National Republican. (Washington City (D.C.)) 1872-1888, 1874-04-02
FULL SCHEDULE 0F YEToES
ABSTRACT OF TEE PRIEcfPAL We
TOES OF THE PRESIDENTS.

AND EhENCE NhASNS
zoSs OF FIERCE, JOHNSON AND GIANT
tFrom the New York HerAld.1
The first veto message received BY Congress
taInee the organisation of the Government was
thst cent In By Washington, returning with ME
objections bill In relation to the army IN which
1t was proposed to disosnd or materially reduce
the cavalry branch Of the service. The next or
more Important one was that Of President Madi-
con in ISIS, Tetoing the United States bank BILL
following in 1854 by the famous veto Of President
jackson OF the same Institution. Several other
Eetoes marked the administrations OF Madison
khd jackson, but the bank vetoes were the most
distinguished ones. The administrations Of
Adams, Jefferson, Monroe (sGTtng Internal i'm
provements} and John Quincy Adams were com.
8aratiVely vetolesL The vetoes Of succeeding
Presidents VIII be found In order In the abstracts
pfthe documents which We Guojoin. Van Buren's
administration was characterized by no vetoes Of
consequence The administration or Willard FIJI.
spofs, who, as Vice President, succeeded TO the
Presidential once upon the death Of Zachary
Taylor, and whose administration lasted from
1sis to 1854 and the two-term administration Of
Abrahan Lincoln are not notable for vetOes Of
any kind.
Our first abstract Of these Presidential vetoes is
that Of President W sshngton, as follows:
wAsHIEeToN's VETO.
The veto Of President Washington as explained
above, was in reference 10 the cavalry arm Of the
military service, in which the President took the
ground that It would be unWise TO destroy the
efficiency Of the regular cavalry, as its ranks
would have to be filled By volunteers.
MADIsoN's BANK VETO.
e Waving the question Of the Constitu-
tional authority Of the Legislature to establish
incorporated bank, as being preiudieed in my
Judgment by repeated recoguitions, under varied
circunstancses of the validity of such an nstitu-
ton in acts Of the legislative, executive and judi
oIal branches Of the Government accompanied BY
of the general will Of the nation, the proposed
bank does not appear to be calculated to answer
the purposes Of revving the public credit Of pro-
Rtdlng q national medium Of circulation and Of
aiding the Treasury by facilitating the indispen-
sable anticipatons Of the revenue, and by afford
ipg to the public more durable loans.
When 1t is considered that the proposed estao-
Iishment Will enjoy q monopoly Of the profits Of q
national bank for period Of twenty years;
that the monopolized profits will be con-
tinually growing with the progress OF
the national population and wealth. that
the nation will, during the same period be
dependent on the notes Of the bank for that species
of circulating medium whenever the precious met
ais may be wanted, and at all times for SO much
thereof may be an eligible substitute for spe
Gle medium; and that the extensive employment
of the notes in the collection Of the augmented
taxes will, moreover, enable the bank greatly to
extend its profitable Issues Of them without the
expense OF specie capital to support that eIrcula-
zion, is reasonable as 1t Is requisite, that the
I Government, IN return for these extraordinary
concessions TO the bank, would have Q greater
security for attaining the public objects Of the in
stituton than is presented in the BILL and psrti-
!culRrly for every practicable accommodate both
III the temporary advances necessary to anticipate
tthe taxes, and in those more durable loans which
are equally necessary to diminish the resort to
taxes. President Madison concludes his message
by stating that he consoles himself with the re-
fection thaeaf his objections have not the weight
which he attaches TO them they can be consttu.
tionally OVerruled; and with q confidence that In
q contrary event, the wisdom OF Congress- will |
hasten to substitute . more commensurate and |
certain provision for the public exigences"
PRESIDENT JAcKsoS's VETO.
- A bank Of the United States Is, in many |
respects, convenient for the Government and use.
full TO the people. Entertaining this opinion and
2dseply impressed with the belief that some Of the
powers and privileges possessed by the existing |
bank are AUTHORIZED BY the Constitution subver-
the liberties Of the people, felt 1t my duty at an
early period Of my Administration to call the at
tepton Of Congress to the praoticability OF organ
itItng an Institution combining sill its advantages
land obyiatiRg these objections. sincerely regret
sthst In the act before me can perceive none Of |
sthose notifications Of the bank charter which are
fnecessary, in my opinion, to make 1t compatible
with Justice, with sound policy, or with the Con-
tetit1tfon Of our country. II is not our own |
etiEens who are to receive the bounty Of our Gov.
5erhment More than g. 900 900 of the stock Of this
thank is held by foreigners. By this act the Amer
tcah Republic proposes virtually to make them
present Of some millions Of dollars For these
gratitudes to foreigners and to some Of our
own opulent citizens the act secures no
equivalent whatever Il IA not
conceivable how the present stockholders can
have any claim to the special favor OF the
ho,-n
corporation why should not the Government sell
out the whole stock, and thus secure 70 the people
the full market value Of the privileges granted.
why should not Congress create and sell go.
100000 Of stock, Incorporating the purchasers with
all the powers and privileges secured in the a0t
and putting the premium upon the sales into the
Treasury? It is but justice and good
policy, as far as the nature of the case will admit
to confne our favor to our own fellow citizens
and let each In his turn enjoy an opportunity to
pront By our bounty. In the bearing Of the act
before me upod these points find ample reasons
why 1t should not become q law. . Is
there no danger to our liberty and Independence
IN bank that in its nature has so little to bind
Il to our country? Should its influence become
concentrated, as II may under the operation of ,
such an act as this, in the hands Of selfelected
directory whose interests identified with those
OF the foreign stakeholder, will there not be !
cause to tremble for the purity Of our elections In
peace and for the independence OF our country in
war; It is to be regretted that the :
rich and powerful too often bend the acts =
Of government to their selfish purpose. Dis
tnctions in society will always exist under every
sqst government. Equality Of talents, Of
education or OF wealth, cannot be produced bv
human Institutions. In the full enjoyment of the
gitts OF heaven, and the fruits Of superior indus
try, economy and virtue every man is equally +
entitled to this protection By law. But when the
laws undertake to add to thSse natural and Just a
advantages artificial distinctions to grant titles,
gratuities and exclusive privileged to make the 81
rich richer and the potent more powerful, the K
humble members OF society, the farmers mechau. D
les and laborers, who have neither the time nor
the means Of securing like favors for themselves
pave right to complain Of the injustice Of their
Government. Most Of the difficulties 81
our Government now encounters, snd most of the IL
dangers which tmpend over our Union, have 81
sprung from an abandonment Of the Legitimate Oh
Jects OF Government In national and
the adoption Of such principles are embodied in
this act. Many Of our rich men have not been D
content with equal protection and equal benefts
but have besought to make them richer by acts A
Of Congress. By attempting to crafty their de- n
sires we have, in the results Of our Legislation.
arrayed section against section interest against
interest, and man against man, in fearful CON- =,
motion, WHICH threatens to shake the foundation N
OF our Union 1t is time to pause our career to
review orr principles, and If possible revive that n
49, SiN 9PiAlt VI compromise N
winch distinguished the sages Of the Revolution g.
and the fathers Of our Union. II We cannot at |
once In justice 10 interests Eested under mpreyI
dent legislation, make our Government what IL | "a
ought to be, we can at least take stand against
all new grants Of monopolies and exclusive prfJi-
leges, against any prostitution Of our Govern ha
msnt to the advancement of the few at the ex | to
pense Of the many, and in favor Of couuronisa Lie
and gradual reform in code of laws and sys. ia
tenn Of political economy. an
PREs1nESr Ty1zp,s rrps- vrsc,, ,,~ ia
The bill entitled "An act to INCORPORATE the sub- y.
scribers to the Fiscal Bank Of the United States
which originated In the Senste, has been consid =,
cred by me, with Q sincere desire to conform my I'M
action in regard 1t that OF the two Houses Of "a
Congress. By the Constitution It is my duty %
either to approve the bill by sgnIng it or to ~
win my oUJeeIlOns 10 tne house 10 winch II hi
'tlsA'eu cannot conselentiousiy give II my Co