Message: Of The President Of The U. States, Returning, With ...

lo the benate of the United States; The bilí, cntitlcd uAnact to incorpórate the subscribers to the Fiscal Bank of the United States,1' which originated in ihe Senate, has been considered by me, with a sincere desire to conform my action in regard to it, to that of the two Hoiises of Congress. By the Constitulion it is made iny duty, either to approve the bill by sign ing it, or to return it with my objections to the House in which it originated. I can not conscientiously give it my approval. and I proceed to discharge the duty required of me by the Consiitution - togive my reasons for disapproving. The power of Congress to créale a National Bank to opérate per se over the Union, has been a question of dispute f rom the origin of our Government. Men most justly and deservedly esteemed for their high intelleclual endowmenls, their virtue and their patriotism, have, in regard to it, entertained different and conflicting opinons. Congresses have differed. The approval ot'one President has been followed by the disapproval of another. The people at difl'erent times have acquiesced in decisions both for and against. The country has been, and siül is, depply ágffáted by ihis unsettle.1 quesiioor, It wil! sulh'ce tur me to say, that my opinión has buen uniformly proclaimed to bc against such iiower by this Government. On all suitable occasion?, duiing a periud of twentyfive years, the opinions thu3 enieriaincd have been unrcservedly expressed. 1 declared it in the Legislalure oí my own naiive State. In the House oí Representutives of the United States it bas been openly vindicated by me. In the Senate Cmmber, in the presence and hearing of móny ivhó are at this time members oí' that body, it has been affirmed and re affirmcd, in speeches and reports tliere made, and by votes there reeonled. In popular assem - blies I have unhesitatingly announced it; and the last public dedaration which J made, and that hut a short time beforc the late Presidential eleelion, I referred to my previously expressed opinions as being those entertained by me; with a ful I know! edge of the opinions thus enlertained and never concealed, Í was elected by the people Vice President of ihe United Statca. - By the occurrence of a contingoncy provided for by the Constitution, and aiisir.g under an impressive dispensation of Pmv. idence, I succeeded lo the Presidentia office. Before entering upon the dulics ofthat office, I took an oath that I would "preserve, protect and dcfend the Constitulion of the United States." Enlertaining the opinions aliuded lo, and having taken this oath, the Senate and the country will see, that I could not give my sanction to a measure of the character described, without surrendering all claim to the respect ol honorable men; all confidence on ihe part of the people; all self-respect; all regare for moral and religieus obligation; without an observance of which, no Government can be prosperous, and no People can be happy. It would bu to commit a crime which I would not wilfuüy commit to guiri any oarlhly reward,and which would just ly suïvjèct me to the ridicule and scorn o all virtuous men.I deern it entirely unneccssary at this time to enter upon the reasons which have hroughl my mind to the conviciions I feel and entertain on this subject . They have been over and over agnin repeüed. If some of those who have preceeded me in this high office have entertained and avowed different opinions, I yieldall confidence that their convictions were sincere. 1 claim only to have the samemeasure mepted out to myself. Without going further into the argument, I wil! ?ay that, in looking to the power ot' this Government to col lect, safely keep and disburse the public revenue, and incidentally to regúlate the commerce and exchanges, I have not been able to satisfy myself ihat the establishment, by this Government, of a bank of discount, in the ordinary acceptalion of thitterm, was a necessary means, or one demar.ded by propriely, to executo thoe powers. Whatcan the local discounts of the bank have to do wilh the collecting, safekeeping, and disbursing of the revenue? So t'ar as the mere discounting of paper is concerned, it is quite mmalorial to this question whether the discount islobtained at a State Bank or a United States Bank. They are both cqually lucal - both beginning and both ending in a local accommodation. What influence have local discounts, granted by any form of Bank, in the regulating of the currency and the ex. changes? Let the history of the United States Bank aid us in answering this inquiry. For several yearsufterthe establishment of that institution it dealt al most exclusively in local discounts, and during that period, the country was, for the moit part, disappointed In the consequences anticipa ted from its incorporation. A uniform currency was not provided, exchanges were not regulated,and littleor nothing was added to the general circulationjand in 1820, its embarrassment6 had Recome so great th&t the directors petitioned Congress to repeal thatarticle of the charter which made its notes receivable every where in payment of public dues. - It had, up to that period, dealt to a very small extent in exchanges, either foreign or domestic; and as late as 1823, itsations in ihat line arnounted to a littleh Tiore than $7,000,000 per annum; a very i apid augmentation soon afler occurred, md in 1833 its dealings in exchangca anounted to upwards of $100,000,000 inluding the sales of its own drafts; and all hese immense transactions were effected vithout the employtnent of extraordtnary neans. Thecurrency of the country beca me ound,'ánd the negotiations in the exchancs weru cnrried on at Ihe lowest possible ates. ; Rb circulation was increased to nore than $22,000,000, and the notes of he Bank were regarded as equal to speie all over ihe country; thus showing alnost conclusively, thatit was the capncity o deal in exchangcs, and not in local dis- counts, whic'h furnished these facilities and advantages. It may be remarkcd too, tliat notwithsiatiding the imineuse trans-nctions of the Bank in the pu reliase of ex cfiange, the losses suatained wei e merely ïominal; while, in the line of discounls the Suspended debl was enormoue, and proved nuat disastrous to the Bank and thecounry. lts power of local discuiint has, in act, proved to be a fruiiful souce o( favoriüsrn and corruption alike deslructive to he public moráis and lo the general wea!. The capital invested in Banks of discount in the United States created by the Siate., at this time exceeds $350,000,000; and if the discounling of local paper could nvc produced any beneficia! eifects, the United Staics ought to possess tíie síVundest currency in the world, but the ie verse, islamentably the fact. Is ihe measure now uhdor consideration, of the olijectionable ciiaractcr to which I iiave allutled? It is clearly so, unle.s by the löih fundamental article of the llth ection il is made otherwise. Tiiui article is in the following words: "The directors of the said Corporation shall cstablisli one competent office of discount anú deposit in any State in which two thousand shares shall have been subscribed, or may bc held, whenever, upon application of the Legislature of such State, Cungress may by law require the same. And the eaid directors may also establish onc or more competent offices of discount and deposit in any territory or district of the United States and in ony State, with the assent of such otate, and when establishec", the said oflice or ollices shall be only withdrawn or remov ed by the said directors, prior lo the expiraration of this charter, with the previous assent of Congress.lJrovided, in respect to any btate which shall not, at the iirst sossion of the j' ture tliéreof held after the passaga of this r act, by resolution, or other legislotive pro- ' ceeding, unconditionally asscnt or dissent i to the establishment of such office or offices i within it, such assent of the said Stateshall be thereafter presumed. And provided, i ertheless, That vvhenever it shall bccomo necessary and proper for carryinar into execution uny of the powers granted by the Constitution, to estabüsh on office or offices in any of the States whatever, and the establishment thercof shall be directed by law, it shall be the duty of the said directors to estabüsh euch office or offices accordingly." It w 11 be seen, by ihis clause, the directors are vested with the fullest power to establish a braneh in any State whicli has yielded its assent; and, having once establishcd such branch, it shall not afterwartls be wiííídrawn except by order of Congress. Such ussent is to be iinplied, and tohuve the force and sanction of an actually expressed assent, "provided, in respect to any State which shuil not, at the first session of the Legislature ihereof, held after the passage of' this act, by resolutioi or other unusual Legislative proceeding3, uncondilionally assent or dissent to the establishment of such office or oflices within it, such assent of said State thall be thereafter presumed." The assent or dissent is to be expres?ed unconditionally at the Jirst session of the Legisluture, bij some ƒ ortnal Legislative act: and, ifnotso expressed, its assent is to bc implied, nnd the directors arethereupon invested with power, at such time thereafter as they inay please, to establish branches, which cannot after wards be wiihdrawn, except by refolve of Congrcss.No matter what tnay be the cause which may opérate with the Legislature, which either prevents it from speaking, or addrf sses itéelf to its wisdom, io induce dclay, i s assent is implied. This iron rule is to give way to no circumstancesjit is unbending and inflexible. It i the language of t he master to the vassal - an unconditional answer is claiined forthwith; and delay, postponement, or incapacity toanswer.pro duces an implied assent, which is ever after irrevocable. Many of the State elec= tions have already taken place, without uny knowledge on the part of the people, that such a question was tocomeup. The representatives may desire a submission of the question to their consúmente, preparatory to final action upon it, but this high privilege is denied; whatever may be ihe motives and views entertained by the representatives of the people to induce delay, Iheirassent to be presumed, and is ever afterwards binding, unless their dissent shal! be unconditionally expressed at their first session after the passage of this bil! into a law. They may by formal resolution, declare the question of assent or dissent to bc undecided and postponed, and yet, in opposition to their express declaration to the confrary, their assent is to be implied. Cases innumerable might bc cited to manifest the irrationality of such an nference. Let one or two, in addition, sufficc.-- The popular branch of the Legislature may express lts dissent by an unanimous vote, and its resolution may be defealed byatievotoin the Senate; and yet theassent is to be implied. Both branches of the Legislature moy concur in a resolution of decided dissent, and yet ihe Governor rnay exert the power conferred on mi) by the State Constitution, and their Legislative action be defeated; and yet the assent of the Legislative authority is tmplied, and the directora of thrs conlem3lated institution are authorized to estabish a branch or branches in such State, whenever they may find it conducive to the interest of the stockholders to do so; iuving once established it, they can, r 110 circuinstatices, withdraw it, exby act of Congress. The State may afterwards protest igainst such unjust mterlerence - bul its authority is gone. lis assent is implied by its failure or in- ability to act at iis first sesfcion, and its votce can never afterwards be henrd. To inferences &o violent, and, as they seem lo me, irnit.ona!, I cannot yield my consent. No courtof jasticc would or could sanciion them, without reversing all that is esiabliáhed in judicial proceeding, by intruducing presuinptions at variance wnh fact,und inferences at the expense of reason. A State in a condition of duress would be presumed to speak, as an individual, manucled and in priaon, might be presumed to be in theenjuyment of Ireedom. Fur bets ter losay to the Slates boldly and frunkly Congress wills, and submission is demandt'd.Il may be saJ tltat ihe directors may uot establish bi anches uuder such circunistanceí; but thts is a queslion of power, aiid lilis bí!) invested thein with full power lo do so. lf ihe Lcg'.sldlureol' New York or Penusylvania, or auy other Siaie,should be found to be in such acondtion as I huve supposed, could iliere be any security l'urnishcd against such a step on ihe part ot ihe direcioi? Nay, is it not fairly lo be presuined ilmt ihis proviso was introduced tor the sole purpose of meeting ihe coniingency relened to? Why else should it hdve been introduced 1 And Í subiuit to the tSenaie vvliether t can be believed that any Ste would be likely to sit quietly down under such a átate of things. In a great nuasure of public interest their patriotism may be successfully appealed to, but to infer their assent irom circumstances at war wtth such inference, I cannot but regard as calculated lo excite a feeliiig at fatal enniity with the peace and harmony of the country. 1 musl there fore, regard this clause as asserting thepower to be in Congress to establish oihces á discount in a State, not only without its issent, hut agninst its dissent; and so rcjarriing if, I cannot sanclion it. On general principie?, the power and control, deprives the transaction of all pretence to ;ompact belween them, and terminales, as we have scen, in the total abrogation ol Freedom of action on the part of the States. But furlher, tho State may express alter the most solemn form of Lfgislation,its hsent, which may from tinie to time there lifter be repeated, in full view of iis own interest, which can never be separated Trom the wise and bencficent opecaUon of this Gcvernment; and yet Congress may, ly virtue of the last proviso, overrule its law, and upon grounds which,to such State will appear to rest on a constructivo necessity and propriety, and nothing more. I regard the bill as asserting for Congrefs the right to incorpóralo a United States Bank, with power and right to esla'jlish offices of discount and deposit in the several States of this Union, with or without thcir consent, a principie to which I have aiways heretofore been opposed, and which can never obtain my sanction. And waiving all other considerations growing out of iis othur provisions, 1 return it to the House in which it originated, with these mv obiections lo its approval.