The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-12-20

tnehay fhana II february -hrsng lie ninah
day aiirE lie hill mas Presehled u hiEn-
he had arnxea - M satisfactory ronrln-
sioa; Ga 81 ihsl day he slslrrssei nsle
q t;easEzi Hamilton. Ia which be inioIms
him llaas - lhis bill was prssealed 10 ne
hE the joint eammiler II csngEsss a l2
a'r'ork On Monday. ihe fsnIiesnsh IN
slanl; ard ~ Feaueslssi his opinion =. In
what pErease pFFiasi. by legal Interpretation
n lhe snnsiliullan. can me President IT,
tain 4 IN his possession. beloEe il hseemes
a lsw BY The lapse nf ten DAYS" II the
proper construction MAS. hist lhe slay
On Whirh tie bill wus presented 70 the
President. and the day nn whirh his ae-
ion MAS had npon il. were hnih In lie
counted ime'usiEr. Ihsn tie Time alioxed
him. within whirh Il would he rompeIsni
Tar him 10 return il IN the Hause IN which
il originated with hiS objections. would
expire .n Thursday. li,e Iurnly. fourth ol
February. tien. Hamilton On the same
day returned m answer. in uhirh he
states give Il ~ my Opininn that Won
have ten DAYS exclusive al that sn whirh
the hill was delivered 10 yau. and Sundays;
hence. IN The prrssnl rase. &c il Is returned
on Friday. il will he IN time" BY this
construction. which the President adopted.
he gained an"lher day lnr tlrliheralinn. and
IL was not until the IMcnly-linh of Febru-
airy THAI he signed the hill; thus Attending
conclusive pToof that he had nj last "b.
tanned his own ennseni Io sign il moi " it'll
out great and almost masquerade difficult
~. Additional light has hPen recently
shed upon the seIi0ns doubts MhIrh he
had on the subject. amounting a one time
10 a conviction that il was his duty To
withhold his approval fInm the bill. This
j. found among the manuscript papers oi
Mr.. Madison. anihnriZed Ia he purchased
for the use If tie Government By an net Of
the last session of Congress. and now for
lhr,irst time accessible to ihe pui,lie. From
these papers. il appears thai President
Washington. while he YET held the bank hill
in his hands, actually requested Mr.. Madi.
snn. al that time member Of the House
Of Representatives. 10 prepare the draushl
Of veto message for him. Mr.. Madison,
At his request. did prepare the drsughl Of
such a message. and sent IL Ia him an the
iw"niy-tirst at February, 1891. A copy
OF this original draughi. in Mr.. Masli-on's
own hand writing, was rarrluIiy preserv-
eel by him, and j. Among the papers late
ly purchased by Congress. II is preceded
by note, written on the same sheri. whirh
is ais" in Mr.. MadiSnn's handwriting. and
is ~ follows:
February 2lst, 1891. Copy of a pa
per made out aud sent In the President at
his request. to he ready in Ease his judy
ment should finally decide against the hill
far incorporating national bank, the bill
being then before him."
Among the affections assigned in this
paper TO the bill. aud which were submit
ted Gor the consideration Of the President,
are the following:
." ohie,.l Ia the bill. because ii is an
essential principle Of the government that
powers moi delegated Ivy the constitution
cannot be righlinlly exercised; because the
power proposed by the bill To he exercised
is moi expressly delegated, and because |
cannot satisfy myself that it results from
any express power by fair and sale rules
"f Interpretation"
The weight Of the pIeceden, of The
hank Of 1891. and the sanction nf the
great name of Washington which has been
80 ullen invoked in lis support, are great
" weakened by the development Of these
farIs. The experiment oil that baak salts
fed the country that it ought not 10 be
continued, and al the end of twenty years
Congress refused 10 recharler il. Ii
would have ben fortunate CIR the country,
and saved thousands from bankruptcy
and ruin, had our public men of 1916 re-
sisted the temporary pressure Of the tunes
upon our financial aud pecuniary interests,
and refused I'd charter the second bank.
or this the country became abundanilv
saiisfi d, aud at the close Of its twenty
wears duration, as in The case Of the
first bank. it also ceased TO exist. Under
the repeated blows of President Jackson,
ii reeled anil fell. and subsequent attempt
IN charter a similar Institution was ares
ted by the veto of President Tyler.
| Mr.. Madison, in yielding his signature
10 the charter Of 1916. did so upon the
ground Of the respect due tn presidents;
and. as he subsequently declared. :" the
Bank Of the United States. though. on
the original question. held 10 be nnron-
sti'uIional, received the Executive sigma
lure"
II is probable that neitLer The hank of
1891. nnr tai of 1915. would have been
chartered but for the embarrassments OF
the government in its finanres. the de-
rangenent Of the currency and The peru-
MARY pressure which exis'ed,-the first
the consequence Of the war If the Ievoln-
ton, and The second the consequence ol
the war of 1912. Both we've resortpd IA
in the delusive hope that they would re.
store public credit, aud afford relief to the
government, and To The business of the
country.