The Democratic pioneer. [volume] (Upper Sandusky, Ohio) 1845-1853, 1848-12-29

presc nied 10 me by tie 5oint Of committee
Congress, on Monday the 14lh inst and
! he requested his opinion, TO what precise
period, by legal interpreta alton II the
| cons iitutio ion, ,scan Tie President retain il
| 10 his possession before it becomes law
by the lapse al. the ten days. 1.-THE prop
er construction was that the day on which
his action was had upon IL, were both TO
be counted inclusive, then the time al
lowed within which il would be compe.
tent for him to return ii TO the House IN
which it originated, with his objections,
would expire on Thursday, the 24th Feb
ruary. Gen. Hamilton, on the same day,
returned an answer, 10 which lie states
u give il as my opinion that you have
ten days exclusive of that on which the
bill was delivered to you, and Sundays.
Hence, IN the pres ent case, If il is re.
turned on Friday il will be in time BY
this construction, which the President
adopted, he gained another day for de-
liberation and it was not until the 25, Ia
of February that he sigued tue bill, thus
offering conclusive proof that he had at
last obtained his own conse III to sign it,
not without great and almost insuperabis
difficulty. s'''
Additional light has recently been shed
upon the serious doubts which he had on
he subject, amounting at one time to
the convict on that il was his duty to
Withhold his approval from the bill. This
is found among the manuscript papers Of
Mr. NJ adlson, authorized TO be published
for The use Of The government by an act
of the last session, and now, for the first
time accessible to the public. From
these papers II appears that President
Washington, while he yet held the bank
bill in his hands, actually requested Mr..
Madison at that time member Of the
House of Representatives., to prepare the
draft af aveto message for him. Mr. Mad
ison, al his request, did prepare the draft
Of such message, and sent ii TO him on
the 2lst of February 1901. copy of
this original draft, in Mr.. Madison's own
handwriting, was carefully preserved by
him, and is among the papers lately pur.
chased by Congress. 1t is preceded by
note written on he same sheet ,aud Is also
in Mr.. Madson's hand writing and is as
follows:
February 2lst ,i79l. Copy of a paper
made out and sent to he President, at his
request, to be ready in case his judgmen.
should finally decide against bill incor-
porating a National bank, the bill being
then before him.
Among the objections assigned in this
paper to the bill, and which were submit
ted for the consideration of the Preside ent,
are the following:' j object to the bill be-
cause it is an essential principle of this
government, that power not delegated BY
the constitution cannot be, righfully ex-
ercised; because the power proposed BY
the bill 10 be exercised is not expressly
delegated, and because ! cannot satisfy
power by any fair and safe interpreta
ton. ,..s,t4
The weight Of the precedent of the Bank
of 1871, and the sanction of the great
name Of Washington which has been so
often invoked in its support, by tho devel,
opement of these facts, should satisfy the
country that it ought not TO be continued
1t would have been fortunate for the cdpn
try, saved thousands from bankruptcy and
ruin, had our public men resisted the
temporary pl essnre of the times upon their
financial and pecumiary interests, and
refused to charter the second bank. The
country became sbundantly satisfied at
the close of its twenty years duration, as
in the case of the first bank. and il also
ceased TO exist. Under the repeated
vetos Of President Jackson, it reeled and
fell, and subsequent attempt 10 charter
a similar institution was arrested by the
veto Of President Tyler.
Mr.. Madison in yielding his signature
to the charter of 1915, did so upon the
ground of respect due to precedents, as
he subsequently declared. the Bank Of the
United States. though held TO be uncon-
stitutional, received the Executive sigma
ture.
1tis probable that neither the bank OF
l79l or that of 1916 would have been
chartered but for the embarrassment of
the government 10 i 3 n,nces, in the de>
rangment Of the currency, the pecuniary |
psessure which exist ed--the first the con.
sequences Of the war ofthe revolution the |
5 second the war of l8l2-both resorted to
in the delusive hope that they would re
store public credit and afford relief to the
government and business Of the country.
Those Of our public men who opposed the
whole American SYSTEM at Its com
mencement and Throughout its progress,
for esaw and predicted that i was fraught