{"character_count": 7100, "word_count": 1245, "ccnet_language_score": [0.9854000210762024], "ccnet_perplexity": [707.2000122070312], "fasttext_language": ["en"]}


 propnsed at the commencement of the session gener all. knnwn as Mr. Ewng's bill, as heterogeneous and objectionable on this grnund Hts general course ot thinking on snch smlj led him prefer that what ever power this government asserted, was author ised to assert, should be exercised independently of State authority, and nf the interference of the States He thought there could be doubt of the cansiu- tiOnal power to charter such bank then pro- posed, according t0 the Presidents mode of thinking upon that subject, if he understood them Certainly there n clear distinction between such a bank and the late bank of the United States. The one now prnP0sed to he limited in it's operations to such objects as were clearly within some of the granted powers of the constitution, or such as were clearly necessary in the execution of others. The privilege of issuing it's sotes, of dealing in changes, and nf receiving moneys on deposie, all 1 appeared to have immediate reference cOnnex- lon with with the power given in the constitution commerce between the States, the ency and the necessary fiscal operations of the government in the coeeloh, sate-keepIng, and disbursement oi tle ptbllc revenue. These all subjects of national, and not local or State concern. The distinction be- tween this plan and the late bank of the U States lay in hls the privilege enjoyed by the old bank, of dealing m local paper, and dscountng notes having no circulation, as it might be, but between the differ en streets or commercial points of the city, had no conDexion with the trade or commerce be- tween the States and remote sections of the Unun, nor with the transfer of the public money from one point to another; and 1t had therefore, necessary connexion with any of the great national objects for which the bank was chartered; could it be claim cd an incident to any of the great powers given Congress by the constitution. That privilege, he apprehended, was conferred upon the late bank from

 the belief that without the stock of the bank could be made profitable; and it therefore, considered as necessary incident to institution which was itself but the offspring of an incidental power. Ex- perience, he thought, had shown clearly that such privilege was no longer important or necessary. By conhnng the discounting privilege of the proposed bank to bills oi exchange between this country and

 foreign States and between the several States of the | Union, this objection would not lie against it.

 The President expressed his regret that he had not used the words "bank nf discount and deposte" in his late Message, that the distinction he now took might be clearly inferred from that message, and he could not then be charged with inconsistency. MT. Badger said he thought nothing would have been gained by the of the terms bank of discount and deposte" in his message; for tO the charge of

 inconsistency, it might, and probably would, be 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 discounfing and to | that extent make it bank of discount.

 When all the material points apeared to be dspos- ed of, and the members of the Cabinet present had expressed their decided approbation of the plan the President had suggested he said that, after all, he would not sanction d bank m the form just agreed upon, he supposed that it would be made the ground 1 work or basis of bank with all the powers of the late bank of the United States. He never would give his sanction to the power of local discount He feared that at the Rext or succeeding sessions of Congress the wings would be bringing forward amend I mends engrafting thus power upon any charter he might now approve; and he appealed to his Cabinet to know f they would stand by him. and use their n- fuencs in preventing any such movements while his administration lasted. Mir. Webster and others gave him all proper assurances upon this point.

 The President thought capital of fifteen millions of dollars would be sufficient.

 A name, he said, was important. What should it ! be. Fiscal Institute would do. IL was objected to- and the name of Fiscal Baak preferred by member of the Cahlnel ie replied that there was a great deal In nme and he did not wish the word bank to appear in the bill.

 The President then inquired if he was understood He said there must be no misunderstanding of what he proposed to do. Addressing himself to Mir. Ewing he asked him if he thought he understood his views fully Mir. Ewing undertook te erecapitulate. He un- derstood the President tu have objection to bank in the District of Coumbia, with offices of discount and deposite in the States, with their assent. The President interrupted him abruptly, by say ing he did not understand him at all he was not willing sanc- ton any such bank l understood his objection to to the power of local discount l supposed Mir. Ew- ing intended to say that he understood the President had no constitutional objections to such bank. Mr. Ewing, however, without explaining, went to say, that he now understood the President to have no ob- jecton to bank in the District of Columbia, with the power to issue it's own noes receive moneys on depoae, with ohices aud agencies in the States hav ing the privilege, without their assent of dealing in bills of exchange drawn in one State or Territory and made payable in any State ar Territory of the Union, and tn hills between the United States and foreign States or nations.

 The President said he was then understood He requested Mir. Webster particularly to communicate with the gentlemen who had waited upon him that morning, and to let them know the conclusions to which he had come, lie also requested Mir. Ewing to aid in getting the subject properly before Congress-

 He requested that they would take not to com init him by what they said to members of Congress of any intention to dictate to Congress, They might express thelr confidence and beef that such bill had just been agreed upon would receive his sanc- tiOn; but it should be as matter of inference from his Veto Message and his general views, He thought he might request that the measure should be put into the hands of some friend of his own upon whom he pressed himself satisfied that he should have charge fore it presented the House, if it could be 50 managed

 then said addressing myself to Messrs. Webster and Ewing that no time was to be lost in communi- eating with gentlemen of Congress; that there was danger that Mir. Ewng's bill would be taken up and reported to the House Immediately after the bill sent bapk to the Senate with the Presidents objections was disposed of.

 As the members of the Cabinet rose to depart, or just before, the President requested Messrs Webster and Ewing, as they had turned their attention particularly to the subject, to furnish him with writ ten arguments upon the points they had been dis eussing. He wanted them to forty his opinion, and lay up for future reference, JOHN BELL.

 WAsHIEGTOs, Sept. 20, lS4l,