VF'I,O 0F TIE RANK RIII
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 Fiscal Bank, wiih his objections thereto.

 The further consideration Of the land istIibution ball lhereupon informally passed over, 10 be re- saued to-morr0w; and the message was read al the Secretary's table, as follows:

 To tke SenGts ofthe Uaited Sfaies:

 The bin entitled An act to incorporate the sub scribers to the Fiscal Bank of the United States,'' which originated in the Senate, has been considered by me, with sincere desire to conform my action in regard to il to that of the Houses of Congress By the Constitution ii is made my duty, either to ap- prove the bill by signing it, to Ieturn il with my objections, to the House tn which it originated. cannot conscientOusly give 1t my approval and pro- ceed to discharge the duty required of me by the Constitutlon-to give my reasons for disapproslng.

 The power of Congress to create National Bank to operate per the Union, has been question of dispute from the origin of the Government. Men most justly and deservedy esteemed for their high intellectual endowments their virtue and their palr- otism have, in regard it, entertained different and conflicting opinions. Congresses have diilered- The approval of one President has been followed by the disapproyal of another The people, at different times, have acquiesced in decisions both for and a. gainst. The country has been and still IS, deeply agitated by this unsettled question: It will sufhce for me to say, that my opinion has bean uniformly proclaimed to be against the exercise oi any such power by this Government On all suitable occa- sions during period of twenty-five years, the opin- ions thus entertained have been unreservedy express sed. declared it in the legislature of my native State. In the House of Representatives oi the U. States it has been openly vindicated by me- In the Senate Chambe, in the presence and hearing oi ma ny who tks time members of that body, il has been affirmed aud reafrmed, in speeches and reports there made, and by votes there recorded. In popu- lar assemblies have unhesltatingy announced it;- and the last public declaration winch l made, and that but short time before the late Presidential elec- tion, referred to my previously expressed opinions L.:,., sl, eha., aod hx

 With full knowledge of the opinions thus enter- tained, and never concealed, elected by the people Vice President of the United States. By the occurrence of contingency provided for in the con sttuton, and arising under an impressive dispensa- tion of Providence, l succeeded to the Presidential office Before entering upon the duties of that of flee, took an oath that would preserve protect, and defend the Constitution of the United States" Entertaining the opinions alu ed to, and having ta- ken this oath, the Senate and the country will see that could not give my sanction to measure of the character described without surrendering all claim 10 the respect of honorable men-all confidence on the part of the peopie-all self respect-a regard for moral and religious obligations, without observ- aace of which no Government can be prosperous and no people can be happy. It would be to commit crime which would not wilfully commit to gain any earthly reward, and winch would justly subject to the ridicue and scorn of all virtuous men.

 deem it entirely unnecessary at this time to ter upon the which have brought my mind to the convictions feel and entertain this subject They have been and over again repeated. If some of those who have preceded me in the high of fee have entertained and avOwed different opinions yield all confidence that their convictions si- cere. I claim only to have the same measure meted out to myself. Without going further into the argu- men will say that in booking to the powers of this government o collect safely keep, and disburse the public revenue, and incidentally to regulate the com merce and exchanges, have not been able to satisfy

 A. af bank of discount, the ordinary accepaton of that term, was a necessary means, or one demanded by pr0prety, to execute those powers. What can the local discounts of the bank have to do with the col ecng, safe keeping, and disbursing of the revenuel So far the mere discounng of paper is concerned, it is quite immaterial to this question whether the discount is obtained at State Bank U. s. Bank. They are both equally ocal-both beginning and both ending in local accommodation. What influence have local dscounts granted by any form of bank, in the regulating of the currency and the exehanges Let the history of the United States Bank aid us in answering this inquiry.

 For several years after the establishment of that institution il dealt almost exclusively in local dis counts, and during that period the country was for the most part, disappointed in the consequences ticipated from it's incorporation uniform currency was provided, exchanges were not regulated, and little nothing was added to the circulation; and in 1920 its embarrassment had become great that the directors petitoned Congress repeal that article of the charter which made it's receivable in payment of public dues It had, up to that period dealt but very small extent in exchanges, either foreign domestic, and late 1923 it's operations in that line amounted little more than seven mil

 lions of dollars per annum. A very rapid augmenta- tion soon after occurred and in 1853 it's in changes amounted to upwards sf one hundred millions of dollars including the sales of it's drafts; and all these immense transactions effected without the employment of extraordinary means. The cur rency of the country became sound and the negota- tions in the exchanges carried the lowest possible rates. The circulation was increased to more than $22, 100000, and the notes of the bank were regarded equal to specie all over the country thus showing almost concusvely that it was the ca pacty deal in exchanges ,aRd in local discounts, which furnished these facilities and advantages. It may be remarked, too, that withstanding the i'm mense transactions of the bank the purchase of change, the losses sustained merely nominal i; while in the line Ot discounts the suspended debt enormous, and proved most disastrous to the bank and the country Its power of local discount has, in fact, proved to be fruitful of favortism and corruption, alike destructive to the public morals and to the general veal

 The capital invested in banks of discount in the U. States created by the States, this time, exceeds $350 900 00O and if the dscounting of local paper could have produced any beneficial effects, the Uni ted States ought possess the soundest currency the world; but the reverse is lanentably the fact.

 

 jectionabe character to which have alluded! It is clearly so, unless by the 18th fundamental article of the llth section it is made otherwise. That article is in the following words:

 "The directors of the said corporation shall estab- fish one competent office of discount and deposit in any State in which two thousand shares shall have been subscribed, may be held, whenever upon ap- plication of the legislature of such State Congress may by law require the And the said directors may also establish one or more competent offices of discount and deposit in any territory district of the U States, and in any State, with the assent of such State; and when established, the said office offices shall be only withdrawn or removed by the said di- rectors prior to the expiration of this charter, with the previous assent of Congress- Proded In respect to any State which shall not the first session oi the Legislature thereof held after the passage of this act, by resolution, other usual legislative proceed ing, internationally dissent to the estab. lishment of such office offices within it, such assent of said State shall be thereafter presumed: And pro- vded, nepe,theiess, That whenever it shall become necessary and proper for carrying into execution any of the powers granted by the Constitutions to estab- lsh office offices in any of the States whatever and the establishment thereof shall be directed by law it shall be the duty of the said directors to establish such office or offices accordingly" A

 It will be by this clause the directors are in- vested with the fullest power to establish branch in any State which has yielded its assent; and having once established such branch, it shall afterwards be withdrawn, except ty order of Congress. Such assent is to be implied, and to have the force and sanction of actually expressed assent, 'provided, in respect to any state which shall not, af the ys

 of the legislature thereof held after the passage of this act, by resolution other usual iegisafipe pro- ceediags, neondioaaily dissent to the es- tablishmeat of such office or offices within it, such assent of said state shall thereafter be presumed. 1" The dissent is to be expressed, unconditon- ally at the first session of the legislature, by some 

 sent is to be implied, and the directors thereupon invested with power, at such time thereafter they