forms in the public offices and in the different departments of the government—an annual income of nearly twentyeight millions, and an expenditure of fifteen millions— the payment of upwards of forty millions of the public debt in less than three years-a farther modification of the tariff and a diminution of its burdens-a more rapid and extended transportation of the mails-and the entire extinguishment of the national debt within one year, are among the fruits of the policy of this adminis

tration."

This session of congress was remarkable for the turbulence of party spirit evinced by many members, in their action upon various subjects presented for their deliberations. While some questions of deep interest, and vital importance to the nation, were adjusted in a manner that is believed will produce the happiest results; there were others, the decision of which was produced by motives which should never influence the representative acts of high-minded and honorable men.

A prominent act of the latter description was the rejection by the senate, of the nomination of Martin Van Buren, by the president, as minister to England. This gentleman was selected by General Jackson for his acknowledged worth, talents, and public services; and yet the senate rejected the nomination by the casting vote of its presiding officer. The act itself, was a constitutional one, and as such was not obnoxious to censure; but all delegated powers are in some degree discretionary, and for motives alone, which prompt the exertion of constitutional privileges, are public servants amenable. When the present period of high political excitement is past, and men can look at this act with unbiassed and unprejudiced minds, in searching for the motives which produced the rejection of the president's nomination of Mr. Van Buren, none, it is confidently believed, will be found, that were

not based upon personal or political hostility. As no other reasons were given for rejecting this nomination, that were entitled to any degree of weight, we deemed it important to say thus much in defence of the nomi

nation.

But to pass over minor subjects, we come directly to the question which was agitated in both houses of congress on the passage of a bill to renew the charter of the present bank of the United States. After much discussion this bill passed the house and senate, and was submitted to the president for his sanction or disapproval. His sentiments on the subject of a renewal of the charter of the United States bank, with all its powers and privileges retained, were well known; he had early, earnestly, and fearlessly expressed his convictions, that this institution was unconstitutional in its origin, and clothed with powers, which no corporation under a republican government ought to possess-powers that might be exerted in the overthrow of our free institutions, and the destruction of our liberties. When entering upon the duties appertaining to the presidency of the nation, some of his friends suggested to him the policy of not embarrassing his administration by an early expression of his views upon this question, which did not call for immediate legislative action;-"No," exclaimed the single-hearted patriot; "my sentiments upon this subject must be expressed; I could not quietly rest in my grave, were I to die without having performed this duty which I owe to my country." And nobly indeed has that duty been discharged;-he weighed the subject with much deliberation, and gave to it that patient and careful investigation which its importance demanded; and then, with an eye that looked only to the glory and safety of his country, and its invaluable institutions; regardless alike of his own personal responsibility or individual aggrandizement, he returned the bill with a mes

sage, detailing his reasons at length for withholding his sanction to its becoming a law. They were powerful, convincing, and unanswerable. No synopsis which we could make, would do justice to this admirable production; we therefore give it entire:

Message from the President of the United States, Returning the Bank Bill, with his objections, &c.

66

TO THE SENATE:

The bill to "modify and continue" the act, entitled, an act to incorporate the subscribers of the Bank of the United States," was presented to me on the 4th of July instant. Having considered it with that solemn regard to the principles of the constitution which the day was calculated to inspire, and come to the conclusion that it ought not to become a law, I herewith return it to the Senate, in which it originated, with my objections.

A Bank of the United States is, in many respects, convenient for the government and useful to the people. Entertaining this opinion, and deeply impressed with the belief that some of the powers and privileges possessed by the existing Bank are unauthorized by the constitution, subversive of the rights of the states, and dangerous to the liberties of the people, I felt it my duty, at an early period of my administration, to call the attention of Congress to the practicability of organizing an institution combining all its advantages, and obviating these objections. I sincerely regret that, in the act before me, I can perceive none of those modifications of the Bank charter which are necessary, in my opinion, to make it compatible with justice, with sound policy, or with the Constitution of our country.

The present corporate body, denominated the President, Directors, and Company of the Bank of the United States, will have existed, at the time this act is intended to take effect, twenty years. It enjoys an exclusive privilege of banking under the authority of the General Government, a monopoly of its favor and support, and, as a necessary consequence, almost a monopoly of the foreign and domestic exchange. The powers, privileges, and favors bestowed upon it, in the original charter, by increasing the value of the stock far above its par value, operated as a gratuity of many millions to the stockholders.

An apology may be found for the failure to guard against this result, in consideration that the effect of the original act of incorporation could not be certainly foreseen at the time of its passage. The act before me proposes another gratuity to the holders of the same stock, and, in many cases, to the same men, of at least seven millions more. This donation finds no apology in any uncertainty as to the effect of the act. On all hands it is conceded that its passage will increase at least twenty or thirty per cent. more, the market price of the stock, subject to the payment of the annuity of $200,000 per year, secured by the act; thus adding, in a moment, one fourth to its par value. It is not our own citizens only who are to receive the bounty of our government. More than eight millions of the stock of this Bank are held by foreigners. By this act the American republic proposes virtually to make them a present of some millions of dollars. For these gratuities to foreigners, and to some of our own opulent citizens, the act secures no equivalent whatever. They are the certain gains of the present stockholders under the operation of this act, after making full allowance for the payment of the bonus.

Every monopoly, and all exclusive privileges, are granted at the expense of the public, which ought to re

ceive a fair equivalent. The many millions which this act proposes to bestow on the stockholders of the existing Bank, must come, directly or indirectly, out of the earnings of the American people. It is due to them, therefore, if their government sell monopolies and exclusive privileges, that they should at least exact for them as much as they are worth in open market. The value of the monopoly in this case may be correctly ascertained. The twenty-eight millions of stock would probably be at an advance of fifty per cent., and command in market at least forty-two millions of dollars, subject to the payment of the present bonus. The present value of the monopoly, therefore, is seventeen millions of dollars, and this the act proposes to sell for three millions, payable in fifteen annual instalments of $200,000 each.

It is not conceivable how the present stockholders can have any claim to the special favor of the government. The present corporation has enjoyed its monopoly during the period stipulated in the original contract. If we must have such a corporation, why should not the government sell out the whole stock, and thus secure to the people the full market value of the privileges granted? Why should not Congress create and sell twenty-eight millions of stock, incorporating the purchasers with all the powers and privileges secured in this act, and putting the premium upon the sales into the Treasury?

But this act does not permit competition in the purchase of this monopoly. It seems to be predicated on the erroneous idea, that the present stockholders have a prescriptive right, not only to the favor but to the bounty of government. It appears that more than a fourth part of the stock is held by foreigners, and the residue is held by a few hundred of our own citizens, chiefly of the richest class for their benefit does this act exclude the whole American people from competition in the purchase of this