The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1849-01-05

S" w huo WI TUG suuJect, amounting al
une time 10 conviction that IL was his du.
" TO withhold his approval from the bill
his is found among the manuscript pa pen
OF Mr.. Madison, authorized to be purchas.
ed tor the use OF the Government, by an ac,
Of the last session of Congress, und nov for
the tirs. time accessible TO the public. From
these papers Il appears that President Wash.
ington, while he yet held The bank bill ia
his hands, actually requested Mr.. Madison.
at that time member Of the House Of Rep
resentaiives, 10 prepare the draugh, of u
veto messngeo him. Mr.. Madison, II, his
request did prepare The draugh, of such q
message. and sen, i, To him on the 81 OF
February, 1901. A copy Of this original
diaugh'. IN Mr.. Madson's own hand y ri ;inp
@as carefully preserved by hun, and is a.
moog The papers lately purchased by Con
gress. II is preceded by u note, written
on the same sheet, which is also IN Mr.
Madisou's hand. writing, ard 10 as follows:
February 2Ist, 1871. Copy Of a pa.
per made out aud sent to the President Of
his request, TO be ready 10 case hrs ildc.
ment should Goally decide sgaius, the bill
inf Incorporating national bank, the bill
being then before him."
Among the objections assigned 10 this pa
per TO the bill, aud which were submitted
for the consideration 0! the President, are
The following.
81 Object TO the bill, because il is an es
senial principle Of the Government, tina,
powers not delegated by The Constitution
cannot he righilully exercised; because The
poaer proposed by the bill to be exercised
IS not expressly delegated and because /
canno, satisfy myself that it results from
any express power by fair aud safe rules OF
Interpretation"
The weigh, Of the precedent Of the bank
OF 1871. aud the saocion Of the grca, nanle
OF Washington which has been - often in.
seked IN lis support, ale greatly weakened
by The development Of these facts. The
experiment, Of that bank satisfied the cnun
iiy that /, ought 10, 10 be continued, and
a,ihe end OF 20 ears Congress re used To
rechaher II. II would have been fortunate
iss tho country ."S .-.ai ih...a.s. G..r
bankruptcy and ruin, had our public men
OF 1916 resisted the temporary pressure Of
the times upon our financial aud pecuniary
interests, and refused To charter the second
bank. Oh tbs the country became aban
dandy satisfied, aud al the close Of its 20
years duration, as IN the case o. the first
bank, IT also ceased to osis,. 4Ger thr
repeated bows OF Pfcstdvnt Jackson, II
reeIed md fen, aul a sublequcn, attempt to
charter similar institution vas arrested
by the veto Of Pfesdenl I, Ter.
Mr.. MIdlson, IN yielding his signature
TO the charter Of 1916, did so upon The
gtouud Of Tho respect Due to pfscedenls
and, as he subsequently declared " The
Bank OF the unted States, though, on the
original question, held to be unconsIiutIon
81, received The Executive Signature"
1, IS probibls that neither The bank OF
1871 nor tho, Of 1915 would have been
chartered but FOR the embafrassme1ts Of the
Goyeruueu, in lis Frances. the derange.
meni OF the currency, and toe pecunIaty
pressure which exisIed-the first The conse.
quence Of the ~er Of tho Revolution, AMI
the second the Consequence OF tho var OF
1912. Bo.h we're rcsofied 10 IN the de'u
size hope rifAI they would restore public
credit, aud afford relief TO The Government
and TO the business Of the country.
Those OF our public men who opposed
the whole American system OF It's CON.
and Throughout lis progress,
fofcsaw and pred c'ed that II was lraught 7.
" ith iucaculsble mlschiefs, and must result
in serious injury 10 the best interests Of The
country. Fo, a series Of years their wise
were unhccdej, and the system
" as established. |, was soon apparen, that
lis practical operation was uneqasl ar4unllst
upon different portions Of the country, and
upon the people engaged in different, pur
suite. All were equally entitled TO the IA
sor and protection Of the Government. II (
ros,cred and elevated the money power,
and enriched the favored few By taxing Ia
Dor, and al the expense of the many. It's
eject wes to make the rich richer aud the
poor pooref." Its tendency was 10 create
distinctions in society based on wealth, and
% give TO the favored classes undue control
md sway in our Government. II was an
organized money power, which resisted the
popular will, and sought to shape aud con
fol the public policy
Under the perncions workings oil tins
combined syslem Of measures, the country
alternate seasons Of Temporary I
pparep. prosperity; OF sudden and dlsas.
rous commercial rcvulsions OF unprece
ented fuclualinn of prices, and depression Q
f the great interests Of agriculture, nnvI
alton, and commerce; Of general pecunl I
ry suffering, and Of final bankruptcy OF :
nousands. After a severe struggle OF more u
nan quarter of q century, The system was I
yerthrowD. y
Tho bank has been succeeded by prac- u
cal system Of finance, conducted and con c
'ollcd solely by the Government. The A
currency has boen restored;
re public credit maintained unlmpaIed, c
ven IN period Of foreign war and the 9
hole county has become satisfied that 9
anks, National or State, are not necessary u
} fiscal agents Of the Government. Rev a
I..,.n. L.. atap 4 he nfaca af The Dfo. III