The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-06

bad upon It, both to be counted inclusive, then
the time allowed him, within which 1t would he
petent for him to return IL to the House In which IT
originated with his objections would expire Thurs
day the twenty fourth of February. General Hamil-
ton the same day, returned answer in which he
states" give it as my opinion that you have ten
days exclusive of that on which the bill was deli
vered to you, and Sundays; hence in the present
case IL lie returned on Friday 1t will be In time"
BY this construction which the President adopted he
gained another day for elaboration. and 1t was not
until the twenty Of February that he sig ned the
ti thus affordipg conclusive proof that he had at
great and almost insuperabe difficulty. Additional
light has been recently shed upon the serious doubts
which he had on the subject, amounting at one time
toaconviction that 1t his duty to withhold his
proval from the bill This rs found among the manu-
script papers of Mr.. Madison authorized to be pur-
chased for the use government by act the
last session Of Congress and for the first time
cersible to the public From these papers, 1t appears
that President Washington, while he vet held the
bank bill in his hands actually requested Mr. Madison,
st that time member of the House of
to prepare the draft Of veto message for him. Mr..
Msdiron, at his request, did prepare the draft Of
such q message, and sent 1t to him on the twenty
first of February 1871 COPY of this original draft
rived by him, and is among the papers lately pur-
e1a.sd by Congress It's preceded by note written
handwriting, and is as follows
February 2lst, i79l. Copy Of paper made out
and sent to the President st a to Dc IN
bin for incorporating national bank, the bill being
then before him.
bill and which were submitted for the confederation
Of the President the following -sr-r
object to the BILL because IL Ia essential prin-
cple of the that powers not delegated BY
the Constitution cannot be rghtfully exercised be-
caete the power proposed oy sne Dill 70 Dc exercised
myself that 1t results from any express power by fair
and safe rules Of Interpretation"
and the sanction of the great name Of Washington
which has been often invoked in its support,
The experiment Of that bank satisfied the country
that ought not to be continued and at the end Of
hssn for the Souutrv and sav.S
Thousands from bankruptcy and ruin, had our public
of 1916 resisted the temporary pressure of the
times upon financial and pecuniary interests and
refused to charter the second bank OF this the coun
try became abundanty satisfied and at the close of
its twenty years. duration in the of the first
bank, 1t also ceased to exist Under the repeated
blows Of President Jackson 1t reeled and fell and
was arrested by the veto Of President Tyler.
Mr. Madison, in yielding his signature to the char.
ter of lS did upon the ground Of the respect due
to presidents and, as he subsequently declared,
the Bank of the United States, though the orgi
nal question: held to be unconstitutional received tho
1t Ia probable that neither the bank of 1791 nor that
of 1876 would have been chartered but for the embar
easements Of the government in its finances, the de-
raugenent of the currency and the pecuniary pres
which existed-the first the consequence Of the
of the revoutioa and the second the
of the of 1872 Both resorted to in the delu
sve hope that they would restore public credit and
afford relief to the government and to the business Of
Those of our public men who opposed the whole
american system" at its commencement, and
throughout its PROGRESSES foresaw and predicted that It
was frsueht with incalculabe mischefs and must re-
suit serious injury to the best interests of the
try For series Of years ths. wise coun'eis we're un-
apparent that its practical operation was unequal and
unjust upon different portions of the country, and
were equally entitled to the favor and protection Of
the government 1t fostered and elevated the money
at expenses Of the It's e
make the rich richer and the poor poorer" It's ten
dency to create distinctions in society based on
wealth and to give to the favored classes undue con-
troll and sway in government 1t was organized
money power, which resisted the popular will, and
Ss Of
system of measures, the country witnessed alternate
o.
denied auctuation Of prices, and depression OF the
great interests Of agriculture navigation, and com.
bankruptcy of thousands. After severe struggle OF
more than quarter Of century, the system over
The bank has been succeeded by practical system
Of finance, conducted and controlled solely by the
government The constitutional currency has been
even in period of foreign war and the whole coun-
try has become satisfied that banks national or State,
not necessary fiscal agents Of the government
Revenue duties have taken the place of the protective
tar:GG. The distribution Of the money derived from
the sale of the public lands has been abandoned and
the corrupting system Of internal improvements,h 10
hoped has been effectually checked.
is not doubted that if this whole train Of measures
designed take wealth from the many, ana D6eeOW
upon the few, were to prevail the effect would be to
change the entire character Of the government Ors
only danger remains. It is the reductions Of thAt
branch Of the system which consists in internal i'm
provemente holding out it does inducements tothe
people particular sections and localities to embark
the Inevitable consequences. This branch Of the sys-
tenn Is so intimately combined and linked with tbs
others that as surely as effect is produced by an
ADEQUATE cause If it be resusctated and revived and
firmly established 1t requires no sagacity to foresee
that 1t win necessarily and speedily draw after it the
protective tariff the distribution of the land money,
and not only the posponement to the distant future
of the payment Of the present national debt but its
entertain the solemn conviction, that IL the inter-
nal improvement branch of the American system" be
firmly resisted at this time the whole series of
composing 1t will be speedily established and
the country be thrown back from it's high state
of prosperity, which the existing policy has produced
and be destined again to witness all the evils
oia revulsions depression Of prices and pecunary
barraements, through which we have passed during
the last twenty Eve years.
To guard against consequences 70 runous, Is an OBJ
ect Of high national Importance involving in judg
ment the continued prosperity Of the country
have felt 1t to be an imperative obligatont with
hold my constitutional sanction rom Two bills which
the principle Of the internal branch Of the
american system, and conflicting in their provisions
with the views here expressed.
This power, conferred upon the President by the
stitution. / have three occasions, during my adj
ment deemed il my duty to exercise and this last
occasion Of making to Congress an annual communists
ton Of the state OF the nion not deemed In
appropriate to review the principles and
which have governed my action deem this the more
necessary because, after the lapse Of nearly sixty
years since the adoption Of the constitution the pro-
ety Of the exercise of this undoubted constitutional
p by the President has for the first time been
urawn seriously in question by portion Of my fellow
citizens.
The constitution provides that every bill which
shall have passed the House Of and the
Senate shall before 1t become law be presented to tho
President of the United States he approve, he shall
sign it, but not he shall return 1t with his objections,
to that house in which 1t shall have originated, who
shall enter the objections at large their journal and
proceed to reconsider 1t.
The preservation of the constitution from infraction
Is the Presidents highest duty He Is bound to dis
charge that duty at whatever hazard Of mourning the
displeasure of those who may differ with him in opin.
ION He Is bound to discharge 1t, we'll by his ob-
cations to the people who have clothed him with HIS
exalted trust, as by his oath OF Office which he may
not disregard Nor the obligations of the Presi-