Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1848-12-08

the respt ct due to lf,cedents and, as he SUBJ
sequeItly declared, /" the Bark Of the United
States, though, on the original question, held
to be unconstitutional. received the Executive
signature"
1t is probable that neither the bank of 17st
nor that of 1916, would have been chartered,
put 1or the embarrassments OF the government
IN Its finances, the arrangement of the curren1
cy and the pecuniary pressure which existed
the first the consequence of the war of the
The war OF 1912. Both were resorted TO in
the delusive hope that they would restore pub
tic credit, and afford relief to the government,
and TO the business of the country
Those of our public men who opposed the
whole sc American system at IFS commence.
ment, and throughout It's progress, foresaw and
predicted that it was fraught with incalculable
mschleis, and must result in serious injury to
The best interests of the country. For series
Ct years their wise counsels were UNDECIDED,
and the system was established 1t was soon
apparent that It's practical operation was une-
quail and unjust upon different portions of the
country, and upon the people engaged in DIFF
ierent pursuits. All were equally entitled to
the favor and protection of the government
enriched the favored few by taxing labor, and
al the expense of the many. Its effect was 10
&c make the rich richer, and the poor poorer"
It's tendency was to create distinctions in soci.
ETY. based on wealth, and 10 give 10 the favor.
ed classes undue control and sway in our 60
vernment. 1t was an organized money pow
er, which resisted the popular will, and sought
10 shape and control the public policy
IinHot tho work inuS of this coDo
bined system of measures, the country wit
messed alternate seasons of temporary appa-
rent prosperity; of sudden and disastrous COM
mercial revulsions; of unprecedented fuctua-
ton of prices, and depression of the great in
terests of agriculture, navigation, and com
merce; of general pecuniary suffering, and OF
final bankruptcy of thousands. After severe
struggle of more than a quarter OF century,
the system was OverthroWn.
The bank has been succeeded by practical
system of finance, conducted and controlled
solely by the government. The constitution"
al currency has been restored; the public Gre
dit maintained unimpared, even in period
of foreign war and the whole country has
become satisfied that banks, national or state
are not necessary as fiscal agents of the gov
eminent. Revenue duties have taken the
place of the protective tariff. The dlstrbu-
ton of the money derived from the sale OF the
public lands has been abandoned, and the cor
rnptlng system of internal Improvements, II is
hoped. has been effectually checked.
| 1t is not doubted. that if this whole train o.
measures designed to take wealth from the
many, and bestow it upon the few, were te
prevail, the effect would be to change the en-
tire character Of the government. One only
danger remains. 1t is the seductions of thai
branch of the system, which consists in inter
mai improvements, holding out as it does. In
ducements to the people Of particular sections
and localities to embark the government III
them without stopping to calculate the newt
able consequences. This branch of the sys
tenn is SO intimately combined and linked witt
the others, that as surely as an effect is pro
duced by an adequate cause. If it be lesusclta
ted and revived, and firmly established, 1t re
qulres no sagacity to foresee that it will ne
cessariy and speedily draw after it the re-es
Establishment of a national bank, the revival 0
protective tariff, the distribution Of the lane
money, and not only the rosiponement to thu
distant future of the payment Of the presen
national debt, but its annual increase.
| entertain the solemn conviction, that if thu
! internal improvement branch of the Amerl
can system" be not firmly resisted at this time
the whole series of measures composing i
will be speedily re-establShed, and the coun
try be thrown back from its present high state
of prosperity, which the existing policy ha
produced, and be destined again to witness
all the evils, commercial revulsions, depres
sion of prices, and pecuniary emharrassments
throughout which we have passed during thu
last twenty five years.
To guard against consequences so ruinous
is an object of high national importance. in
voving in my judgment the continued pros
perity of the country.
| have felt it to be an imperative obligation
to withhold my constitutional sanction from
two bills which had passed the two houses o
Congress, involving the principle of the in
ternal improvement branch of the " America
SYSTEM and conflicting in their provision
with the views here expressed.
This power conferred upon the President b
the constitution, | have on three occasions
, during my administration OF the executive de
partment of the government, deemed it m
duty to exercise; and on this last occasion {
making to Congress an annual communities
ton ''of the state of the Union.' it is ne
deemed inappropriate to review the principle
ana considerations which have governed m
action. deem this the more necessary, be
cause, after the lapse of nearly six years sine
the adoption of the constitution, the prophet
of the exercises of this undoubted constitr
tional power by the President has for the fir:
time been drawn seriously in question by
portion of my fellow citizens.
q The constitution provides that 'every bill
which shall have passed the House of Repre-
sentatives and the Senate shall, before it be
come law, be presented to the President {
the United States: if he approve, he sha
sign it, but if not, he shall return it with hi
] objections, to that house in which it shall hav
t originated, who shall enter the objections {
! large on their journal and proceed to reconsic
e er it,
a The preservation of the constitution frol
: infraction is the Presidents highest duty
9 He is bound TO discharge thai taty, at wha
} ever hazard of mourning the displeasure {
D those who may differ with him in opinion
+ He is bound to discharge it, as we'll by his OF
e legations to the people who have clothed biz
y with his exalted trust, as by his oath of Office
: which he may not disregard. Nor are tn
: obligations of the President in any degree les
e sened by the prevalence of views diferer
l. from his own in one or both houses OF Cor
a gress. 1t is not alone hasty and inconslderat
u legislation that he is required to check but
at any time Congress shall, after apparent
y full deliberaton, resolve on measures who
y bo doenns suhversive of the constitution, or