is hoped, Las Teen ehlctial.
checked.
II is not donbpd that if this whole train omeasurcs, H
srnated TO take wealth from the many, and bcstuW i
ulon the few, were prevail, the effect would be Il
change tire en''"a character OF the government One Oh
w danger rci 1t is the seduconS Of that brancl
Of the systm which consists in internal Improvements
hodinr ou as it Dies. inducements 70 The people Of par
l,c.Ii I'm, p,Yrl