JAMBS' a
?rjoZe JVo. 809.
Tarborough, ( Edgecombe County, JS CJ Saturday, August as, 18 H
Vol. ATI JVb 35.
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" " 1 1,1 '-'ia' !-xmmm.m th- w.rm mm naa-ti. .., ihimihi mi i hi jjhi.
yitf Tarbn rough Press,
BY" nnoittJK HOWARD,
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From the Globe
message
Of the President of thf U-iiL'd Slates,
returning, with his objections, the bill
to incorpora'e the Fiscal Hank of the
United States. August lb', lb 11.
To (he Senate of the United Slates:
The hill entitled "An act to incorporate
the subscribers to the Fiscal IJuik of the
Unite S;ates,' which originated in the Scn
a'e, has been conside red by me, with a sin
pfie desire to conform my action in re
.nrd to it. to that ofihe two Houses ol
Congress Hv the Constitution il is made
?49 XJ
my duty, cither to approve the hid by sign- very rapid augmentation soon after occur
iiigif, or to return it with my objections to j red, ami in I 533 its dealings in exchanges
the House in which it originate-'. I cannot .amounted to upwards of one hundred mil-
conscientiously give it my approval, ami j
1 pruc-cd to discharge the duty required of
me by the Constitution to give my reasons
for disapproving.
The power of Congress to create a
National Bank to operate per se over the
Union, has been a question of dispute from
Ihe origin of our Government. Men most
justly and deservedly esteemed for their
high intellectual endowments, their virtue,
and their patriotism, have in regard to it,
entertained dillVrent and conflicting opin
ions.' Congresses have differed. The appro
val of one President has been followed by
the disapproval of another. The people at
different times have acquiesced in decisions
both for and against. The country has
been, and still i, deeply agitated by this
unsettled question. It will suffice for me
to say that my own opinion has been uni
formly proclaimed to be again-t the exer
cise of any such power by this Govern
ment. On all suitable occasions, during a
period of twenty-five years, the opinions
thus entertained have been unreservedly
cxpress.d. I declared itjn the Legi-datui e
of my native State. In the House ol Repre
sentatives of the United Suites il has been
openly vindicated by me. In the Senate
chamber, in the presence and hearing ol
many who are at this time members of that
body, it has been affirmed and reaffirmed,
in speeches and reports there made, and
by votes there recorded. In popular as
semblies I have unhesitatingly announced
it; and the list public declaration which
1 made, and that but a short time before
the lute Presidential election, I referred to
previously expressed opinions as being
those then entertained by me; with a full
knowledge of the opinions 'bus entertain
ed, and never concealed, I was elected by
the people for Vice President of the Uni
ted States. Hy the occurrence of a con
tingency provided for by the Coii-iitution,
and arising under an impressive dispensa
tion of Providence, 1 succeeded to the
Presidential office. Befoie entering upon
the duties of that office, I took an oath
that I would "preserve, protect, and de
fend the Constitution of the United States'
Entertaining the opinions alluded to, and
having taken this oath, the Senate and the
country will see that I could not give my
nction to a incisure of the character
described, without surrendering all claim
to the respect of honorable men all confi
dence on the part of the people all self
topect all regard for moral and religious
ol1'Sittons; without an observance of which
n Government can be prosperous, and no
People ean bo happy. It would be to com
mi1 a crime which 1 would not wilfully
Conmit to gain any earthly reward, and
pjch would justly subject me to the rid-
Cu,e and scorn of all virtuous men.
loeem it entirely unnecessary at this
, meto enter upon the reasons which have
arught my mind to the convictions I feel
Certain on this subject. They have
soenoverami over ag;l:n rt,peated. If
th"?-0 l'10se vv have P,ccetIe me n
d 's,1lgh office have entertained and avowed
lll;rentophiions, yield all confidence
their convictions were sincere. I
claim only to have the same measure meted
out to myself.
Wi'hont going further into argument,
1 will say that, m looking to the povers
of this G ver:i:nent to collect, safelv keep,
and disburse the public revenue, and inci
dentally to regulate the commerce and ex
changes, I have not b;en able to satisfy
myself that the establishment by this Gov
ernnient of a bank of discount in the ordi
nary acceptation of that term, was a neces
sary means, or one demanded by or priely,
to execute those powers.
What cm the local discounts of ihe hank
have to do with the collecting, safe-keeping,
and dish ursing of the revenue? So
tar as the mere discounting of p iper is
concerned, it is quite immaterial to this
q lestiou whether the discount is obtained
at a state bank or a United States Rank
rh.'y are both epi illy local both beginning
a id both ending in a local accommodation.
What influence have local discounts, grant
ed by any form of bank, in the regulating
of the cunency and the exchanges? Le;
the history of the United States Uink aid,
us in ans vering this inquirv.
For several years alter the establishment
of that institution, it dealt almost exclusive
ly in local discounts; ami during that, pe
riod the cou ltry was, for the most part,
disappointed in the consequences anticipa
ted from its incorporation. A uniform
currency was nil provided, exeha;tge
acre not regulated, and little or nothing
w. is a ided to the general circulation; and
in 180 its emban ass.nents had become so
greit, that the directors petitioned Con
gress to repeal thai article of the charter
which made its notes receivable every
where in pay mont of the public dues. It
had, up to that pciiod, dealt to but a very
small extent in exchanges, either foreign or
domestic, and as late as 1S23 its operations
in that line amounted to a little more than
seven million:, of dollars per annum.
A
lions of dollars, including the sales of its
own (traits; and all these immense trans
actions were effected without the cmploy-
ment ol extraordinary means. Ihe cur
rency of the country became sound, and
the negotiations in the exchanges were
carried on at the lowest possible rates.
The circulation was increased to more than
.$22, 000,000, and the notes of the Hank
were regarded as equal to specie all over
the county; thus shewing, almost exclu
sively , that it was the capacity to deal in
cvrli:ini'cs. and not local discounts, which
n 7
furnishes these facilities and advantages.
It may he remarked, too, lhat notwith
standing the immense transactions of the
Hank in the purchase of exchange, the los
ses sustained were merely nominal; while
in the line of discounts the suspended debt
was enormous, and proved most disastrous
to the Hank and country. Its power of
local discounts has, in fact, proved to he a
fruitful souicc of favoritism and corruption
alike destructive to the public morals and
the general weal.
The capital invested in hanks of discount
in the United States, created by the States,
at this time, exceeds 5350,000,000 and if
the discounting of local paper could have
produced any beneficial effect, the United
States ought to possess the soundest curren
cy in the world; but the reversejs lamenta
bly the fact.
Is the measure now under consideration of
i he objectionable character to which I have
alluded? his clearly so, unless by the
loMi fundamental article of the 11th sec
tion it is made otherwise. That article is in
the following word::
'The directors of the said corporation
-hall establish one competent office of dis
count and deposile in any Stale in which
two thousand shares shall have been subscri
bed, or may be held, whenever, upon ap
plication of the Legislature of such State,
Congress may, by law, require the same.
And the said directors may also establish
one or more competent offices of discount
and deposite in any Territory or District
of the United States, and in any State, with
ihe assent of such State; and when. estab
lished, the said office or offices shall be on
ly withdrawn or removed by the said di
rectors priorto the expiration ofthis charter
with the previous assent of Congress: Pro
vided, In resp2Ct lo any State which shall
not, al ihe first session of the Legislature
thereof held after the passage of this act,
by resolution, or other usual legislative
proceeding, unconditionally assent or dis
sent to the establishment of such office or
offices within it, such assent of the said
State shall be thereafter presumed? Jlnd
provided, nevertheless, That whenever it
shall become necessary and proper for car
rying into execution any of the powers
ranted by the Constitution to establish an
olfvee or offices in any of the States what
ever, and the establishment hereof shall be
directed by law, it shall be the duty of the
said directors to establish such office or offi
ces accordingly."
It will be seen that by this clause the
directors are invested with the fullest pow-
,er to establish a branch in any State which'
has yielded its assent; and, having once J
t"""""H'u uc" ui aneu, ii snail not aner -
W..,., ub wi.aiurawn except by order oi
Uongress. Such assent is to he implitd,
ami to have the force and sanction of an
actually expressed assent, "provided in
rci-prl In -imr Vlui . i I. .
"uuc ivihcii Mian iiui, hi i ne
Jirsl session of the Legislature thereof held
;iftcr the passage of this act, by resolution
or other usual legislative proceeding, un
conditionally assent or dissent to the es
tablishment of such office or offi ces within
it, such assent of said Slates shall be there
after presumed." The assent or dissent
is to be expressed unconditionallu at the
first session of the Legislature, hi some
formal legislative act; and, if not so ex
pressed, its assent is to ha implied, and the!
directors are thereupon invested with
power, at such time thereafter ss they may
p.ease, to establish branches, wdiich cannot; without their consent ; a principle lo which
afterwards be withdrawn, except by re-jl have always heretofore been opposed,
.solve of Congress. No matter what may and which can never obtain my sanction,
be the cause which may operate with the! And waiving all other considerations grow
Legislature, wdiich either prevents it from ing out of its other provisions, I return it
speaking, or addresses itself to its wisdom,
to induce delay, its assent is to be implied.
fins iron rule is to give way to no circum
stances it is unbuilding and inflexible.
It is the language of the master to the vas
sal an unconditional answer is claimed
forthwith; and delay, postponement, or in
capacity to answer, produces an implied
assent, which is ever after irrevocable.
Many of the State elections have already
taken place, without any knowledge, on
the part of the people, that such a question
was to come up. The Representatives
may desire a submission of the question to
their constituents preparatory to final action
upon it, but this high privilege is denied;
whatever may be the motives and views
entertained by the Representatives of the
people to induce delay, their assent is to
be presumed, and is ever
afterwards
omuing, unless ineir dissent shall oe un
conditionally expressed at their first session
after the passage of this bill into a law.
I hey mav bv formal resolution declare the
question of assent or dissent to be undeci
ded and postponed, and yet, in opposition
to their express declaration to the contrary,
their assent is to be implied. Cases innu
merable might be cited to manifest the
irrationality of such an inference. Let
one or two in addition suffice. The pop-1
ular branch of the Legislature may express
its dissent by an unanimous vote of the
Senate, and yet the assent is to be implied.
Holh branches of the Legislature may con
cur in a resolution of decided dissent, and
yet the Governor may exert the wo pow-
!er conferred on him by the State Con
stitution, and their legislative action be de-
fealed, and yet the assent of the legislative
I authority is implied, and the directors of
this contemplated institution are author-
! ized to establish a branch or branches in
i Mich Slate whenever they may find it con -
ducive to the interest of the stockholders
j to do so; and having once established it,
'they can under no circumstances withdraw
il, except by act of Congress. ihe Slate merit to the direct objects ol the l). part
may afterwards protest against such unjust j ment of Government of which it formed
inference, but its authority is gone. Its ! part, and would not confer on it any moie
assent is implied by its failure or inability j additional substantive power to regulate
to act at its first session, and its voice can 'commerce and exchanges, but would make
never afterwards be heard. To inferences ! the Government agency, employed in its
so violent, and as they seem to me, irra- own specific duty, operate as ad vantageous
tioual, 1 cannot yield my consent. No court ly as possible on those interests of the com
of justice would or could sanction them, ! munity most intimately allied w ith it,
without reversing all that is established mi
judicialproceedingbyintroducing presump
tions at variance wilh fact, and inference
ar the exneive of reason. A State in
a condition of duress would he prcsu- !
med to speak, as an individual, manacled
and in prison, might be presumed to be in !
.i i i ..... I
the en ovmenlol ireedom. rar oetter io -
J . .. . ii i r ii
av to the States boldly ana iranKiy
... , i - i i
Con srrcss will
and submission is demand-
-j
ed.
It may be said that the directors may not
establish branches under such circumstan
ces. Hut this is a question of power, and
this bill invests them w ith full authority to
do so. If the legislature of New York, or
Pennsylvania?or any other State, should
be found to be in such condition as I have
supposed, could there be any security fur
nished against such a step on the part of
the directors? Nay, is it not fairly to be
presumed that this proviso was introduced
for the sole purpose of meeting the contin
gency referred to? Why else should it
have been introduced? And I submit to
the Senate, whether it can be believed
that any State would be likely to sit quiet
ly down under such a state of things.'' In
a great measure of public interest their pat
riotism maybe successfully appealed to; but
to infer their assent from circumstances
at war with such inference, I cannot but
regard as calculated to excite a feeling at
fatal enmity with the peace and harmony
of the country. 1 must, therefore, regard
this clause as asserting the power to be in
Congress to establish offices of discount in
a Stale not only without its assent, but
gainst its dissent; and so regarding it, I
cannot sanction it. On general pnnci-
pies,
terms
the right in buiiwa f1"1-"
to any Slate, implies a superionty
of power and control, deprives the trans -
action of all pretence to cmnnact between
nnem, ami terminates, as we have seen, ml
me total abrogation of freedom of action
on the part of the States. But further, the
1 State my express, after the most solemn
j form of legislation, its di-s .-nt. which mm
.. . : . . : . i. i i
.no ii time io ume inereaiier oe n oeatei
in full view of its own interest, wdiich
can never b ? separated from the wise and
beneficent operation of this Government;
and yet. Congress may, by vir ure of tin
last proviso, overrule its law and open
grounds whieh, to such State, will appear
to rest on a constructive necessity and pro
priety, and nothing more.
I regard the bill as asserting to Con-
me iigni to incurporaie a united
States Hank with power and right to es- j
taulidi offices of discount and deposile in
the several Stales of this Union with or
I to the House in which it originated, with
! these my objections to its approval.
JOHN TV LEU.
Washington, August 1G, lbll.
The Veto. The public anxiety in rela
tion tu a National Hank, will be relieved by
the President's Message delivered to the
Senate to-dav, and no v presented in out
columns. We think that it decides tiie
question ofa Hank in any form for the pre
sent Presidential term, and that the friends
of ihe Constitution may celebrate this veto
as ihe did that of General Jackson, as a
great deliverance from the fatal system of
corruption which in the course of time
could not fail to make dollars, and not voles,
sovereign in this country.
The message, it will be seen, confines the
i functions of any fiscal agent w hich may be
esiabliMied, to the legitimate purposes for
which alone Congress has a right lo pro-
vide in connection with the Treasury for
the collecting, safe keeping and disbursing
the public revenue. The President speaks
a volume in this: "I will say lhat in look
ing to the powers of the Government to
collect, safely keep, and disburse the
public revenue, and incidentally to regu
late commerce and e.rctansres, I have
not been able to satisfy myself that the
crtablishment by this Government of a
bank of discount in the ordinary accep
tation of that term teas a necessary
means, or one demanded by propriety,
to execute these powers." We understand
the incidental regulation of commerce
and exchanges by the operations of the
I reasury as meaning only that which ne
cessarily fellows the action of Government
, in performing the indispensable duty of the
j Treasury Department in relation to the
j revenue, w hieh ought, in every way, to he
: accommodated toad the public interests in
every point on which it touches them,
j The message evidently would confine the
1 faculties of the fiscal agent cf the Covern-
viz: ine commerce unu exenanges oi uie u-
men.
In this the President
ihe Federal scheme.
directly reverses
A national Hank
of discount has for its principal object the
creation and the lending of a national
Currency of the Constitution. And instead
- i - - .1.- ii .: .r l
oi mawmg uie l-umlxiui suic u taping auu
I- I V- KIT- I . T
uisuursmg me pmme ikmiuuu me main
r:... . : ii ,v
scone oi n? aciii'ii, we; idioiiig ui levcuue
for its stockholders out of the public rev
enues as well as its own capital, would
(apart from politics) be its great function.
J he collecting, safe keeping, and disburse
ment of public money would be a mere in
cident, or rather the mere means on w hich
it would operate and divert from its Icgiii
mate objects, to compass its own. In a
word, in making a National Hank to do
the simple business of counting in and
counting out the public money, and then
surrendering to it the power of taxation,
ihe faculty of lending and of making the
money of the nation by its issues, the na
tion in effect surrenders its sovereignty
to have a very trival function performed
fr ii and that taken out of the hands of
an ordinary individual agent every wheie
found in all ages and all countries perfect
ly competent to it. Federalism fulfils the
old saw about extravagance in this, as in
other things it kills an ox to make iuce
for a pig.
There is another great point gained in
the scop to which President Tyler limits
any fiscal agency which may be established,
by'coufining it to the execution of legiti
mate Government functions. He de
stroys the possibility of perpetuating any
svst'em which may be adopted by Congress
under the pretext of "vested rights."
When an agency is employed merely lo
' collect, ke,p, nPl 1 ,Ps!,ursMh public mon
Uy, it canm.t be nrrtended that Congress
cannot eha r
m )diiv, or repeal at nleas-
ore such fi
-d inieh:ne. as circumstanced
may vary, a od experience prove to be nc
cess ry We shali hear no more of the
Government or a D parlment of the Gov
einment, being contacted away to a cor
ponition and hound to submit to the abu-.-es
of such ''chartered libertine," for
twenty, or thirty, or fifty years, as those ill
power fir the lime being may choose to
bu ter i;, foi the one or the other of these
terms.
li.sides
political blessings this veto
n'mgs with ta moral, which we hope is
pregnant with bie-sings for the future. It
punishes, home the most atroc'o'is fraud
ever a' tempted upon a nation. General
Harrison and Mr. Tyler were selected ai
the c m. lid a'cs of the Hank party, because
they were ihe solemnly pledged opponents
of a National Hank on constitutional
grounds. They were known to be so lo
the whole Federal party, and were so pre
sented, for the volt s of those opposed to
the establishment of a Hank, and u hen they
had attained power in part by the suffra
ges of those opposed to a Hank, it is made
manifist by Mr. Clay's hill, that the whole
reptesentalive body of Federalism in Con
gies, contemplated the monstruus outrage
of inducing the Chief Magistrate to vio
late his conscience his pledges his oath
to establish an institution, against which
i.e was committed from his first appearance
in public life, to his lat, a candidate for the
;2oml office of the Government. The
Federal puty have labored, might and
main to make the man on whom they
have labored to confer the highest dignity,
stand forth before the people, and all fu
ture gencratiors, not as other men who
have aitained the first honor of the Re
publicnot as a President but asanim
pastor.
The Federal Representatives in Congress,
and their leader, (Mr. Clay,) have nothing
to plead in palliation of the shocking sacri
fice ihcy would make of Mr. Tyler as a
man and a public functionary, ot
to cover the depraved motives which
prompted to pursue such purpose. They
not only know what Mr. Tyler's opinions
were before he was elected, but since. In.
his first message, he not only intimated
Ids own, but proclaimed lhat the opinions
of the people had been again and again de
clared against a liank and yet they have
passed upon him and demanded his consent
to the establishment ofa National liank in
the most odious and objectionable form
ever fashioned in this or any other coun
try. We make our acknowledgements to Mr.
Tyler for this act of deliverance. If he
maintains Ids position firmly, be will everbe
acknowledged a public benefactor. Wecare
not w hat lie has for a fiscal agent, or wheth
er he has any fiscal agent; so that, whatev
er management is instituted, it is confined
in its powers simply lo ihe business of the
Treasury; and no pretext given to place it
beyond the reach of the people, under the
abuse d principle of vested rights or coti
Iraels. We hold that the rights of the
peopie and the Government cannot be
contracted away but for the peace of the
country we ri joice that ihe President ex
cludes, as we understand his veto, the pos
sibility of its application, as formerly, to
any system of management of the finances
which may be instituted, by excluding all
private connection or partnership with
the public agency, and holding it strictly
and simply to the discharge of a public
trust. Globe.
Hie Boundary Line between Texas
and the United States. A few days
since, Col. Kearney, of the engineers, ex
pected to reach the terminus of the Texas
line at Red river. Caddo parish, in Loui
siana, looestwo ranges of townships, in
habited Ly a population of great wealth
and excellent character. The land isequal
to any in Loui-iana. This transference
ofa host of families from one government
to another, must be unpleasant to Ameri
cans, but Col. Foster, in the Texas Con
gress, anticipating this event, got a bill
passed, seeming to the owners all their'
lands.
Perfectionists . From tfie tvegister,
published at De Ruyter, Madison county,
N. Y., we Icarn that a sect of Perteclion
ists exists in that village, "who claim to be
as holy as was Jeus C hirst. And evert
lhoe who once occupied stations in rea-
fpectable society, and walked in the higher
circles ol life, uehase themselves io kiss
the feet of their leader, and adoie him as
ihe very Christ!" They deny ihe acred
ness of the marriage rite, and by their
principles and practices grossly outrage
hc ptoprieties of life. Such facts should
be chronicled as part of the history of thfc
limes. -A T. Obs.
Wonders will never ceasel Messrs.
Cler"" &.Smui:a, ol London, have invent
ed Trail way, the cars of which are propell
ed by atmospheric air alone.