North Carolina Newspapers

speech of v ..'! Mr. BAYNER, of IV. Carolina, On the Bill proposing to distribute ony, . among, the 'several States, the proceeds of the Sales of thePubTtc Lands; delivered , intU.HviprtsentaiivesoftheU. States, July 6tht'l8U.- . CONCLUDED. " The gentleman from Virginia, (Mr. Wise,) objects uiostlstrenudusly to this bill, because, as he says, it recognises and revives the ex ploded dextrine ofiinternal improvements in the States, by the General Government. So far from it, it appears to me, to be eminent ly calculated jto put an end to it forever. As long as such heavy expenditures are an nually rnadej for the defences the Atlan tic coast properly made too the people of the west will never cease their demands, to have some portion of the public money prided in iniDrovinff the channels of navi gation and commercial intercourse in their own region ; unless tney nave ic inthoir control, the means of doing it them selves. As they increase irftiumbers, their AemnnAs will also increase ; and as they orow in Dower, you will be the less able to resist their applications.- I am not speaking of what this Government ought to do; but what, in all! probability it will do. I am looking to the future, not with an abstract, but with a practical view. By distributing the proceed$ of the public lands among the States, vou will relieve the General Govern ment from the constant and annoying de mands of t he States, for i n ternal i mprovemen ts within their border.. You will enable the States to carry on their own improvements in their own wav and subiect to their own management and control. You will thus in crease the powerjand consequence of the States; whilst you will weaken the centrali zing influence of the Federal Government in the exercise of this tloubttui, dangerous and inconvenient power of internal improve ment. -is . ' The gentleman fromNew York, (Mr. Mc Keon) drew a vivid picture of what he term ed the croucbingWvility and degradation of the States; as they would annually pre . sent themselves, by begging for . the bounty of this Government. Now, which is most degradingdemanding their rights, in or der to enable theoi to carry on their own im provements, in their own way ; or beseech ing .this Government, year after year, to ex tend its sovereign power within their limits, fdr'the purpose of improf big their internal condition V Which 13 most calculated to el evate '-the .character and tone of feeling in the States of this Union to receive that? which rightfully belongs to them, under the regular operation of a permanent system, to be applied in such; way as their own wisdom may suggest ; or , to be annually engaged, through their representatives here, in obtain ing from Federal authority, by every species of legislation intrigue and management, the expenditure of a Small pittance .of its trea sure within their limits ? Did the gentle man from New York, never vote for appro priations to improve the navigation of the W Hudson river, or the harbors on the lakes ? liiishead ibniLhe oftue parxylownich nas not. ni3 co he belongs, "have (and the late President, the head of his party, annually signed bills, appropriating hundreds of thousands of dol lars, to the improvement of rivers in the in ferior. M j According to the argument of the gentle man from New York, it i3 degrading to the States, to effect their own improvements, with means which they receive as a matter of right ; whilst there is nothing humiliating, in their asking this Government to do it, as a matter of favor. This is decidedly a States rights measure. It recognises the surrender to the States, of that which rightfully be longs to them ; while it will further enable them, to develope their resources ; relieve their citizens from the burthens of domestic taxation ; strengthen their power ; and the better enable them, to maintain all the other rights, reserved to them by the Constitution. This bill hats hfeen objected to, and, the point has been strongly urged by the genfle man from Virginia, (Mr. Wise) on the ground that it was a virtual assumption by this Government, of the debts of the several States. How; can this charge be seriously made! I know of no friend of this bill here, no not one, who advocates such as sumption. Dpes nol the bill leave the States free, to apply their quotas " to any use or purpose, which; thoy, tn their judgment, may think proper 1- Are none of the States to receive their distributive shares, exeept those that are in debt? North Carolina owes no debt ; she is therefore the more for- tunate, in bejng able to apply her share, to improving her channels of commerce ; re mo- ving the obstructions which gird her sea- coast; uniting her eastern and western bor ders; bringirigdoyvntheproductsof her moun tains to her Atlantic depots ; and in prevent ing the productions of her soil from being transported to other States, to enrich other communities, wnicn ieei no sympamies in commoii with her. ; one wants her share, to enaoie ner to euueate ner cniiaren ; to wr- feet her system of common schools, which he is just carrying into operation ; and thus wring to her service all the native intellect .:.U: I , . : : ni . . - I. I . wuum uer limits.' one wants it to enanie her to complete the drainta? of ber millions of acres of swamp lands; to convert these waste morasses into fertile jfields ; and thus In time of war, when the public safety su offer to her enterprizing citizens, some in- perbedes every other consideration, there is aucement to remain on their native soil, in- steaa of emigrating to the distant west. 1 his bill contemplates no assumption of ceeds of these lands, for the purpose of de State debts.) It is true, it leaves to the States, fraying its expense. At all events, they irn, ngui to appropriate their shares to the payment of their; debts, if they owe any muu iu luai ciieni, u wiu relieve their citi lens fromTtdhe Payment of taxes, to discharge iiisuHuuaiju.vi.vii iuuc ueDK. w nether the States acted wisely or unwisely in incur ring debts, lis not the question we have to rle. cide. Whether they apply their shares of fkfe S 9 VhA Ii nlll ft-. 1 UIO piUViOCUS III ' no lauus, IU IlllCmai UII r .1 V ir. r .u " f-jruieni oi the present tariff. From a-report off hot r rlnkta t a a irmlfer fnr thai. I . . . U. ... w m m in n : mam mmm - w wr n rm k m 1 . " " rr'-'-r t wv- to me .Senate, by the ate Secretary -WV .N SAater,gh? man Treasury, ( U Woodburv. dated J; can question their right to dispose of ,t as 18, 1841, it appears, that there w tbey think proper. But, sir, is not this dis tribution bill the best system tnat can pe de vised, to prevent the assumption of the Mate debts, by this Government I Is not this idea of assumption beginning to gam tavor in those States that. are heavily in debt? Let this doctrine once be openly avowed a&d advocated, byOeft'ifeeking popular fa vor, aud it wHl.swecp away every oostacie n its nrofrresa n those States tnat are nea- ;i,f ;n 1 aK$ if tvill nrrwluce a harvest 01 7 I O . " . demagogues, whose appeals will be made to w a v I ii u u .m M. h the se fishness. and not the patriotism oi me hum hpart : whose crv will be " reliet from taxation" and he knows little of the nature of the public mind, who does not see, that this doctrine will sweep like a tornado over those States, whose citizens would be relieved by its practical application. Ifro people will be told, that this Government is unjustly. withholding from the States, that which belongs to them and that, as it win not enable them to pay their debts with their own money, it should assume thedebts it self. And the result of such assumption would be, that the States which owe no debts would have to bear the burthens ol paying the debts of others. North Carolina would be taxed to pay the debts of Pennsylvania Maryland, and the other indebted States. am utterly opposed to the assumption of the State debts, by the General tjovernment and 1 believe thi3 system the best tnat can be devised, to prevent the agitation and adoption of such a project. Distribute the nrncerwU rC vnnr nnhlic lands amonff the States those States that are in debt, in con sequence of having already improved their internal condition, will be enabled to relieve their citizens from the heavy taxation to which they are now subjected, in order to pay the interest on their debts; and ou country will be saved the disgrace abroad arising from the, refusal of any of the States to pay those debts for which their honor and character are pledged. You will thus take away every ground of excuse, for advocating assumption by this Government; you cic prive demagogues of the wea pons, with which they will attack the friends of the constitu tion arwl vnn envn the country from the re proach of a non-compliance with its solemn nhliiTitinns The argument mostly relied on in opposi- tion to this measure, during this ueuate,,is, that, by abstracting the proceeds of the pub- lie lands, we create a necessity for addition- al duties on foreign imports, for the purpose of suDoltin the Treasury. I have attempt- ed to show, and I sincerely believe, that whe ther you distribute the proceeds from lands or not, they will soon cease to he a source of revenue at all. They will either be brought down to a mere nominal price, barely sum- cient to defray the expense of survey and sale; or they will be voluntarily yielded to the demands of the States within which they lie. I should be blind to the movements passing before me, if Ididnot see this. But if this were nqt the case, it is generally ad- mitted, that there must soon be a revision ot the present tariff, not inconsistent with the compromise act of 33. Even with the in- come from lands, the present rate of duties will not yield revenue sufficient to defray the necessary expenses of the Government I and nut thq cnuntrv in a state or aeience. And in revising this system I shall take my ground, in favor of a uniform rate of duties on all foreign imports. I am utterly opposed to the principle! discrimination, lliis is . V : " ,r ?" w tariff a li.in n 1 1 v n f I rr ot flntioc ia tlin An lr I ----- -I pr.i.p.c oi saieiy lor m ooum. wnc you the operation of this rule, articles that are in- WicnpnQnllf trt niir nntintllll anfutv lit timn n( war as arms, and munitions of war, which I would prohibit altogether. I might in time of great pressure and distress, exempt cer- J tain articles of prime necessity, which enter! into the general consumption by the poor I a3 salt, sugar, coffee, molasses, &c. Perhaps it would be right to exempt certain raw ma-1 terials, drugs, dye stuffs, &c. which would not be imported at all, but for the existence I of our manufacturing establishments and especially those, wnicn enter into the man- 11.1 11 I ufacture of articles intended for exportation. I With these, and other reasonable exceptions,! 1 am in favor of a uniform rate of duties' on foreign import,. Well what is our revenue likely to be, under such a system as this? Taking a series of seven successive years, ending September, 1840, we have an annual average of imports, amounting to $141,476,- 769. I discover 1 retary of the Tre commerce and navi bullion imported September, 18 b9 II know not whethe anaverage of the annual importation of spe cie anu Duuion u it is, alter deducting it from the gross amount, we have left $135,. 881,593. This amount Of annual imports. at xii per cent, will yield $27,176,000. Af ter dsducting one fifth for refunded duties. urawoacss, occ. we have still left near $22,- uuu,uuu nett income from foreign importa- nous, nuer mHKinsiui lurtner allowance. for those cases of exception above alluded to, where I would be willing to depart from the strict rule ot uniiormity ol duty we have I I . R - I i - -II- leu more man twenty millions ot do ars an. nually enough for an economical adminis. tration of this Government in time of peace. not a State in this Union, that would not willingly surrender all claims to the dio. would have to contribute to the suoDort of such war ; and is it not reasonable to sun . . . . . - pose, they would prefer the lands should be so applied, rather than submit to heavy di rect taxation ? By no means will I agree that the luxu ries of life shall be imported free of duty, whilst the necessaries are taxed 20 percent. ; as will be the case, under the oneratinn made of tl.o 3r.i.o.T .' ere con - unary rinmmnnr.fi thp svstfim nf nmrrimmaf mrr ln. I tenantpfl hv hftv millions nf Kointra rlividodl . , " , . ' , . LP J J, " V T ' . upon reauing mat part pi it wnicn treats oi lacposite tlPS. thA Smith la at flip mpWV nf the KnrtU. I llltll Stnnratf' nmt mi nnem nnl nnmmnnitinii l-i. .. . a r . i . I r , ... ----- t.J, ----- r I.. w, ine superior importance and value oi tne du- proposing ; ern ann Alindlp Statfis. I mitrht; ftrf.pnt fmm I ail bonnrl tncrnthpr hv thr atrnnrr t'tpc nC in. I i- t t ,L. tt - i r- from the report of the Sec than to give an impetus to this mighty tnove- than otherwise thit his veto nf :7hV h h 1 S co,uemPiaie ine consenl ol the asury at the last session, on ment. I wished greater fame, ftai to aid kT"'u , J?0 !J lJ?" ?.e" !" any Wa J at y "ec- gation, that the specie and in laying one stone in this miffhtv frabric. C V ' T" 7 Hethoughtthe during the year ending beneath which, millions will repose in peace ' 7 Z Z TT p an Pr0poseI a tn commencement of the .amounted to $5,595,176. and happiness, long after we shall have de- Jh.u u'a V"J :i" J: . V f .f.5,on? &n7 Known as Mr. Swing's r this be any thin like parted, and our names shall be fonmf tn. :T,"". T l' . smV"s 1,1 ms ! e" '"s incongruous and objectionable on this sumed during the year 1838, silks, worsted stuns ana linens, to me5 amount oi 000,000 which were , imported duty free' l nese at a duty ot ao per cent, wouia yieiu a revenue of $2,800,00011 further appears, from a statement prepared "'at the Treasury Department, quoted bjr the gentleman from Maine, that during the year 1840, there were imported wines-, to thaaniouht of $2,209,- 176 paying according to the present rate of duties, but 8196,07$ 1$ -whereas at a duty of 20 ner cent., thev would have yield- ed $441,835 20 The revenue that woum thus arise on silks, worsteds, and lineis, now imported free-nd wines now paying i .. 1 v ii .. I. more thap three millions annually enbugh iPQri i inn ''ii ra w ii r won in h i uuub vi to compensate for the income abstracted from the sales of the pot lie lands. From the report of the Secretary ot me Treasury, of 10th Julv, 1841 it appears that since the present-cash system went in- IU ULTUiatlUII III 0W, IUI Ul-ll,u I arisiL from the sale of the public lands, has n :.. mon hn qvorKn-- inp.nmi amnnntnrl tn morn than S4.000.000 annual- Iv. After deducting the 10 per cent, al- ImvpJ tn thR near 'States, and the expenses of survey and sale there will remain at least $3,000,000 annually, to be divided amontr the Stateis. Let this sum be annually distributed among the States, and what immense means are put at their enmmnnd. tnwarda iniDrovinsr their nternal condition: strengtheningtheniselves, . , w the better to repel foreign invasion ; increa- sing their wealth and domestic comfort : de veloping their moral, social, and intellectual condition ; restoring their shattered and de caying credit in the markets of Liurope. They will be enabled to open all their ave- nues of trade and commerce, by which their physical resources will be developed, and the laborof their industry rewarded. You will enable each one of them, to forge a link in the great chain of commercial interest, which will forever bind this Union together, You will enable them to scatter the bless- ings of education throughout their borders , . . . . ... i I to send the schoolmaster abroad, to me door of every cottage ; and to bring to the service of his country, many an indigent youth, that might otherwise have passed through li!c,unknowingand unknown. You will enable them to lay open to the light of uay, many a ricn mine oi Kiiowieuge, mm might otherwise remain forever concealed, beneath the depths of ignorance and vice. You will enableeach State to establish a moral garden within its limits, tor the culti vation of many a mental flower, that might otherwise " waste its sweetness on the desert air. I hose btates that are in debt, will be ena- bled Jo relieve their citizens trom the bur- thens of taxation, and to consummate those splendid enorts ot domestic improvement, that have been impeded by the pressure of the times. Ihey will be enabled to regain their partially lost credit abroad ; to restore tne credit oi American stocKsin tne Europe- an market; and to save our common coun- try, from the odium, of a disregard of its plighted faith. Put this beautiful, this harmonious system into operation, and no one can estimate the blessings that will result from it ; no one ir ftnearc - prosperity, I that future generations will reap from our present labors. Establish a system, which is so well calculated to develop the physical and intellectual resources ol a great people, r v , ""VC,J " , . -y .uwuv..,.,;. ( ..in trlf nunfl UvaI I tir-inn mnrn cnhlimn J . , L Z r,' . I Htau.c, man mm m.s vasi coniineni, terest and affection the abode of intelli (TPnCP rpfinpmnnt nnil Cmt Inctitnliiviio after all these shall have been swallowed up by the tumult and faction, which are iinder- mining the Governments of the old world I believe that the great principles of Anglo American civilization are not to be confined to the present limits of our Republic. I bc- lieve that this resistless current will contin ue to roll on, till it shall sweep over this wes tern world, from Greenland - to Cape Horn. And it will not stop even here. It Will still . I Ml go westward it will subdue trom savage dominion, the Islands that dot the surface of the vast Pacific; it will ultimately reach the shores of Japan and China: it will asce n he ."PI- of the Hlay and Caucasian Mountains; it will ultimately reach the for- ests of Germany, whence it sprang, to re- deem its parent soil, from the grasp of despo tism and decay. 1 wish no higher honor. The folWinjt table 6how what each State wouM annuatly receive under, hi bill supposing $3,000,000 to be distributed per year and supposing the ratio of representation under the late census t be put at 60,000 If any other ratio should be fixed oa. the relative nm. portions will be the. .am. Th ;m. . .-."i round numbers- - Maine New Hampshire Vermont Massachusetts 'Connecticut Rhode Island New York New Jersey Pennsylvania Delaware Maryland Virginia North Carolina South Carolina Georgia Alatanu Mississippi Louisiana Tennessee Kentucky Ohio Indiana Missouri Illinois Arkamns Michigan onn 48,noo 4S.nnn 144,000 bo.ooo 12.000 Aannnnl oU,UUO I 72 000 336',ooo 12,000 72,000 204,000 84S 108 005 1 On nnn aouou 48.000 48,000 144,000 132.000 300,000 132,0001 84,000 S 36.000 A lady said to a senile., ...1.. . . , and her sisrr-. vvi, ' T "1"' "m companiou ner brelh ' ik rr,m8ent and get I urena. "Whv. tnviUr .1 . " Why. mv dear." ,u . . are npirher isninr nor fair W ""T"' y 1 1 "N,-, 1 , tao will not hurt von." -No, the lady, "iwwtnreaw, " ' r' - & . j ...w .- - siii('si iiiiiir nv inn aip nnnic m inp nupi i From the, National Intelligences TgTHE EDITORS. WAsnilcoVoW, September 20, 1841 Gentlb3ie : Doubts have been altemp ted to be cast upon the correctness of Mr Ew Z - in witlof inn tn tha norf t O L fl bv the President (jetting up the Fiscal Corporation Bill, by arguing that there was an impropriety in making it which oughfto deprive it of credit. There are circumstan ces in this case distinguishing it from all others that I recollect of the kind. It grows out of a matter of official business, transact .. :.-.V-ti i " . i'.l a. ii a. ed between high public functionaries, and is direct opposition to what the other had, by i- .i r,cr. ,i I ' - as to his intentions and purposes. There iiiu m i i irfSM ii ii ri.Liiiii unu c&ut.u&iT " i can, 1 humbly submit, be no serious ques- tion in such a case upon me point oi person- ai propriety, when the injured party seeks to vindicate his honor by disclosing the truth. The obligations arising out oi connuenuai ICiauuilil) !'"-" f " founde(i in mutual trust. He that disregards utmns- in nnvntrt nr nnhiir. nnairs. are his own confidential pledges and engage- ments cannot allege the obligation of con- firlence. in lhe same transaction, against the natural right of self-defence belonging to the injured party. . For any thing that can ever hfi known to the contrary. It may nave Deeu the object of the original pledge or engage- ment to sacrifice those who trusted and were mislpd hv it. JPor these reasons. I do not j hesitate to furnish, for publication the ac- companying statement, which contains all the facts and circumstances within my knowledge, that occur to me as being mate rial, connected with the subject of difference. I do this as an act of justice not only to Mr. Ewing, who requested it, but to myself, and the Public. I avaj myself of this occasion to say that I have at no time, regarded a difference of opinion between the President and myself m relation to a Bank, however important the subject as sufficient of itself to justify a resig- nation of the office which I lately held in , . . the Executive Administration of the Govern- ment. ror was it because the President thought proper t trifle with or mislead his Cabinet, as there is but too much reason to believe he intended to do, in the affair off the last fiscal Bank Bill, that 1 resigned my place. There were other, and some of them pre-existing causes, for such a course, which many will regard as sufficient of themselves ; and which could not have been overlooked, But it was possible to explain or remove them, and therefore they were not promptly acted upon. The last act of the President, however, was conclusive of the true charac terofall the other occurrences or circum- stances which had previously awakened cu- ri0sity or excited distrust. I shall, at my leisure, state the reasons more at large which impelled me to the course I have thought proper to adopt, and at tne same time furnish a narrative of all the causes, so far as they fell under my ob- servation, which have resulted in thesepara- t;on cf Mr. Tvler from the party which brought him into power, and the breaking up of the Whig Administration. I am, respectfully, Your obedient servant, JOHN RJELL. Messrs. Gales & Seatox. STATEM ENT. I called to see the President on official business on thft mnmintr fMnmlav. lfith Antr- ust; beiore the hrst Veto Message was sent In. l iounu mm reading the Message to the trt . m -r i secretary oi tne treasury, lie did me me nonor to read the materia nassages to mc. i - i : a. i f ' a i i a r CD States in furnishing exchanges between the different States and sections of the Union, I was so strongly impressed with the idea that he meant to intimate that he would have no objection to a Bank which should be res-J trictea to dealing in exchanges, that 1 in-T terrupted him in the reading, and asked if I was to understand, by what he had just read, that he was prepared to give his assent to a Bank in the District of Columbia, with offi- ces or agencies in the States, having the privilege, without their assent, to deal in ex- changes between them, and in foreign bills, He promptly replied that he thought expert- I anna liml nlimi'n k f I v... uuu oiiuuii mc nctcMuj ui sucuu po j er in the Government. I could not restrain! lhe immeiliat , ,M non hnarinrr H,u nvl I President .ii nn that th T 73 I Z would lead to fatal dissensions amon? our L 7 : - pectea n tne v eto -i. .. it. s. 10 mediately upon the pass- ?' lne bill, would now be avoided. Time nad becn Siven for co1 reflection, and as the Message did not Mr.l..i1A .ho wl-i f n R,l, : c' " 7 ,v v" " .n Su, ,e ,orm, no unp easant consequences w.uu,u ue "Key follow, tie expressed He expressed "-e-r- ipt mwl tuere sooum DC so i, Q ffrnn. , : ut ,l iiii i ","v" s'icmcm uuun ine suoiect : sam that he had his mind made up on the biil be- tore mm trom the hrst, but had delayed his Message that there fill nil hi Ka rima Yn lv . -.-.v. iw kuic 0.1rr,r1 . iL.i.,i.' ii. weariMj, inai noining couia De more easv thap to Pass a oi,l which would an- swerau necessary purposes ; that.it could be done in three days. The next dav. having occasion to see the President ho Z I . ... q V mf,t0wrmrh h'm Wilh SUch infor- n,iaUn.as lhe War Apartment afforded of c -ii- - , V . a r u r u...g me transier and disbursement of the public revenue to I I lie pmha rrnoomonf .1. il - r distant points on the frontier, in P rw &lo TT , af h o, 4- , ' otc. lie at the same time renuestefl me in draw mo ui.?.,,, r 'lI"- k ..k: i ... ., . r" - - - u u I ii. I aiaLr I nr 1 1 1 ill m v v I anra i.n ai- . - v t i i o uuu m V Views nnnn ges and necessity of such a fiscal institution ,j i "iiiiig mc practical aavanta- tio. Wffil.. hea.U f .h. ,r " Y""'" ll" ?id,.rf'i bu.reaus of M.u...OUii iwuueu 10 mm on me even- offhenTlT6 dT k""Winug ,ha' ,."ne WM ?h' "n" T'"!" the n..(;n .L. . xV. , ttatm,v i u: :.u -i-v..1F., men was. ne receiven ine v..... , . jmc uuu vriiu niniiesi inainer' I frian. s I I .1 -J . . I I : . . . I iiiGiiuna x iiijw i i:iih 1 1 1 e f i zia r ipr irninarn i rion -4 . A a . i i o"-" w uvui auu viuiciiuc wuttu ruuna. n ence4 aqi&alarmed me by remarking that he began tc&loub'f whether he would give his assent (as I understood him) to any Bank. The next day (Wednesday, 18th August) was the stated time for the weekly meeting of the Cabinet with the President Mr. Webster, Mr. Ewing, and myself went at tpn nVW.k n the morniii!, and were in formed that the President was engaged with Messrs. Berrien, Sergeant, and, I think, Mr. Dawson, of Georgia. We waited until they retired, and the President made his appear ance about three quarters of an hour after wards. Mr. Badger came in soon after the iv . ni . ri r i ii ii ii ij 1 1 r.uc.u ju.. . u. - - and Grander did not attend, lhe cooler- ence which ensued was alonjj one lasting two hours at least, according to my recollec tion. I cannot pretend to detail all that was said ; neither can I undertake to give the language employed by the President up on every point, no of the members of the Cabinet. I can only state the substance of It - , - I - I 1 . what was said upon those points which most attracted my attention 1 he President commenced by stating that he had been waited upon that morning by a committee of Members of Congress, who de: sired to know his views upon the subject of a oanK- such u uiie us uc uuuiu saiicnuii. He had given them no satisfaction upon that subject, but had mlormed them that he would first consult with his constitutional adviser his Cabinet through whom he thought it most regular that his views should be communicated. He asked the opinion of his Cabinet upon the correctness of the ground he had taken; remarking at the same time, that the habit of expressing his views to Members of Congress upon subjects of so much interest, subjected him to great embar- rassmentand much misrepresentation. That question being disposed of, the President ad- verted briefly, but without much connexion, to the relation in which he stood to the Bank question, and his disposition to go as far as he could to comply with the wishes of I . : his friends. He spoke of the relation that existed between him and his Cabinet, and how necessary it was that he should have their suoDort. Would thev stand bv him ? He much preferred that the whole subject should be postponed until the next session; but if it was necessary to act now, he thought a plan might be devised which, with their co-operation, might be carried through. He wondered why the Senate continued to post pone acting upon his Veto Message, which was yet to be disposed of. He supposed it might be to hold it as a rod over his head ; and had some doubts whether it was proper that he should consider further upon the sub ject until the Senate had decided what they would do with the bill then before them. Some one present assured him that the post ponement of the question pendintr in the Senate was intended to give time for reflec tion. and to prevent an intemnerate debate The President then gave the outline of such a bank or fiscal institution as he thought he could sanction. It was to be in the Dis- trict of Columbia, to have the privilege o issuingitsown notes, receive moneysondepo site, and to deal in bills of exchange between the States and between the U. States and for eignStates. But he wished to have the opinion or his Uabinet upon it. His own consistency and reputation must be looked to. He consid ered his Cabinet his friends, who must stand by and defend whatever he did upon the suoject. tie appealed particularly to Mr Webster for bis opinion upon the point of consistency; and whether there was not a 1 . . . clear distinction between the old Bank of thfi TJnitRd StiitPs n. hnnh nf j;n,.r,t J I ---ww w vwiwv V - UM-'t llUf i . . and the one he now thought of and whether the constitutional question was not ditterent. He reminded us that, in rits former speeches and reports, he had taken the ground that Congress had no constitutional power to charter a bank which had the power of local discount. Mr. Webster pointed out the distinction between the two n ana n a manner whih an r,i to be satisfactory to him. The substance of what he said was, as I understood him, as follows : He had a decided preference for a bank upon the plan then proposed over either of those which had been previously spoken of. He reminded the President that he hadjfxpressed his preference for a bank which should be restricted in its rlpa!inTt I t II ! r ' r". " 1 ' . . uiiis.oi ejc-nane, whence fro certain gentlemen -r..i "e lnen "ouglit,as tie Z T " " ""er " and it h.tl nrpat nrnmht .n;h i,:, .u .1.1 i ''wwww viit i w uii lz j iiiiN nr i- i i n r n a is General Course nf thinking nn i . .. r : d such subjects led him to prefer that, whatev- er power this Government asserted, or was authorized to assert, should be exercid in- dependently of Slate authoritv and of the rZ j ""i J and. f. Ue ,ulc,,crcnce OI ine ouues. tie thougnt there could be no doubt of the constitutional er to charter such a bank as was then pro- nnnr. er to charter such a hank a ihr i . . . . , rw posed, according to. the President's own poseu, according to. the President's own modes of thinking upon that subject, if he understood them. Certainly there was a clear distinction between such a bank and the late Bank of the United States. The one now proposed "was to be limited in its operations to such objects as were clearly wunin some oi tne general provisions of the Constitution r . " " 7ur"L::" " .' ",ca'7 uec.eV cAcoutiuu ui outers, ine pnvi- ,e&e of issuing its own notes, of dealing -in exchanges, and of receiving moneo, I . - . o j v posite,all appeared to have immediate refer ence to or connexion with the Z Z hT; X: fe power given . "nun or commerce between th i M.ci ui currency, and tne neces i n i I - sirv iisf-.Hi nnpraiinna t fH. i I a "" "owaj wpcMiions oi ine uovernment in thi the collection, safekeeping, and disburse ment f the public revenue. These were !,Uubi--f nationa. and not Ioa! or Sta.e n. i ne distinelion between this plan and " Bank of the United S,,.e s lay in th the r;.,;u : i privilege enjoyed by the old bsnk "" i" rocal pao ""ii nocircSaLn, or discount- " u"nS no circulation, as u might i ho hni ti - ' " '1 we uiuereni streets or com ne, but between the different stre mercial points of the am city, had no con- neiion with the tradp nr ramrnn v : me taies and remote sections of thpir. ' nor with the transfer of theDuhlip n from one point to another ; and it had.the ford, no necessary connexion with anV r great national objects for which the i,. , was chartered ; nor could it be' claimed an incident to any of the powers ah, Congress by the Constitution. That nr" lege; he apprehended, was conferred Uo the late bank from the belief that vvitb'n it the stock of the bank c6uld not be mad profitable ; and it was therefore consider H as a necessary "incident to an inctit...: which was itself but the offspring of m f cidcntal poorer. Experience, he ti...L. had shown clearly that such a privilege?- no longer important or necessary. Bv COn fining the discounting privilege of Hi'o . posed bank to bills of exchange' betwec thi3 country and foreign States, and betwee" the several states ot the union, this nK;,. tion would not lie against it. The President. expressed his regret that he had not used the words " banknf a: count and deposite " in his. late messapp that the distinction he now took miwln k clearly inferred from that message, and h could not then be charged with inconsisten. cy. Mr. Badger said he thought 'nothing would have been gained by the use of the terms " bank of discount and deposite" n his message ; for, as to the charge of incon sistency, it might, and probably would, bo made against him for party effect, if he sanctioned the bill then proposed by him inasmuch as dealing, in or buying bills of exchange would be discounting, and to that extent make it a bank of discount. When all the material points appeared to be disposed of, and the members of jthe Ca binet present had expressed their decided approbation of the plan the President had suggested, he said that, after all, he would not sanction a bank in the form just agreed upon, if he supposed that it would be made the groundwork or basis of a bank with all the powers of thelate Bank of. the United States. He never would give his sanction to the power of local discount. He feared that, at the next or succeeding sessions of Congress, the Whigs would be bringing forward amendments engrafting this power upon any charter he might now approve; and he appealed to his Cabinet to know it they would stand by him, and use their in fluence in preventing any such movements while his Administration lasted. Mr. Web ster and others gave him all proper assu rances upon this point. The President thought a capital of fifteen millions of dollars would be sufficient. A name, he said, was important. What should it be 1 Fiscal Institute would do. It was"objected to, and the name of Fiscal Bank preferred by a member of the Cabinet. l.He replied that there was a great deal in a name, and he did not wish the word bank to appear in the bill. The President then inquired if he was un derstood. He said there must le no misun derstanding of what he proposed to do. Ad dressing himself to Mr. Ewing, he asked him if he thought he understood his views fully. Mr. Ewing undertook to recapitulate. He understood the President to have no ob jection to a bank in the District of Columbia, with offices of discount and deposite. in the States, with their assent. , The President interrupted him abruptly, by saying he did not understand him at'all; he was not wil ling to sanction any such bank. I under stood his objection to be to the power of local discount. I supposed 'Mr. Ewing intended to say that he understood the President had no constitutional objections to such a bank. Mr. Ewing, however, without explaining, went on to say, that he now understood the President to have no objection to a bank in the District of Columbia, with the power to issue it own-notes, receive moneys on de posite, with offices or agencies in the States having the privilege, without their assent, of dealing in bills of exchange drawn in one State or Territory and made payable in ano ther Slate or Territory of the Union, and in bills between the United States and foreign States or Nations. The'President said he was then under stood. He requested Mr. Webjter particu larly to communicate with jthe gentlemen who had waited upon him that morning, and to let them know the conclusions to which he had come. He also requested Mr. Eff ing to aid. in getting the subject properly be fore Congress. He requested that they would take care not to commit him by what they said to members of Congress to any in tention to dictate to Congress. They might express their confidence and belief .that such a bill as had just been agreed upon would receive his sanction ; but it should be a mat ter of inference from his Veto Message and his general views. He thought he might rc-. quest that the measure should be put i;ito the hand of some friend of his own upon whom he could rely. Mr. Sergeant was na med, and he expressed himself satisfied that he should hava charge of it. He also ex pressed a wish to see the bill before it was presented to the House, if it could be so man aged. I then said, addressing myself to Messrs. Webster and Ewing, that no time was to be lost in communicating with gentlemen of Congress; that there was danger that Mr. Ewing's bill would be taken up and reported to the House immediately after the bill sent back to the Senate with the President's ob jections was disposed of. As the members of the Cabinetxose to de part, or just before, the President requested Messrs. Webster and Ewing, as they had turned their attention more particularly to the subject, to furnish him with written ar guments upon the points they had been dis cussing. He winted them to fortify his own opinion, and to lay up for future reference. JOHN BELL. 4 Washington. Sept, 20, 1841. A good Toast. At a late agriculur dinner in Massachusetts, the following to3S . was given : The games of .fortune ; Shuffle the cards 9 J0 will, Spades will always win." Grammar. '"The rains which have fell for the last few days," eloquently observe the Boston Times.