Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1848-12-23

ce.icd by note written Ola tho sauao sest, aud Il
also in Mr.. Madison own handwriting:
Feb 81, l79l--Capy of . paper made out add
sent to the President. ut bis request, 10 b ready IN
case his judsmea, should finally decide against the
bill for incorporating National Bank the bill be-
ing then before him."
Among the objections assigned in this paper 10
the bill. and which were Submitted for the c0i.sids
ration Of the President, are the following:
Il object to the bill because It II III essential prin
ciple Of this government tia. power not dele: ,sct
by the constitution cannot be riyh,fuly cxefr,sad;
because the power proposed by the bill 20 be cset
ciseJ is not expressly dclegated and because caa-
not satisfy myself that It results ffoa any expressed
power. by fair and safe rule. Of interpretation"
The weight Of the precedent Of the Bank Of 1871.
and the sanction Of the great name Of w Washington,
which has been 80 often invoked in its support. 10y
developments Of these facts, should satisfy the coun
,ry that it ought not to be continued. Il would
have been for,unat, for the connty, and saved thou
sands from bankruptcy and ruin, hid our publ
men resisted the temporary pressure Ut tho tint
upon our financial aud pecuniary interests, and r.
fused to charter the bank OF the second bank H. Z
country became abundantly satisfied at the close,
it's twenty wears duralion as in the case Of the In
bank, aud it also ceased to exist, under the epear
vetoes Of President Jackson it reeed aud ieil--an
subsequent attempt to charter similar insti,utio.
was arrested by the veto Of President Tyler.
M. Madison. in yielding his signature to b
charter Of 1916, did 50 upon the ground Of srspec
due to preceucnts- as he subsequently, declared
the Bank O. the United States, though on The ORR j
gnal question held to be unconstitutional, received
the executive signature. Is
It's probable that neither the bank Of 1874, nor
that Of 1916, would have been chartered but oe the
embarrassment Of the Government . it's 6uances by
the arrangement Of the currency. The pressure
which existed--the first in consequence Of the war
of the Revolution, the second the consequence OF
the war OF lSl2-both were resorted to in the delu
sive hope that they would restore public credit aud
afford relief to the Government and to the business
Of the county. Those Of our public men who op
posed the whole american system" at lis CONE
mcncement, and Throughout, its progress, foresaw,
and predicted that it vas frauyht with incalculaba
mischief, and must result in serious consequences
to The best interests Of the country throughout
ries of wears. These wise counsels were unheard
and the system was established. II was sooa ar-
parent that its practical operation was unequal and
unjust upon different portions OF the country, aud
upon the people engaged in different pursuits. All :,
were equally entitled 70 the favor and profession OF
Government II fos,ered and elevated the monied
power and enriched the favored few at the expense
u p
er and the poor poorer; ,s tendency was TO create
distinctions in society, based upon wealth, and To-
give the favored classes undue control and sway in
the Government. 1t was an organised monied pow
or, which resisted the popular will. and sought 10
shape and control the public policy, BY taxing labor.
Under the uernicious working Of this :coInbine'i
system" Of measures, the country witnessed altefn-
ate seasons oftemporay apparent 'sperity OF un-
due and disastrous commercial vevulsionss OF IN.
precedeated fluctuations Of prices, aud OF the OPP
preston oil the greatest interes,sof agriculture anil
commerce-of pecuniary suffering and anal bank
ruptcy Of thousands.
After severe struggle Of more thin quarter q
century the system was overthrOwn.
The Bank has been succeeded by practical sy'-
tenn Of finance, conducted and controlled solely by
the government. The constitutional currency Inns
been restored, the public credit maintained unim.
paired even in period Of foreign war, and thu
whole country has becone satisfied thst Banks--a.
National or State-are not necessary fiscal agos,s
Of the Government. The revenue duties have taxi
en- the place of protective tariff The distribution
derived from the sales Of the public lands has bcen
abandoned and the corupting system Of internal
improvements, it is hopel, has been cliectually
checked.
1t is no, doubted that if this whole train Of meas.
ures, designed to take wealth from the many and
fasten it upon the few were 10 prevail, the effect
would be to change the entire character OF the gov
eminent. One only danger remains; is the re-
duc,on of that branch Of the system which consists
in internal improvements. Holding on: a. it doca
inducements to the people Of particular sections amt
locations to embark the government in them with
out stopping to calculate the inevitable consequent
ces. This branch Of the system is 80 evidently
linked and combined with the others that as surely
as an effect is produced by an adequate cause, If 1t
Is sustained and firmly established, it requires no
sagaci,y to foresee that will necessarily and speed.
iy draw after it tho establishment Of Nationa
Bank--the revival Of protective tarlH-lhe distri-
button Of the land money--and not only the post
ponement to the future Of the payment Of the pre-
sent national debt but its amount will annually in
crease.
entertain solemn conviction that If the inter
nal improvement branches Of the "American sys
TEN" be not firmly resisted at this time, tho whole
series of measures composing II will be speedily
established, and the country will be thrown back
from its present high state Of prosperity, which tha
existing policy has produced, aud be destined again
to witness all the evils commercial revulsons, and
depression Of prices and pecuniary embarassments
through which we have passed during the last sey.
enty years.
TO guard against consequences so ruiuous, 10 an
object IF high national importance, involving in my
judgment the continued prosperity Of the country.
[The u,.fa,homable pi. Of words into which we
have fallen. this week. quite overwhelms oil our
sources in the way Of space. In giving up two
tire pages Of the Herald to the anticipated message,
we thought Mr. Polk would accord US the praises
due generous soul. But, we were deceived; an,l
must apologize for not reserving another page
Here is slight essay, of some three OF four col,
umns in length, in defense Of the veto. which We
are constrained to set aside for our next Paper-ED
During the period have administered the Exec
utive department Of the Government, great and ius
por.an questions Of public policy, foreign and DO
nestle, have arisen, upon which it vas my duty to