Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-06-12

lie contends stou,ly for the supervising power Of
the Government over the Bank, and its power and
right TO Thy withdrawing public dopositcs,
Sc. For, says he,
''I'hc Bank cannot, If il would avoid the action
of the Government in all lis legitimate operations
and policy, however disposed it might be, after
calculating the immensely of it's Golfers and the
iuscnsbihtv to such action. The prctcnsion could
only excite Il smile; compared TO the Government,
the Bank is essentially insignificant"
Asserting the power the Secretary, however,
says, for himself, ''no more tcrventlv d.
''sirc than do that the Bank SHALL in all it's RANT
''lica,ionS, Lc absolutely independent Of party"
Tho final Letter of MIR. Il. on this subject is
short, beginning as follows:
81 had yesterday the honor of receiving, and
have this dav submitted to the Board of Direct
ors, your letter of the 9Th inst October 1929 !
They have instructed me to say in reply, that,
observing, as they do with great plea
sure, that the views which they thought dscos-
cd your previous correspondence disclamcd,
the whole object of the Board, in renewing il is
accomplished; and YOU will have the goodness to
consider the remarks bearing on the presumed as
scrtion OF those views as no longer applicable"
The point OF this Letter, however, is to be found
i'll the following paragraph:
'You have quoted various passages of the cores
pomdcncc between the Secretary of the Treasury
and the bank. They not more cordial than
what has already passed between Yourself and the
board on similar Subjects and what trust may of.
ten pass hereafter. Bat to make the cases at all
analogous, 1T would be necessary to find answer
| To some letter from Secretary of the Treasury,
! communicating tie riecS Of the administration As
TO THE Mode or CHOOSING AND Discussing THE OF
| FICERS THE BANK"
We have now gone through with our ANALYSIS of
the forty octave pages occupied by these documents s,
and we believe there few of our readers who
will not agree with Mr.. ADAMS, that they are more
! of No I'm pt md nf I Ia,
| Nation, than any other of the papers common cd
upon IN the report of the Majority of the Com
mittoc.
! But this is not purpose in asking the otten-
ton OF our readers TO this subject
1t has not been aim merely to shcw that n
. control, Tor party purposes, attempted to be
, exercised by Executive officers over the opera
tons of the Bank of the United States. 1t is not
| a matter of surprise, however much may con-
denim the act, that the party considerations which
at the same time were driving from office the most
faithful public agents in the Post Office and other
! Departments ofthc Government, should be brought
! to bear the Bank of the United States, in
whose President and Directors, fortunately inte-
gritty and trmncss enough found 10 resist
the introduction of a principle, which would have
borne down al" public virtue by the tide of its
rupting Influence. 1t was natural that the attempt
should be made, and that its defeat should be re-
sentcd by those who made it.
! Every reader must recollcct with what surprise
II was discovered, from the first Message of the
present President OF the United States TO Con-
grcss, that his Administration had taken ground
entirely hostile TO the hunk of the United States
| The causes of that hostility arc now developed
The curtain is raised, by which they were conceal.
cd They stand revealed TO public view. A com.
| Parison OF dates Will leave scarcely u shadow of
doubt that the true ground Of the hostility of the
Presidents confidential friends to the Bank, was its
want OF pliancy to their party schemes.
The attempt to convert the Bank into payty
mdchinc-we say tie Bank, because although the
| reform BEGAN only III br,r "a
was avowcdiy contemplated as to other branc hes
and it is fairly prcsumable as to all of them
made within the first quarter of IA year after the
wheels (and the screws) of the Government had
got ialrly TO work. The attempt was finally de-
teated in the October following. The dcnuncia-
ton OF the Bank which much astonishcd every
body, III the Message of the President, (Which, it
is not concealed, was put together by different
hands and was not his alone) was of only two
months later date than the last letter from his Sc
crctary OF the Treasury, to the President of the
! Bank. The effect followed closely upon the cause
-ltWas the clap of thunder after the lighLning's
HASH. Let US rccur TO the terms of that dcnuncla
| ton.
''Both the consttutionality and the expediency
OF the law creating this Bank are well questioned
by large PARTON of fellow citizens; and il
must be admitted by all, that it has failed in the
great end of establishing u uniform and sound Cur.
rcncv.
"Under these circumstances if such an institu-
tea is deemed essential the fiscal operations of
inc Government, submit to the wisdom of the Ic
glslaturc, whether National one founded unon
the credit of the Government and its revenues
night not be devised, which would avoid all con.
stIlutional difficulties, and, at the same time sc.
cure all me GdrantGgeS to the Government and
country that were expected to result from the pre-
sent Bank!'-PresidenPS Message, Dec s, 1929.
iut this and that together. After the history
which we have just conned over, is it not clear
that the large portion of fellow citizens, "
referred to IN the Message, who question the OK
Pcdiency OF "this" Bank, arc the portion who
desire to have political Bank and who, in New
Hampshire wanted to thrust Mr.. Mason asidc-to
break him, because they could not bend him? Who
does not perceive that the writer of that part OF
the Message had in his minds eye the then re-
cent refusal of the Bank of the United States 70
allow to the party-not ''the Government" for the
Government has always acknowledged freely the
advantages which it has derived from jtbut IN
tie purity ''all The advanta ages" expected from it,
Have we not solved tho cngmal
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