all who 'ask them-a mode of avoiding the constitutional scheme is, to establish a bank as constiutional objection not to be supposed to a "branch of the Treasury Department"—that have entered into the imagination of him who department whose head or Secretary is, by informed us, in his message of 1829, that even constitutional construction, removable by the the present Bank had failed in the great object President alone at his pleasure. In this bank of establishing a sound and uniform currency. or "branch of the Treasury," the funds of the What manner of a National Bank is that, sir,nation-all the revenues of the government, are in which the people of our country are to be to be kept by the Secretary, who, being a quasi prohibited from holding stock? Another im- president and cashier of the bank can never portant feature of this project is disclosed on locate branches," or withdrawn them, without the ninth page of the message. the will of the President-and who, while in "The Government is the only 'proper' judge perfect subservience to the same will, is to where its agents should reside and keep their check the issues of all the State Banks, by reoffices, because it best knows where their pre-fusing to take their notes in deposite and for sence will be necessary.' It cannot, therefore,|exchange, or by accepting them at pleasure. be necessary' or 'proper' [that is, it is uncon- In order that the views expressed in the passtitutional to authorize the Bank to locate sages cited may be more distinctly undertood, branches where it pleases to perform the pub. quote the messages of the President for the lic service, WITHOUT CONSULTING THE years 1829 and 1830, which furnish the sound. GOVERNMENT, AND CONTRARY TO ITS est commentaries on that before us, and exhiWILL." bit to us fully that plan of a bank which, as we have already seen, can have no stockholders, lest exclusive privileges should be granted, and the branches of which are to be located when and where the Executive may direct. I The inference is then distinctly drawn, that a Bank, which can locate branches where it pleases, must be a bank "for other than public purposes"-or, in other words, that the power to establish two branches in any State, In the message of 1829, the President thus «WITHOUT THE INJUNCTION OR RE-introduces the subject to Congress: QUEST OF THE GOVERNMENT," is unconstitutional, because it is not necessary to the 'due execution of the powers delegated to Con gress, "The charter of the Bank of the United will most probably apply for a renewal of their States expires in 1836, and its stockholders If any thing were wanted to demonstrate privileges. In order to avoid the evils resulting from precipitancy in a measure involvnig such that the only bank, to the existence of which the President will ever yield his assent, is that important principles, and such deep pecuniary "Government bank founded on the revenues of interests, I feel that I cannot, in justice to the the country," recommended in his former mes liberate consideration of the legislature and the parties interested, too soon present it to the desages to Congress, we have it here. For it is in effect held by him that no bank can be conpeople. Both the constitutionality and the exstitutionally created over which the Executive pediency of the law creating this bank, are well is not to exercise absolute control. The "go-zens; and it must be admitted by all, that it has questioned by a large portion of our fellow citi. vernment" must have the power at all times to failed in the great end of establishing a uniform locate branches where it pleases; and as the and sound currency. power to establish or create involves the power to destroy or remove, it must, of necessity, ex"Under these circumstances, if such an inercise the authority to withdraw those branches stitution is deemed essential to the fiscal conwhenever, in the exercise of its discretion, such cerns of the Government, I submit to the wisbranches shall appear not "necessary" or dom of the Legislature, WHETHER A NATIONAL "proper." By the word "government," as ONE, FOUNDED UPON THE CREDIT OF THE GOhere used, is meant the EXECUTIVE alone, VERNMENT AND IT'S REVENUES, might not and by the Executive is meant the President. be devised, which would avoid all constitutionThat is apparent from the whole context: Con-al difficulties, and at the same time, secure all gress not being generally in session half the the advantages to the Government and country year, could not be alluded to as that "govern- that were expected to result from the present ment," without the injunction or request of bank." which, no branch bank ought to be established In this message the favorite, and to the view in the opinion of the President. It could not of the President, the only constitutional projet exercise the power. The fiscal concerns of of a Government Bank is very respectfully subthe government are entrusted to the Executive mitted to the wisdom of Congress, although, in the absence of Congress, which is a body too in the veto message under consideration, Conunwieldy to manage their details, when it is in gress is lectured because it did not submit the session, and (with deference to our dignity be matter to the Executive before it dared to act. it spoken) too ignorant of the practical science In the message of 1829, the Government Bank of banking to decide properly on the ten thou-is suggested as one that would avoid all constisand questions which would enter into such a tutional difficulties. In the veto message of subject, were it divested of every political or 1832, all other banks are pronounced to be unparty inducement to act improperly when its constitutional: First, because they have stockmembers shall be converted into bankers and holders, and therefore are grants of exclusive bank directors. The plan disclosed as the only privileges; and, Secondly, because they are not under the sole guidance and control of the Executive. The President, in his message of 1830, is still more explicit: Secondly, because it is to have no stockhold. ers, of course no countervailing check to Exe cutive influence is to be suffered to exist in the patriotism or interest of the people. Thirdly, because it is to have no debtors; m "The importance of the principle involved in the inquiry whether it will be proper to re- consequently it is no part of its design to rele: charter the Bank of the United States, requires the commercial embarrassments of the count that I should again call the attention of Con- during any of those fluctuations in trade whic gress to the subject. Nothing has occurred to will often occur in any community. It is to f lessen in any degree the dangers which many nish no relief to distress under any circumsta of our citizens apprehend from that institution, ces, and still it is to be a benefit to the poor. Fourthly, because it is to have no property. as at present organized. In the spirit of improvement and compromise which distinguish- By this is meant that it shall hold nothing bet es our country and its institutions, it becomes money. The same idea is thus enforced in the us to inquire, whether it be not possible to veto message: "The Government of the United States han secure the advantages afforded by the present bank, through the agency of a Bank of the no constitutional power to purchase lands with United States, so modified in its principles in the States, except for the erection of forts and structure as to obviate constitutional and magazines, arsenals, dock yards, and other new other objections. It is thought practicable to ful buildings;' and even for these objects onl organize such a bank, with the necessary offi- by the consent of the Legislature of the Stat cers, AS A BRANCH OF THE TREASURY in which the same shall be.' By making thenDEPARTMENT, based on the public and in-selves stockholders in the bank, and granting dividual deposites, without power to make to the corporation the power to purchase landi loans or purchase property, which shall remit for other purposes, they assume a power not the funds of the Government, and the expen- granted in the Constitution, and grant to other ses of which may be paid, if thought advisable, what they do not themselves possess. It is not by allowing its officers to sell bills of exchange necessary to the receiving, safe keeping, to private individuals at a moderate premium. transmission of the funds of the Government, Not being a coporate body, having NO that the bank should possess this power; andit STOCKHOLDERS, DEBTORS, OR PRO- is not proper that Congress should thus enlarge PERTY, and but few officers, it would not be the powers delegated to them in the constinobnoxious to the constitutional objections which tion," Of course, if it receives the notes of a State are urged against the present bank; and having no means to operate on the hopes, fears, bank in payment of revenue, which should be or interests of large masses of the community, come insolvent, or whose paper should depe it would be shorn of the influence which makes ciate, it can take no land or other property in that bank formidable. The States would be compromise of the debt. Another feature of this government bank is, strengthened by having in their hands the means of furnishing the local paper currency that it is to have no loans, and issue no piper. through their own banks; while the Bank of Yet it is to accomplish what it is said by the the United States, THOUGH ISSUING NO President even the present bank has failed to PAPER, would check the issues of the State achieve-the establishment of a uniform and banks, by taking their notes in deposite and for sound currency. A thousand State banksemit exchange, only so long as they continue to be ting a thousand different kinds of paper, in dif redeemed with specie. In times of public ferent parts of the whole country, with diffe emergency, the capacities of such an institution ent degrees of credit attached to them, are this might be enlarged by legislative provisions." to "furnish the local paper currency," which Stock note and paper We see, then, why all other banks, except is to be UNIFORM. are: Nat ban obt play der eve try pa ing the nio this government bank, are held to be unconstitu- banks, springing up as they did in 1811, and tional. The reasons for which the government after the expiration of the charter of the old bank is considered as the only constitutional Bank of the United States, in every part of our compromise to which the President can accede, immense territory, are to form for us a SOUND currency. Such have been the views of the First, because it is not to be a corporate body. President, since December, 1829, to this day Of course it is not liable before any court, should of a Bank of the United States. At every pe it violote its duties, trample the State laws un-riod, under any and all circumstances, he hol der foot, and prostitute itself to every political no bank to be constitutional, but such as I hat and ambitious design of the President who would described. Thus, in his message at the cos hold it in his power as absolutely as the very mencement of the present session, he maintas pen with which he signed this message. Wield- the sameviews, and puts himself upon the co ing the immense revenues of the whole coun- try for a verdict in favor while he expresses b try, more than twenty millions annually, and them: vested with all the additional power which the Entertaining the opinions heretofore 'es whole credit of the nation could confer, it would, pressed in relation to the Bank of the Uste at the same time, stand above every law to the States as at present organized, I felt it my de enforcement of which a judicial tribunal should ty, in my former messages, frankly to disclos be requisite. them, in order that the attention of the legish A P th Co it ture and the people should be seasonably di- vy discount. The prediction of Mr. Lowndes, rected to that important subject, and that it n 1819, must be fulfilled, "that the destrucmight be considered and finally disposed of inition of the United States Bank would be fol. a manner best calculated to promote the ends of lowed by the establishment of paper money, he the Constitution, and subserve the public inter- firmly believed; he might almost say he knew. ests. Having thus conscientiously discharged It was an extremity, he said, from which the a constitutional duty, I deem it proper, on this House would recoil." The farmer must again occasion, without a more particular reference sell his grain to the country merchant for State to the views of the subject then expressed, to bank paper at a discount of from ten to twenleave it for the present to the investigation of ty, or even thirty per cent., in the nearest com. an enlightened people and their representa-mercial city. The merchant must receive from tives." the farmer the same paper in exchange for all the merchandise he consumes. The merchant with this money must purchase other merchandise in the cities, and must often sell it at an advance on that price, to the farmer, of twenty per cent. to save himself from loss. I put it solemnly, now, to honorble men of all parties and opinions, to be answered in candor at this crisis in our affairs, what is this scheme, this only constitutional scheme of a National Bank? What are the features of that bank, than which there is no other which can The depreciation of the paper thus operates obtain the Executive sanction? It is, Sir, that as a tax on the farmer, the mechanic, and all plan of a Government Bank which has been the consumers of merchandize to its whole denounced by every other intelligent man, of amount. The loss of confidence among men, every political party, in every part of the coun- the total derangement of that admirable system try. No one-not the most zealous political of exchanges which is acknowledged to be betpartisan-not even a single ribald editor, seek-ter than exists in any other country on the ing office, has ever yet dared to stand up in globe, overtraping and speculating on false cathe face of the country, and proclaim the opi-pital in every part of the country, that rapid nion that such a bank could be tolerated in a fluctuation in the standard of value for money, free country. Both in and out of these halls which, like the unseen pestilence, withers all such a scheme has been ridiculed by men of all the efforts of industry, while the sufferer is fin parties. The Committee of Ways and Means utter ignorance of the cause of his destruction; of the other House, composed of his strongest bankruptcies and ruin, at the anticipation of political friends, in the first year of his admini- which the heart sickens must follow in the long stration, in their report on this part of the Pre-train of evils which are assuredly before us. sident's message of 1829, speaking of the "cor- Where then-where then, I demand to know, rupting influence which such an institution sir, is the remedy to save us? In a Governwould exercise over the elections of the coun-ment Bank-a branch of the Treasury-without try," declared it to be "irresistible," and add- stockholders or property-without the power to ed-"No matter by what means an administra-issue a dollar of paper, or to loan a dollar of any tion might get into power, with such a tremen-kind—without the abilty to deal in exchanges, dous engine in their hands, it would be almost except so far as may be necessary to pay its offiimpossible to displace them without some miracers for standing behind the counter-controlling culous interposition of Providence.” the State Bank emissions of unsound currency I ask, what is to be done for the country? only by refusing to take their notes in payment All thinking men must now admit, that as the of the custom house bonds when the Executive present bank must close its concerns in less may think them about to prove refractory at an than four years, the pecuniary distress, the election. commercial embarrassments, consequent upon To such a Bank no Congress ever did nor its destruction, must exceed any thing which ever will consent while we remain freemen. has ever been known in our history, unless I say then, sir, that while these remain the some other bank can be established to relieve opinions of the President, this Government can us. Eight and a half millions of the bank ca- establish no Bank whatever. pital, belonging to foreigners, must be drawn The Veto Message before us, does also pre from us to Europe. Seven millions of the ca-scribe, as an indispensable requisite to the forpital must be paid to the Government, not to mation of a constitutional Bank, the insertion be loaned again, but to remain, as the President of a clause in any act for its establishment, proposes, deposited in a branch of the Trea-granting to the States the right to tax the bran sury, to check the issues of the local banks. ches. All around me know, and the President The immense available resources of the present well knew when he signed this, that Congress institution, amounting, as appears by the report will never give their assent to such a principle in the other House, to $82,057,483, are to be -a principle by which the people of States used for banking no longer,and nearly fifty mil- which have no branches are to be taxed by lions of dollars in notes discounted, on personal States having branches. For that reason, also, and other security, must be paid to the bank. I repeat, we can have no Bank. Let the counThe State banks must pay over all their debts try understand it. to the expiring institution, and curtail their The President complains of us as if we had discounts to do so, or resort, for the relief of really invaded his privileges in omitting to ask their debtors, to the old plan of emitting more his opinion, before we dared to act on this subpaper, to be bought up by speculators at a hea-ject. He not only claims the right to reject At Brooklyn, 13 new cases, 7 deaths. The New York Mercantile Advertiser says: our bill when passed, but tell us roundly that the 27th, there were new cases.of malignant Albany, 26th July.-New cases 32, deaths 7. Montreal, July 22.-12 new cases, 20 deaths. we desired to know even of one of the NEW YORK.-The following is the report of heads of department why he had removed the New York Board of Health for the 24 hours a thousand faithful public servants, his friends ending on Saturday at 10 o'clock: C New Cases. Deaths. 93 37 . 49 26 1 4 S 1 City, private practice, suppressed all inquiry into his conduct The New York Courier and Enquirer, ex "We have again the pleasure of congratuhalf (the former bonus) to three millions of dol- dating our fellow-citizens upon the renewedevilars. We complied, as we thought, with every cence that the pestilence is leaving us. The proper suggestion of the Secretary of the Trea- lases reported yesterday are NINETEEN fless sury, the Executive officer, and the only officer than the day before, and the deaths NINE less whose duty it was by law to advise us on the Besides this, the report of interments by cho subject, and who at the beginning of this ses-lera, (the best test of the state of the disease,) sion told us how important it was to re-charter exhibits a decrease of TEN. We are happy to add, that, from the nurber of new cases received at the principal cholera hospitals yesterday afternoon, we are co firmed in the belief that the dreadful disease s rapidly on the decline." this very bank to enable him to collect the re- The interments from Cholera, during the A have returned to our homes. Sir, it would GLASGO, near Poughkeepsie, 18 cases, 7 have been an infinitely more unimportant usur deaths. pation of power had the Senate, at the com- BUFFALO, 2 cases, no deaths. mencement of the present session, claimed it Several other cases have appeared in de as their duty to inform the President what offi-tached places. I should not have prolonged this debate, at JERSEY CITY, N. J. 7 cases, 4 deaths. this late hour, by any remarks of mine, had Idead, 1 convalescent. not felt the necessity of calling the attention of Sunday, 29th, at noon, 6 cases, 1 death. the Senate and the country to the true issue Two cases have occurred in Newport, Rhode now tendered for our acceptance. The ques-Island, both of which have terminated fatally. tion once understood-whether we shall have any bank to regulate our currency and relieve our distresses, I canuot doubt-I will not suffer myself to doubt what will be the verdict of that country on the issue joined. WASHINGTON, AUGUST 13, 1832. VOL. VI..............BY DUFF GREEN.. $2.50 PEr annum. EDITORIAL. .No. 22. the nomination, which has been associated with that of Gen. Jackson in almost every State of MR. BARBOUR AND THE VICE PRESI. the Union; and he cannot, therefore, with pro DENCY. priety, assume the nomination tendered him, as emphatically that of "the State" of North Carolina, but merely of a party in that State. And of what party in North Carolina? We are expressly told by the Fayetteville Journal, that those favoring Mr. Barbour's pretensions are, "to a man either Clayites or Calhounites." We are perfectly aware, and every member of We copy below, from the Globe, the correspondence between Gov. Iredell, on the part of the Convention who met at Raleigh, North Carolina, and nominated Judge Barbour as a candidate for the Vice Presidency, and Mr. Barbour's reply. We have also given the comment of the Globe, that our readers may see the manner in which that print is resolved Congress will bear witness to the fact, that to keep "Gen. Jackson's skirts" for the use of Mr. Van Buren. Judge Barbour has been put in nomination without his solicitation, and, if elected, will serve. That Mr. Van Buren cannot be elected, we believe does not admit a doubt.-Ib. FROM THE GLOBE OF YESTERDAY. JUDGE BARBOUR. those persons in Washington, who were busy throughout the last session, in pressing Mr. Barbour's pretensions, and most instrumental in having him nominated in opposition to the Baltimore nomination, were wholly devoted to the objects of the coalition in the Senate. The friends of Messrs. Calhoun and Clay openly favored it-and Branch, Green, and others, most decidedly hostile to the President, were We give this gentleman's letter in reply to Jackson ticket, with Mr. Barbour's name the active instruments in trying to get up a Mr. Iredell's note, conveying to him the proceedings of the meeting at Raleigh. It is dif- on it, to defeat the wishes of the great ficult to understand from the letter in what body of the Jackson party throughout the Union. Whether Mr. Barbour is sense the Judge takes the communication made to him. He refers to the resolutions which willing to lay hold of the President's skirts, speaks of his political course with approbation, at the bidding, and under the auspices of and expresses great sati-faction for "the evidence his deadliest enemies, for the purpose of it bears of the estimation of that portion of his defeating the will of the republican party-of countrymen," from whom it proceeds; but he defeating an election by the people, and giving seems to put aside the nomination from his consideration, by saying that "there dwells in his bosom no thirst for office, no longing after political advancement," and that he values it only as "a spontaneous, unsolicited honor done him by the State of North Carolina. the power to Poindexter and three or four others, to put the choice of Vice President upon the casting vote of Mr. Calhoun, remains to be seen. FROM THE RALEIGH STAR. How it would be cast no man will doubt, who understands the relations now subsisting between Messrs. Clay and Calhoun, and that We are led to believe that Judge Barbour the selection, in such case, will be confined to does not intend, by this note, to put himself in Mr. Van Buren and Mr. Sergeant, who will the attitude of a candidate, because it is wholly certainly be the two highest candidates. incompatible with the impartial, unsuspected character which a Judge should hold. As, therefore, he has not resigned his official Letter from Judge Barbour.-Pursuant to a power as a federal Judge, we cannot construe resolution of the Jackson and Barbour Convenhis letter into an assent to become the can- tion, held in this city last month, the President didate of a party for the Vice Presidency. of that body transmitted a copy of its proceedJudge Barbour, we think, presumes rather ings to Presiden' Jackson and the Hon. Philip too much in his reply, when he speaks of the P. Barbour. We now have the pleasure of prehonor tendered as proceeding from the State of senting to our readers a letter from Judge BarNorth Carolina, if he means by the "unsolicited pour, acknowledging the receipt of those prohonor" the nomination for the Vice Presidency. ceedings, and in reply to the note of the Presi He cannot be unconscious that another very dent of the Convention; both of which are subrespectable meeting of citizens of North Caro joined: lina, the representatives of the people, asRALEIGH, N. C. June 28, 1832. sembled at Raleigh, had recommended a con- SIR: In obedience to a resolution adopted at vention of the delegates of all the States at a convention of a number of the citizens of this Baltimore, as the proper mode of selecting a State, assembled at this city, on the 18th inst., candidate for the Vice Presidency, to be sup- I have the honor to forward to you a copy of ported on the Jackson ticket; that delegates their proceedings, and to assure you of their for North Carolina attended, and concurred in confidence that the nominations they have made |
