President Jackson's veto message

President Jackson's veto message - 1 The Avalon Project at...

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1 The Avalon Project at Yale Law School President Jackson's Veto Message Regarding the Bank of the United States; July 10, 1832 VETO MESSAGE. WASHINGTON, July 10, 1832. To the Senate. The bill " to modify and continue " the act entitled "An act to incorporate the subscribers to the Bank of the United States " was presented to me on the 4th 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…. An apology may be found for the failure to guard against this result in the 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 so or 30 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
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2 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. … In the bearings of the act before me upon these points I find ample reasons why it should not become a law…. The ninth section of the act recognizes principles of worse tendency than any provision of the present charter. It enacts that " the cashier of the bank shall annually report to the Secretary of the Treasury
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This note was uploaded on 02/14/2010 for the course PSC 2302 taught by Professor Dr.riley during the Spring '08 term at Baylor.

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President Jackson's veto message - 1 The Avalon Project at...

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