The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-30
NIadison's Bank Veto.

RrUunu IHaL to WOUu De UHWISc 20 UtSITUV tHe Ct
AGENCY oil the regular cavalry, as Its ranks would
nave 10 be nled by volunteers
MadisOn's Bank Veto.
PRESIDENT MADISON RETURNS THE BILL To MOOR
PoRATE THE BANK OF THE UNITED STATES JAN
Waving the question OF the constitu.
tional authority OF the Legislature TO establish
incorporated bank, as being preclu1ed, my
Judgment by repealed recogntions, under varied
circumstances, OF the validity OF such an lnstitu-
zion, In acts OF the Legislative executive and judi
cial branches OF the government accompanied by
Indications, in different modes, OF concurrence
OF the general Will OF the nation, tile proposed
bank does not appear to be calculated to answer
vld1ng national medium oil circulation and OF aid
ing the Treasury by facilitating the Indispensable
authorizations OF the revenue and by ahord-
ing TO the public more durable loans.
When IT is considered that the pro-
p posed 90 establishment sha VIII enjoy mo.
period OF twenty years. that the monopohzed
prohts will be continually growing with the
pTosIess OF tne national population and wealth;
dependent on The notes of the bank for that
species OF circulating medium Whenever the
precious metals may be wanted, and at all times
Tor 80 much thereof as may be an eligible sab
satute FOR specie medium; and that the exten-
ave employment OF the noJeS in the collection OF
the augmented taxes will, moreover. enable the
bank greatly to extend It's profitable issues OF
them without the expense OF specie capital to sup
port that circuIatfon 1t is reasonable as 1t req
uisite, that the governmental return for these
extraordinary CONCESSIONS TO the bank would have
o. the institution than Is presented in the bill and
particularly lor every practicable accommodations
Dotn III the temporary advances necessary to an
ticipate The taxes, and IN those more durable
loans which are equally necessary to dlminisl the
message by stating that he consoles himself with
the reelection that II his objections have not the
weight which he attaches to them '.they can be
that, in contrary event, the wisdom OF Congress
will hasten to substitute O more commensurate
and certain provision lor the public exlgencles."
President Jackson's Bank Veto.
PRESIDENT JACKSON RETURNS THE BANK BILL JULY
10, 1882
. A bank OF tue United States is in many
resoects, convenient for the government and use
iul to the people. Entertaining THIS opinion, and
deeply Impressed with the belief tnat some OF the
powers and privileges possessed by the existing
bank are unauthorized by the constitution, sub
versve OF the rights. Of the states and
pie i ielt it my duty at an early period
OF my administration to call the attention
Of Congress to the practicaollity OF ORGANIZING an
atlng these objections. sincerely regret that in
the act before me can perceive none Of those
notifications OF the bank charter which are neces-
sary IN my opinion TO make IL compatible with
Justice, with sound policy or with the constitution
who are TO receive the bounty OF our government.
More than So, 100000 OF the stock OF this bank is
held by foreigners. BY this act the American Re-
puplic proposes virtually 20 make them present
OF some millions OF dollars. For these Rratuities to
foreigners and to some OF our own opuient cti-
ever. 1t Is not conceivable how the pres
ent stockholders can have any claim to the special
favor OF the government. Ii We must nave such
corporation why should not the government sell
out the whole STOCK and thus secure 10 the pepoie
the full market value of the privileges
granted. Why should not Congress create and sell
SIS, 100000 oil STOCK incorporating the purchasers
VIE all the powers and privileges secured in the
act act and putting the preum upon the sales sale into
policy, as far as the nature of the case VIII admit,
to con1ne our favor to our own ieilow citizens,
a 1af in hIl tnrn nU N fnnI IN
profit by our bounty. In the bearing OF the act be-
lore me upon these points ] find ample reasons
why 1t should not become law. Ii there
no danger to our liberty and Independence In q
bank that in It's nature has little TO oiud 1t to
our country Should ITS influence become con-
centred as IL may under the operation OF such an
act rs this In the hands OF seelected directory,
whose interests are identified VITA those OF the
foreign stockholder, will there not be cause to
tremDle Tor the purity OF our elections In peace
and Tor the independence of our country IN war
rich and powerful too 5est oten bend , the
acts OF government to their selfish purpose.
Distinctions IN society Will always exist under
every just government. Equality OF talents, of
education or OF wealth. cannot be produced by
human institutions. In the lull enjoyment OF the
dustry, economy and virtue, every man Is equally
entitled 10 TINS protection by law. But when the
laws undertake to add to these natural and lust
advantages artificial distinctions to grant titles.
gratuites and exclusive privileges, to make the
rich richer and the potent more powerful, the
humble meMberS or society," the farmers, me-
chanics and lab0rers, who netGer the time nor
the means OF securing like favors for themselves,
have rlUnt to complain OF the injustice OF their
government. y Most OF the difficulties our
government now encounters and most OF the
dangers which lmpcnd over our Union have sprung
from abandonment OF the legitimate objects
OF governments IN our national legislation aud
the adoption OF such principles AS are embodied in
this act Many OF our rich men have not been
content with equal protection and equal benefits,
but have DesOught us to make them richer by acts
OF Congress. BY attempting to crafty their de-
sires we have IN the results Oh our legislation
sprayed section against section, interest against
interest, and man against man, In fearful com.
motion, which threatens TO snake the foundations
Oi our Union IL Is Time to pause In our career to
review our principles, and, II possible revive that
devoted patriotism and spirit OF compromise
winch distinguished the saaes OF the Revolution and
the fathers OF our Union. II we cannot at once, In
Justice 10 interests vested under fmpr0yident
iegisiation. make our government what 1t ought
10 oe we can at least take a stand against all new
grants OF mon0polles and exclusive privileges
a9aiiist any prostitution of our government to the
advancement or the few at the expense OF the
many, ana ia favor Of compromise and gradual re-
iorm In our code OF laws and system Of political
economy.
President Tyier's First Fiscal Bank
Veto, August 10, 1s4l.
The bill entitled can act to tncorporate the sub.
scrbers to he Fiscal Bank OF the United States.u
which originated In the Senate, has been consid.
cred by me, with sincere desire to Conform NV
action In regard to 1t to that OF the two Uousns
OF Congress by the constitution it ia NV dpty