remainder of the evening in Executive session. In the HOUSE OF REPRESENTAtives, a message was received from the Senate with various bills, together with an announcement that they had receded from the amendments made by them to the tariff bill. “ Mr. DRAyton, from the Committee of Conference appointed on this subject, presented a report upon it. Mr. Wann, from the Committee on Military Affairs, submitted a report from Maj. General * McComb, General-in-Chief of the army in rela. tion to the enlistment of soldiers, and the establishment of schools, which was ordered to be printed. Mr. Barges, from the Committee on Enrolled Bills, made a report with various bills. Mr. CAxhaeleng moved leave of absence to Mr. White, of New York, which was granted. On motion of Mr. ADAMs, the Committee on Manufactures, and on motion of Mr. CAM n RE1.Eng, the Committee on Commere were severally discharged from the business remaining be. fore them. Mr. SEMMEs, by consent, laid upon the table, for consideration next session, a resolution on the subject of the previous question. , The Committee on Naval Affairs was, on mo. tion of Mr. Hoffman, discharged from the business before it, and the Committee of Claims, also, was discharged, on motion of Mr. Whit. wrieser, of Ohio. Mr. CRANE, from the Committee on Revolutionary claims, reported a bill for the relief of the heirs of Thomas Wishart, which was read twice and committed. Mr. Evenert, of Massachusetts, offered a resolution directing the clerk of the House to procure and furnish to each member of the House a copy of Elliott's debates on the federa constitution. 'Mr. Speight moved to lay the resolution on the table, upon which the vote was, ayes 43 noes 39. Upon the call of Mr. Stanwiren the aye, and noes were ordered, and the motion was agreed to, ayes 68, noes 55. Mr. Aparts offered a resolution, which lies on the table one day, respecting an alteration of the rule of the House with respect to questions of order. Mr. DEAR Boax offered the following resolution: Resolved, That the President of the United states be requested to lay before this House, copies of the instructions given to the commander of the frigate Potomac, previous to [and since] the departure of that ship for the island of Sumatra, and copies of such letters as may have been received from said commander after his arrival at Quallah Betto, except such parts as may, in his judgment, require secrecy. The words within '...} J were inserted afterwards as a modification of the amendment

Mr. DEAnnoun adverted to the statemens; which have appeared in the public journals in reference to the subject of the resolution, and to the fact of a vessel of the United States having been sometime ago attacked, and several persons on board of her murdered by the no tives, on the coast of Sumatra. The Pres, dent ordered the ship Potomac to proceed there under the command of Captain Downes, for the purpose of obtaining redress for this outrage. They had attacked the principal town of the tribe, as appeared from letters stated to be from an officer of the vessel, and from the circumstances narrated, it was important to the honor of the country, of the naval service, and of the officer in command, that all the facts should be laid before the American people. He, (Mr. o was not acquainted with those parts, and di not know but that they would redound highly to the honor of the parties concerned; but he, nevertheless, desired to know them, from the deep solicitude which he felt on the subject Mr. Hoffman concurred in the propriety." obtaining the information, and expressed " conviction that the facts would be found credtable to the Executive, and to the officer coor manding. He said this, he observed, for the temporary satisfaction of the gentleman from Massachusetts, (Mr. Donnors) and suggo a modification of the resolution so as to include all the instructions given to Com. Downeo. " whose merits Mr. H. paida warm tribute of "P" platise. Mr. DeAnnons replied, and observed to no one could entertain a higheride" of the character of captain downesfor honorandchivalry: than himself." His private friendship so * gentleman, as well as his knowledge of his professional and personal merits, was suffioe." show that he could have no intention in offer. ing the resolution, to reflect upon one who had always shown himself ready to Pour forth his blood for the service of his country. Mr. Hubbahn considering it importan', aster the publications which had appeared." " newseapers, to act upon this subject, * * moved the previous question; but subo". ly withdrew the motion, and the resolution was adopted without a division. Mr. connailsso submitted a resolution” the printing of 10,000 copies ofthe veto * sage, on the subject of the Bank. It lies upon the table one dy. Mr. Wickliffs, on the part of the Commit: tee of Conference, moved that the House recede from their disagreement to the sena's so mendments to the bill for the relief of certain invalid pensioners. The House receded after a discussion of some length, in the case of one of the amendments and refused to do so in respect to another. The House then went into the consideration of bills from the Senate, At 3 o'clock a recess was taken until 5, at which hour the House reassembled, and continued in disposing of Senate bills. It was ex

proposed.

Pected to sit until a late period of the evening:

UNITED STATES” BANK.

- MESSAGE * FROM THE PRESIDENT' U. S. RETURNING The BANK BILL TO THE SENATE WITH HIS OBJECTIONS.

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 present. ed 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 conclu. sion 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 Consti. tution, 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 Oompany 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 o increasing the value of the stock far above its

o r value, operated as a gratuity of many mil

o ions to the stockholders. * An apology may be found for the failure to

o, guard against this result, in the consideration

- that the effect of the original act of incorporao tion could not be certainly foreseen at the time

of its passage. The act before me proposes o another gratuity to the holders of the same

of stock, and in many cases to the same men, of o' at least seven millions more. This donation o finds no apology in any uncertainty as to the

effect of the act. On all hands it is conceded f that its passage will increase, at least, twenty o or thirty per cent. more, the market, price of

* the stock, subject to the payment of the annuiAs ty of $200,000 per year, secured by the act; o 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

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, aud 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 receive a fair equaivalent. 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 loans. 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 seli the 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 the 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 citizens, chiefly of the richest class. For their benefit does this act exclude the whole American people from competition in the purchase of this monopoly, and dispose of it for many millions less than it is worth. This seems the less excusable, because some of our citizens, not now stockholders, petitioned that the door of competition might be opened, and offered to take a charter on terms much more favorable to the Government and country. But this proposition, although made by men whose aggregate wealth is believed to be equal to all the private stock in the existing bank, has been set aside, and the bounty of our Government is proposed to be again bestowed on the few who have been fortunate enough to

than eight millions of the stock of this bank are

secure the stock, and at this moment wield the

power of the existing institution. I cannot perceive the justice or policy of this course. if our Government must sell monopolies, it would seem to be its duty to take nothing less than their full value; and if gratuities must be made once in fifteen or twenty years, let them not be bestowed on the subjects of a foreign Government, nor upon a designated or favored class of men in our own country. It is but justice and good policy, as far as the nature of the case will admit, to confine our favors to our own fellow citizens, and let each in his turn enjoy an opportunity to profit by our bounty. In the beatings of the act before me upon these points, I find ample reasons why it should not ecome a law. it has been urged as an argument in favor of rechartering the present bank, that calling in its loans will produce great embarrassment and distress. The time allowed to close its concers is ample ; and if it has been well inanaged its pressure will be light, and heavy on ly in case its management has been bad. If, therefore, it shall produce distress, the fault will be its own, and it would furnish a reason against renewing a power which has been so obviously abused. But will there ever be a time when this reason will be less powerful ? To acknowledge its force, is to admit that the bank ought to be perpetual, and, as a consequence, the present stockholders and those inheriting their rights as successors be established, a privileged order, clothed both with great political power, and enjoying immense pecuniary advantages, from their connection with the Government. The modifications of the existing charter, proposed by this act, are not such, in my view, as make it consistent with the rights of the States, or the liberties of the people. The qualification of the right of the bank to hold real estate, the limitation of its power to establish branches, and the power reserved to Conress to forbid the circulation of small nutes, are restrictions, comparatively, of little value or importance. All the objectionable principles of the existing corporation, and most of its odious features, are retained without alleviation. The fourth section provides “that the notes or bills of the said corporation, although the same be on the faces thereof respectively made payable at one place only, shall never. theless be received by the said corporation at the bank, or at any of the offices of discount and deposite thereof, if tendered in liquidation or payment of any balance or balances due to said corporation, or to such office of discount and deposite from any other incorporated bank.” This provision secures to the State banks a legal privilege in the Bank of the United States, which is withheld from all private citizens. If a State bank in Philadelphia owe the Bank of the United States, and have notes issued by the St. Louis branch, it can pay the debt with those notes; but if a merchant, mechanic, or other private citizen be in like cir

cumstances, he cannot, by law, pay his debt

with those notes, but'must sell them at a liscount, or send them to St. Louis to be cashed. This boon, conceded to the State banks, though not unjust in itself, is most odious; because it does not measure out equal justice to the high and the low, the rich and the poor. To the es: tent of its practical effect, it is a bond of union among the banking establishments of the nation, erecting them into an interest separate from that of the people; and its necessary tendency is to unite the Bank of the United States, and the State banks, in any measure which may be thought conducive to their common interest. The ninth section of the act recognizes pinciples 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 the names of all stockholders who are not resident citizens of the United States ; and, on the application of the Treasurer of any State, shall make out, and transmit to such Treasurer, a list of stockholders residing in, or citizens of, such State, with the amount owned by each." Although this provision, taken in connexion with a decision of the Supreme Court, surren

tax the banking institutions created by this corporation, under the name of branches, throughout the Union, it is evidently intended to be construed as a concession of their right to tax that portion of the stock which may be held by their own citizens and residents, in this light, if the act becomes a law, it will be understood by the States, who will probably proceed tole: vy a tax equal to that paid upon the stock of banks incorporated by themselves. In some States that tax is now one percent either on the capital or on the shares; and that may be assumed as the amount which all citizens or reodent stockholders would be taxed under the 9. peration of this act. Asit is only the stock hold in the States, and not that employed within them, which would be subject to taxation, and as the names of foreign stockholders are not to be to ported to the Treasurers of the States, it is obvious that the stock held by them will be exempt from this burden. Their annual profits will, therefore, be increased one per cent, mo ethan the citizen stockholders, and as the annual dividends of the bank may be safely estimated at seven per cent., the stock will be worth em." fifteen per cent more to foreigners than to cozens of the United states, to appreciate the effect which this state of things will produce, we must take a brief review of the operation*, and present condition of the Bank of the Unite States. By documents submitted to Congress ** present session, it appears that on 1st of January, 1832, of the twenty-eightmillions of Pro stock in the corporation, $3,405,500 were hold by foreigners, mostly of Great Britain. The amount of stock held in the nine western States is $140,200, and in the four southern Sules" $5,623, 100, and in the eastern and middle State"

about $13,522,000. The profits of the bank in

ders, by its silence, the right of the States to