Weekly miners' express. (DuBuque, Iowa) 184?-1849, 1848-12-26

sssS ousOJSSs3 u'AsouutiuS ~ OiS titIlC ~ IuC
conviction that it was his d1ty to with
hold his approval from that bill. This is
found among the manuscript papers oil
Mr.. Madison authorised to be purchased
for the use Of the Government by an act
of last session, and now for the first time
accessible 10 the public. From these, ii
appears that President Washington, while
he yet held the bank in his own hands.
actually requested Mr.-Madison, at that
time a member Of the House Of Repre-
sentatiycs, toprepare the draft Of a veto
message for him. Mr.. Madison, at his
request, did prepare the draft Of such a
message, and sent it to him on the els,
Of February, 1871. A copy Of this orig.
inal draft, in Mr.. Madisoll's own hand
writing, was carefully preserved by him.
and is among the letters lately purchased
by Congress. It's preceded BY note
written on the same sheet, and is also in
Mr.. Madison,s own handwriting: 49,,
.Feb. 81, l79l--Copy Of a paper made
out and sent to the President, al his re-
quest, to be ready in case, his judgment
should finally decide against National
Bank, the bill being then before him. .
Among the objections assigned in this
paper to the bill, and which were sub
nitted for the consideration of the Prcsi-
dent. are the following: i. fa.,, ss....
t.I8object to the bill because il is an es-
sential privilege Of this government, that
power not delegated by the constitution,
cannot be rightfnlly exercised; because
the power proposed by the bill to be ex-
ercised, is not expressly delegated; and
because ! cannot satisfy myselfthat it re-
snlts1from any expressed power, by fair
and safe rules Of interpretation 15 ass.rt
The weight of the precedent Of the
Bank Of 1891, and the sanction Of the
great name Of Washington, which has
been so often invoked in its support by
Developments Of these facts, should salts
fyihe country that it ought not TO be
continued. 1t would have been fortunate
iortthe country, and saved thousands from
bankruptcy and ruin, had our public men
resisted the temporary pressure Of the
times upon our financial and pecuniary in
terests, and refused TO charter the Bank.
Of the second bank the country became
nbundantly satisfied at the close Of its 20
years duration, as in the case Of the first
bank, and it, also ceased to exist, under
the repeated yetoes of President Jackson,
itreeled and fell--and subsequent at
tempt 10 charter similar institution was
arrested by the veto Of President Tyler.
Nlrs Madison, in yielding his signature
tosthe charter Of 1915, did so upon the
ground of respect to precedents-and as
he subsequently declared, the Bank Of the
United States, though on the original
question held to be unconstitutional, re-
cciyed the Executive signature. ..,s
It is probable that neitherlhe Bank Of
1871, nor that of 1916, would have been
chartered but for the embarrassment Of
the Government in its finances, by the
ofthe currency. The pres
sure which existed-the first in conse-
quencc Of the war Of the Revolution, the
second the consequence of the war Of 49,
12-both were resorted TO, in the delusive
hope that they would restore public cred
it and afford relief to the Government
and to the business Of the country. Those
ofour public men who opposed the whole
6 \ noari,.---.~sJ seeni- urri.s commencement
aud throughout its progress lHV ~ and
predicted that it was fraugfte meal
culable mischief, and must resultin seri-
Gus consequences to the best interests Of
the country for series of years. These
wise counse,s were uuheard, and the sys-
tenn was established. 1t was soon appar-
ent that lis practical operation was une-
quail and unjust upon different portions Of
the country, and upon the people engag-
ed IN different pursuits All were equal
ly entitled to the favor and protection Of
Government. 1t !ostered and elevated
the monied power, and enriched the ia
vored few at the expense Of the many
Its effect was to make "the rich richer,
and the poor poorer" its tendency was
to create distinctions in society, based up
on wealth, and to give the favored class
es undue control and sway in our govern
ment. 1t was an organized monied pow
err which resisted the popular will, and
sough! TO shape and control the public
policy, by taxing labor.
Under the pernicious workings ofthis
sscombined system of measures, the coun-
try witnessed alternate seasons Of tempo
sTary apparent prosperity; Of undue and
disastrous commercial revulsions; Of I'M
precedented fluctuation of prices, and of
the oppression OF the greatest interests
of Horticulture and CONNIE rce-of pecuni
airy suffering, and final bankruptcy Of
thousands.
After severe struggle fmore than
quarter ola century The system was over
thrown #8#
The Bank has been succeeded by a.
practical system Of finance conducted and
controlled solely by the government
The constitutional currency has been re-
stored, the pnblic credit maintained unim
paired, even in a period Of foreign war,
and the whole country has become salts
I fed that Banks National or State-are
not necessary as fiscal agents Of the gov
eminent. The revenue duties have TAX
en- the place Of a protective tariff. The
c.o,,, tbo ,,,,L