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

would be the bank profits by its use. It was the
interest of the favored classes, who were enriched
| by the protective tariff to have the rates of that
protection high possible; for the higher those
rates, the greater would be their advantage. 1t
was the interest of the people of all those Sec
tons and localities who expected 10 be bene-
flied by expenditures for internal improvements,
that the amount collected should be as large
as possible, to the end that the sum dsbursed
might also be the larger. The States being
the benefciaries in the distribution of the land
money, had an interest in having the rates OF tax
imposed by the protective tariff large enough to
yield sufficient revenue from that source to
meet the wants of the vernEent, without dis
turbipp or taking from them the land fund; so
that each of the branches constituting the system
had common interest in swelling the public ex-
penditures They had direct interest in mair.-
tanning the public debt unpaid, and increasing its
amount. because this would produce an annual
increased drain upon the treasury, TO the amount
of the interest, and render augmented taxes ne
cessary. The operation and necessary effect of
the whole system wete, to encourage large and
extravagant expenditures, and thereby to increase
the public patronage and maintain a fich and
splendid government at the expense of taxed
and impoverished people.
1t is manifest that this scheme of enlarged taxation
ana expenditures had il continued 10 prevail, must
soon have CONVEX ted the of the Union in
tended bv its trainers TO be plain, cheap, and simple
confederation OF States. united together for common
protection and charged with few specific duties rea
ting chiefly to foreign affairs, into consolidated
empire, depriving States of their reserved rights,
and the people of their just power and control in the adj
mlnistratiou of their government. In this the
changed not by an amendment of the constitutions but
by resortng TO an unwarranable and unauthorized con-
stIuctiOn OF that instrument.
The indirect mode of evying the taxes by duty on
perceiVng the amount they pay, and has enabled the
few who are thus enriched and who seek to WELD the
political power of the country, deceive and delude
them Were the taxes collected by di Get levy upon
the people, as is the case in the States, this could not
occur.
! The whole system was resisted from IFS inception by
many OF our ablest statesmen, some Of whom doubted
It's costitutonaly and its cXpedency while others be
eVed was, in all its branches, fragrant and DANCE
| rOus nfractiOn of the constitution.
That Il national bank, protective tariff levied
not TO raise the revenue needed, but for protection
merely, internal improvements, and the distrihu-
ton OF the proceeds of the sale of the public lands
are measures without the warrant OF the coastitu.
ton, would, upon the maturest consideration
seem to be clear. 1t is remarkable that no one OF
these measures, involving such momentous conse-
quences, is authorized by any express grant Of
| power IN the constitution. No of them is "in-
cldent to, as being necessary and proper for the
execution Of the specific powers" granted by the
constitution. The authority under which it has
been attempted to justify each of them is derived
from differences and constructions Of the constitu.
! ton which its letter and its whole object and de.
sign do not warrant. Is it to be conceived that
such immense powers would have been left by the
trainers of the constitution to mere differences and
doubtful constructions? Had it been intended tC
confer them on the federal government, it is hui
reasonable to conclude that it would have been
done by plain and unequivocai grants. This was
IL L. =. Il
american SYSTEM consisted, was reared on nc
other better foundation than forced implications
and differences of power which its authors assumed
might be deduced by construction from the con
stituton.
But it has been urged that the national bank
which constituted essential branch of thi:
! combined system of measures, was not new
measure, and that its constltntionality had beer
previously sanctioned because a bank had beer
chartered in 1891, and had received the ofiicia
signature Of President Washington. A few facts
will show the just weight to which this preceden
should be entitled as bearing upon the question o
the constltutlOnalty.
Great division Of opinion upon the subject ex
listed in Congress. 1t is well known that Presi
sident Washington entertained serious doubt
both as to the consttutionaity and expediency O
the measure; and while the bill was before hin
|
were these doubts, that he required 1.-The opinion
in writing" of the members Of his cabinet to al,
him in arriving at decision. His cabinet CAV
their opinion, and were divided upon the subject
General Hamilton heing in favor of, and Mr. JET
ferson and Mr.. Randolph being opposed to tn
constitutionality and expedicncy of the bank.
| is we'll known, also, that President Washington
retained the bill from Monday, the fourteenth
: when it was presented to him, until Friday, tn
twenty-ffth of February-being the last momen
l permitted him by the constitution to deliberate
when he finally yielded to it his reluctant assent
and gave it his signature 1t is certain that as lat
as the twenythird of February-being the mint
day after the bill was presented to him-he ha
arrived at satisfactory conclusions for on tia
day he addressed note to General Hamilton, i
which he informs him that "ths bill was preser
ted to me by the Joint committee of Congress
l2'oclock on monday, the fourteenth INSTANT an
= he requested his opinion "to what precise perioe
by legal Interpretation of the constitution, tn
President retain it in his possession, before it be
, comes law by the lapse of ten days." If tn
proper construction was, that the day on whc
the bill was presented to the President, and tn
day on which his action was had upon it, wer
: both to be counted inclusive, then the time allow
x ed him, within which it would be competent fc
him to return it to the House in which it originf
ted with his objections, would expire on Thursda,
o the twenty fourth of February. Gen. Hamilto
on the same day returned an answer, in which h
;, states: Il give it as my opinion that you hay
4 ten days exclusive of that on which the bill W.
delivered to you and Sundays; hence. in the pr
sent case if it is returned Friday, it will be
e time" By this construction, which the Pres
dent adopted, he gained another day, for deliber
i ton, and it was not until the twenty-fth of Eel
: ruary that he signed the bill; thus afordng col
L elusive proof that he had at last obtained his ow
consent to sign it not without great and almo
insuperable difficulty. Additional light has bee
recently shed upon the serious doubts which
had on the subject, amounting at one time to
conviction that it was his duty to withhold his al
:, proval from the bill. This is found among tt
\ manuscript papers of Mr.. Madison, authorized
: be purchased for the use If the government by a
q act of the last session of Congress, and now fl
f the first time accessible to the public. From the
= papers, it appears that President Washingto
e while he yet held the bank bill in his hands, act
n ally requested Mr. Madison, at that time men
= bei ofthe House of Representative, to prepare Il
draught of veto message for him. Mr.. Madlso
) at his request, did prepare the draught of such
e message and sent it to him on the twenty-tirs
g February, 1871. A copy of this original draugt
G in Mr. Madison's own handwriting, was careful
e preserved by him, and is among the papers late