The Washington union., 1858-02-28


accumulated malice and concentrated war
GOV. DENvERs BANK VETO MESSAGE
To THE CouscL-GEsrLEsEs Herewith return with
approval bill entitled "An act establishing certain
banks in Kansas Territory
In the investigation of the subject it may be well
first to inquire whether the legislature of this Territory
has the power to charter banks and authorize them to is
notes bills OF credit for circulating medium AT
ter struggle Of than forty years Congress finally lie
cided that they had not the power to establish national
bank and there very few at this day who do not
doIse the wisdom of that decision The power of Con
gess legslate for the people Of the Territories is not
expressly given by any provision in the constitution but
It springs from that obligation imposed every govern
ment to afford protection to her citizens. In order
to carry out this obligation Congress has the right
where within the boundaries of the American Union, and
not within the limits OF organized State, omake such
rules and regulations he for the
ment OF the people residing there not inconsistent with
the provisions of the federal constitution In the
else of these powers Congress delegated with
vatons their authority such subjects 10 the legsa
tive power of the Territory The language Of the organic
act section "a, is very explicit, and reads follows
1.-The legislative power of the Territory shall extend
to all ghttu subjects of legislation consistent with the
constitution Of the United States and the provisions of
this act -
The constitution gives to Congress the right o exer
else exclusive legislation In all whatsoever
the District of Columbia but there il limited
by the deed Of cession The other places 10 which such
right extends forts magazines rsenas dock yards,
and other needfu buildings In all else the powers of
Congress expressly defined grow out of abso-
lutte necessity and II has been determined that the power
to charter bank is neither necessary incidental pow
Did Congress- then intend by the organic to CON
fer authority the legislative power of this Territory
which she did not herself possess No will pretend
for moment that such the intention for it is
pressy declared otherwise Ii this power cannot be
found have been conferred on Congress by the const
tuition, the legislative power of this Territory by
the constitution and organic act under what authority is
it proposed to pass the bill before mci
The constitution further declares that State shall
'coin money, emit bills of credit, make anything but
gold silver tender in payment of debts and it
be presumed that when the States debarred the
right to exercise such powers the Territories would
be allowed to do sol IT there could he doubt about it,
reference to the tenth article of the amendments to the
constitution would set that doubt at rest 1t reads
follows
.'Thc powers not delegated to the United States by
the constitution prohibited by it to the States
reserved to the States respectively to the people.
The powers sought to be exercised prohibited
to the States and Congress has decided that they have
not been delegated to the United States Under and by
what authority, then, the Territory suc,
powers
Passing by this question of power proceed to
examine the bill itself
1t authorizes the banks proposed to be created "o
purchase possess use aud sell any property the
Individuals (See section I)
1t authorizes them and declares that hey shall have
poses made by responsible specie paying banking houses
in this Territory in St. Louis, Chicago Cincinnati
Phiadelphia, Boston, or New York (see section 49,
Section 10 provides that mo bank shall at any time
suspend refuse the payment in specie of any of its
| notes, &c,
BY examination Of these provisions it will be
that the proposed banks will be authorized to enter the
lists in oonnexon with individuals for the buying and
selling OF everything and in paying for the same to
bank notes sight drafts, certificates of depose II
specie should be demanded, they could turn to their
charter and show that they have power Ypce
all such paper evidences of debt There would never be
necessity for them to suspend for the Bank of Leayen
worth would be authorized to redeem her notes in The
notes of the Bank Of Lawrence the Bank of Lawrence
redeem hers in the notes of the Bank of Wyandot and
the Bank of Wyantott redeem hers in the notes of the
Bank of Leavenworth thus making continual circuit
and if these banks should get tired Of this circular
tion they could send the note holder out of the Terrific
~ by giving him sight daftscerfcatcs of depostc
eastern banks AS these operations might be found
cessful their circulation could be extended to unlm
tied amount for the capital stock being fixed first at
hundred thousand dollars for each bank it afterwards
be increased indefinitely by the addition Of fifty thousand
at time and thus through the agencies which the 9th
section authorizes them to establish in every town. ham
let neghborhood throughout the length and breadth
of the Territory they would be able to interfere in the
business affairs of every citizen and flood the country
with irredeemabe and irresponsible paper currency
which they would be authorized TO specie, but
which could not be SO used by anybody else.
The twelfth section provides that 'whcneyer the dec
amount of State bonds of any interest paying State in the
Union of the United States equal to twenty five thou
sand dollars 1925 000 at the current rates of the New
York Stock Exchange, &c, making provision against
receiving State United States stock at premium
when il is well known that sudden revuson is to
reduce the current rates value attached to such ev
dences Of indebtedness, and that in event could
| than the face of the bonds be collected.
The twenty sixth section embraces attempt to eGis
late in advance for any future State which may be formed
of this Territory, by deprivng The people at that
time of the power to arrange their affairs. =
regard this bill before Objectionable therefore,
for the following reasons
lst. do not think the governor and legislative as
sembly have the power to charter banks
I'd 'Ihe governor and legislative assembly have
right to make anything other than gold and silver legal
tender
3D. 1t would be bad policy TO give any moneyed in
sttution the power to interfere in the every day affairs Of
the people, and food the country with paper currency
which they could use specie, but which the people
at large could not
With these objections the bill is herewith returned to
the house in which it originated
J. w. DENVER, Governor.
Mn EVERETT. The ''Charty Discourse of this truly
great orator drew large audience TO the theatre yeser
has hal plx