Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-06-21

another from the President of the Bank
Of even date with the last, replying tC
the theoretical part Of the Secrciarv's
Letter. Mr. B. expresses his concur
| renee in the accuracy of the Secretary 5
views in the abstract, and goes into an ir-
rciutable argument to shew that il il az
necessary TO the success of the Admins
tratlon OF the Government, as to that oi
the Bank, that the latter should be en-
Itirely independent Of party influence
We can only spare room for lew passa-
ges, which will yet afford TO the rcrdcr
an idea Of the general eharaeser OF the
whole Letter:
at has been the settled policy Of the
institution, pursued with the most iasild-
ious care, TO devote itself exclusively to
the purposes for which it was instituted :;
10 abstain from oil political contests; to be
simply and absolutely bank, seeking
only the interests Of the community, and
the judcioas employment of the funds
entrusted to its management; and nerer,
tor moment, pervelting its power to any
iocal or party purposes. The officers of
the bank, and all lis branches, are
Thoroughly imbued with this spirit,
knowing, as they do, that their interler-
cnce in political contentious would be.
highly o6enSire 70 the general adn,nistra-
ton Of the institution. Accordingly, ]
have never, during more than nine years
Of intimate knowlcd &c Of the bank, per-
ceivcd an example Of any such iuter.cr-
ence. | believe that there are not, in
the whole country, any other five hun
dred persons of equal intelligence so alb
strncted from public affairs, as the five
hundred who are employed in admins
tcrng the bank; and ! am satisfied that
no loan was ever granted to, or withheld
from any individual, account Of politi-
cal parifality or hostility"
"That success, IN hitherto escaping
complaint, whatever may be its degree,
is entirely due TO two fundamental Prin-
pies in its administration: First, that,
in the choice of its agents and the dis
tribution of its loans, il should be wholly
indifferent to political parties; and, sec
ond, that, IN all its operations, it should
be totally Independent Of the officers of
the Government y
"The bank has always kept itself
aloof from all political connection with .
the Government; and while, in whatever
concerns its appropriate duties, it has
yielded the most read y and faithful sup
port to all the officers of the Govern
ment, it has, at the same time, maintain
cd the most entire independence OF
them. Their respective powers and
duties are assigned TO them by the same
common auihorty-the laws of the coun
try. Beyond these limits, it has never
sought nor desired, nor would it ever
have permitted, any connection with the
Government, or any interference on its
part-content with being the friend Of
erery administration but the partisan Of
none" Il
"In fact, their very ability to serve
any administration would be lost by sub
serviency to it, and the tue relation of
the bank to the Government is that of an
impartial and independent friend, not
partizan." i
With this Letter the Executive does
not appear to have been satisfied; for the
next Letter is from the Secretary Of the
Treasury, under date of July 23d, 1920,
being rather in the nature ofareprmand i
of, than an eXpostulation with, the Gov
ernment of the Bank. The Secretary
says, for instance Il
at is morally impossible that the
character Of all the acts Of the directors
IF the branches, much loss their motives,
rould be known to the parent beard sit
hence, the declaration that ''no loan was
ever granted to, or withheld from any in
iividual, on account Of political par.iali-
" or hostility" must he received rather
as eridcncc Of yom orn feelings, than as
conclusive proof Of the fact so coafdcn- |
'ially rouched for. In offering these OBJ !
scrvations, ] cndeavor TO divest myself,
as much as possible, of the impression
received from numerous
communicated verbally and
by letter, since was called to the
charge ofthe Treasury Department; aud
f have been led by feeling, rather
han experience and judgment, to dis
rust the purity Of institutions governed
,y men, or to indulge too little conf
lcncc in their exemption from the pas
lions that more or less affect all human
lctions, rone can be more sensible Of the
encountered in entering
Ipon this discussion. But it is not deem
ID transcsnding the just obligation OF the
department. 10 which IS assigned Me duec-
ION of the relation Je.ween The Gorcrn-
aem and The Bank, to suggest us rie~s
is to their proper management.
Again, says the Secretary :
"Thc complaints at Portsmouth, as !