Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-10
Total collections in the three cities,
S2,673,O3I 90


will be perceived, that wa, solely through the in
ces against the State Banks in New York, and placed
in situation take from them at its pleasure, large
IN specie And when it considered. that those curia
inents anu collections OF the Bank OF tho United State.
necessarily compelled the State Banks cura Also we
shall be arDo loss 10 perceive the OF the
which existed in the commercial cities about the en .,
the month OF September Il was impossible that the
Sonmerea, community could have sustained itself much
longer under SUCH policy. In tho two succeeding
months, the collections OF the Bank would probably have
Sceeueu hve millions more, and tho State Banks would
NV "ce" So"Eeu 10 cuitail I'm equal The re-
ueuoh on Bank accommodations the amount Of nine
.een 'n"ons oil dollars. in four months, must have al
most put an end trade; and before tho first OF Oc-
ooer' this pressure in the principal commercial ci-
"es' mad become so Intense that il could not have
been endured much longer without the most seriou,
endorsements. II was then daily increasing. and
from the best Information that have been able 10 obi
am persuaded that il the public moneys received or
nsd continued to be deposited in Bank the
United States, Tor two months longer and i, had adhered
10 me oppressive system Of policy which pursued du.
ring 'ne TWO preceding months wide spread scene of
bankruptcy and ruin must have followed There was no
alternative, therefore, for the Treasury Department hut
ACT az once, or abandon the object altogether Quite.
OF the highest character, would not permit the LATER
former. r'' " ~ " '"0
have stated The condition of the mercantile classes. n,
tne me oil the removal, explain why as mpos. ibe
@posPone II even Tor short period Under other cir
euS""ces' should have been disposed 10 direct the re
moval TO take effect distant day so "a to y;vs Con-
opportunity Of prescribing in the mean time the
PAGES oil depose aud Of regulating the securities proper
zoe taken is true, that the power given Secre-
sry OF the Treasury remove the desoses from the
Bank OF the United States necessarily carries with il the
right TO select the places where they shall be
made The power OF removal cannot exercised with.
OUT placing them elsewhere; and select is
fore contained in the right remove Ii is also true b, in
my judgment, as has been already stated the public
interest would have been advanced if the chancs I.J
TAKEN place at an earlier period. Yet as a few months
would in ordinary times have made no very se,o. d;a.
.enee anu me removal had already been delayed until
he meeting oil Congress approaching I should have
preferred executing the measure in manner that would
nave enabled the Legislature on the subject in adj
vance oil me actual removal if il had deemed proper
TO do So but the conduct the Bank left me no choice
except between the immediate removal and its final re.
hnquishment. For IL the measure had then been sus
pended to be resumed at a future time il was in The
power OF me Bank TO produce the same evil
vas "gsm attempted Putting aside. therefore, from the
Wow oi 'he SUBJECT which am presenting all the
inducements which grew OF the misconduet of The
anu sgardng only its approaching end and the in
ensty OF the pressure it then producing no further
delay was admissible. " "e'
iscts and reasons above stated appear to have es
''1 p, ca me following propositions:
ISL was the duty OF this Department. not TO act upon
the assumption, that the Legislative power would he reaf
Ter change the law in relation Bank of the limited
States; and it bound regulate its comduct mon %
princpie that the existence Of this corporaon wn,l ,
inmate on the 3D. OF March, 1886. $500 "
"a The public interest required that The dsro.;,.s y.
public money should not continue IN hs NIL. ~; % Nc "
% e Cnted STATES until the close OF its existence: bul
shou'u oe transferred TO other place al som. .,
prior to that time r' " "e Pe'ou
81. me power Of removal being reserved exclusively
70 nc secretary OF the Treasury, by the terms of ,he
charter, his action necessary in order to esc, IL |
e uepoes could not, according the agreement made
stockholders. hay ha.n
me Legislative branch Of the Government until The Oh S
ter 10 the Bank an end ~ WV ~""'-
4.n Inc near approach of the time when the charter
"ou'u EXPIRE as welt the condition of tho
community, produced by the co,,duct Of the RAM @
dered me removal Indispensable, the time il was he
gum and IT could not have been postponed 10 a,sr d
without injury TO the country s' Wy
Acting on these principles should have felt myself
pound TO follow the course have pursued i'm rei.on -
The deposes without any reference to the njsrono, ~
The Bank But there other reasons tor the removal
growing out OF the in which the Affairs If , n G
nIiel
nave made IL my duty TO withdraw the depotes, at any
period OF the charter "'
Ii will, presume, be admitted on Al, b, ,,.,,
banH was incorporated, in order create an useful and
eonvenen pubic agent to assist the Government in lis
operations The act OF ncorpo as not de sign
ed merely as an act Of favor the nor
exclusive privileges given them for Tho purpose of
ne expense Oh the people OF the United Staes The mo-
1--WE LOT establishing This monopoly was the hone ~.
would eonduce to the public good 1t was created to be
e agent OF the public, TO be employed for the bene6,
OF the people, and the peculiar privileges and s
private emolunent given it, the act Of
were inteoded as rewards for the services 1T was
cd TO perorSsa Ii supposed thai,s own 80
rate interests would be voluntarily brought into coIJis;on
with those OF the public. nd still less as, sn,.i,I
nA wou'u seek oy Its money 10 obtain political bower
and control the action of the Government either bv ,b
lavors can shower, or the fear OF lis
was sbpy that oil an agent bound render cera, ser
wees 10 Its principal, in consideration of the
granted 10 IT, And like every other public agent or officer
own separate Interests subordinate 10 lis du,v m
the public Ii was Bound to consult the general ood
,a'ler hsh Its private emoumcnt, they should happen
".o Cohhict wlth one another.-If therefore n
sought 70 obtain political power, 10 increase its aims
by means which would probably bring distress on ,hs
community, violated its duty and rfed N m.
TIC INJURY The powers which given 10 be sed for nh.
Pupic good And in such event. il was che dutv NJ
tne pubic servants TO whom the trust was ~,
DISMISS H. so lar as might lawfully be done, from the agen
cy IL had thus abused. ~ WV "s'"'
Regarding the Bank therefore, as the agent Of tho u
States, and bound by the duties and liable 10 the obi;y.
IONS which ordinarily belong the relation of prncna
anu AGENT except where the charter has e,her,y;se ~,
reced proceed TO state the circumstances which
That had Justly forfeited the confidence of the (overn
e,' anu mat ought not to have been further trusted az
the depository Of public money. "
The United States, by the charter re.ervod ,, ;, =,
appointing five Directors OF The Bank II was
s means not only to provide guardians for the
OF me pubic, In the general f lie Al, s
p"t also 10 have faithful officers whose vonIJ
ne 70 become intimately acquainted with all lie
sacuons OF the institution, and whose duty i, would he
aPpSe the proper authorities, Of any misconduct
public interest The fourth Fundamental Article ~ 49,,
CONSTITUTION OF the corporation declares thar not less
.hdn seven Directors shall constitute Roard 6or a.
transaction oil business At these meetings of The Road
VIC directors on The part OF the United States had If
course, right TO be present. and II the hn
OF ,he corporation had been transacted In the an
her winch tbs law requires, there was abundant
s' ho'nng could be done, njuriously AFFECTING the in
teresls OF the people, without being Immediately
70 'he public servants who were authorized 10 an,
py ne remedy And il the corporation Ina. so srr,nad
Of ~, 49,, eS 70 conceal from the public Directors some
ID a.. operations, and has thereby des,rov
$500 ~ sus'"s which were designed TO secure the in
80 a.. 80. Cneo States IL would seem IN he ve,y
1oa', "' ~ nss forfeited its claim 10 confdence sod =
mo longer worthy Of trust In the ord;ns anu Is
among indiViduais, no prudent man rS,lJ " e
place bIs funds IN the hands OF an agent 10. W