The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1833-10-02

OF all the substitutes for the present
Bank which have been suggested. none
see,nsto have united any considerable
portion Of the public 10 its favor. Most
Of them nre liable to the snme constitu-
tional objections for which the present
Bank has been condemned, and perhaps
To all there aro strong objections on the
scorc Of expedirncy. In ridding tho
country Of an irresponsible power. which
has attempted to control tho Govern
ment, care must be taken not to unto
the came power with tho Executive
branch. To give Q President the con-
troll over the currency aud the power u
vfr' mdiyiduais now yossessed by tho
Bant OF the United States. even with
tho material difference TINT he is res pom
sitle ,othe people. would DO MS objec-
uonablc and as dangerous as to leave it
as j. rs. Neither the one nor the other
IL necessary, and therefore ought not to
be resOrted TO.
On the whole, the President consid-
ers II MS conclusively settled TINT the
charter of the Bank ofthe United States
will not BIO renewed, and lie has no rca-
sonable ground TO believe that any sub
sti,ute will be established. Being bound
to regulate his conrse by the law as they
exist, ana not 70 anticipate the inerfer-
chce IF rho legislative power, for The
purpose of framing new systems, il is
proper for him seasonahly 20 consider
the means by which Tho services render
cd by the Bank Of the United Stues are
to DO performed after its chnrter shall
expire.
The existing laws declare. that "lho
deposites Of money ofthe United States,
in places in which the snid bank nld
branches thereof my he established.
shall be made in snid BANK or branches
thereof, unless the Secretary of ,he
Treasury shall Al any time otherwise or-
der and direct, in which case ,lIc Secrc-
tary of the Treasury shall Immediately
lny before Congress, If in session, and if
not, Immediately after the commence
mens of the next session, the reason of
such order or direction"
The power Of tho Secretary Of tho
Treasury over the depostes is unduali
fed. Tire provision that hc shall report
his reasons 70 Congress, is no limitation.
Had il not been inserted, he would have
been responsible 70 Congress, had We
made a removal for any other than good
reasons, and his responsibility now
ccases, upon the condition of sufficient
ones to Congress. The only object of
the provision, is to make his reasons ac-
cessible to Congress, and enable thar
body the moro readily to Judge of their
soundpess and purity, and thcreupon TO
make such further provision by law rs
the fegislative power may think proper
| in relation, to tho deposi,c Of the public
money. Those rtnsons may be very de
yersifed II was asserted by the Secre-
tnry Of Tue Treasury without contradic-
,ion, rs early rs 1877, that he had pow
or 40 control the proceedings" of tho
Bank Of the United States nt any mo-
ment, "by changing the deposi,es to the
State Banks" should it pursue nm illio-
eral course towards those institutions;
that '',he Secretary OF the Treasury will
always be disposed TO support The credit
Of the State Banks, and will invariably
direct transfers from the depositcs of
The public money in ard Of their legiti-
mate exertions to maintain their credit;"
and he asserted a right TO employ the
State Banks when the Bank of the u.
States should refuse TO receive on de-
positc the notes Of snch State Banks as
the public interest required should be
received in pay tnent ofthe public duef.
In several instances he did transfer the
public depe.i.e. to State Banks, in tho
immediate vicinity of branches, for rea-
sons connected only with the slfety of
those banks, the public convenience aud
The interests Of the Treasury.
Ifit was lawful for Mr.. Crawford, the
Secretary ofthe Treasury. at that time,
to act OF these principles, it will be dit
ficuIt to discover any sound reason a
goiost the application OF similar pr'nci-
pies in still stonger cases. And II is
matter Of surprise that a power which.
in the infancy Of the Bank, was freely as
serted rs one Of the ordinary and hmil-
iar duties ofthe Secretary ofthc 'Tress,i-
ry, should now be gravely questioned,
and attempts made to excite and alarm
the public mind. as if some new and un-
heard of power was about TO be usurped
by the Executive branch Of the Govern
ment.
1t is but little moro than two and a
half yearsto the termination ofthc char
ter of the present Bank. II is consider
ed as the decision Of the country that it
shnll then cease TO exist, and no man, the
President believes, has reasonable
ground for expectation that amy other
Bank Of .he United States Will be created
-by Congress. To the Treasury Depart
ment 10 intrusted tho safe keeping and
faithful application oft public moneys.