Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-19

mn'e,y dismissed from his ofice and denounced in the
omcia uszeUe as a" refractory subordinate The same
Official announces TO the other two Offending minister's
that however he may the differ ence Of opinion
the President still thinks hst the is one upon
which the members may conscien tiousy differ from the
President and from each other that is to say, that
ney are not yet to be dismissed Tor expressing their OPT
Mons the President being oppessed by the sacrifice of the
most coptumacious of the opposition.
Its purpose TO influence the election is attesed by the
triumphant exul,aion of the Official Gazette, that
I'VE have received intelligence which authorizes the
oeei that In the late election in Pennsy vana the Lee
g'siature OF that State has undergone change which
VIII give the Jackson party majority Of two thirds and
The same result has been accomplished in Mary land-
We learn from TO be relied on that the
OF the Jackson ticket in some Of the aniJ jackson
ues IN Maryland, was secured by the late exposons
oil the corupiions OF the Bank read by the President
TO his cabnet-and have doubt that had its eff
iect on all the recent cle ctions."
I'd The indelcacy Of the form Of these procc eiines
corresponds well with the substance Of theu, which is
equally in violation of the rights oil the Bank
OF the country.
The Bank OF the United States was chartered by Con.
gress for certain national purposes and il though,
expedient obtain the skill and vigilance of private In
teres in managing the institution, the citizens generally
were invited TO unite their private fortunes with the public
capital They did and the charter Of the Bank is in
lsc an act oil partnership between the Government and
The Stockholders, specifying the rights and duties OF
party In the charter OF the first Bank of the United
STATES mere was on the part oil the Bank payment of
oonus-no obligation to transfer the public iundsno per-
ornance oil the duties of the Loan Olce-while on the
p"r' Of Tue Government there stipulation give
ne use 81 me deposes This defect supplied the
charer oil the present Bank by positive agreement Thus
The Bank, in addition 10 its arous duty Of restoring and
sustaining the general currency agreed by the 18th
give the necessary facilities for transferring the public
funds from place to place within the u. S. the territories
thereof and fer distributing the in payment of the
public creditors without charging commision or claiming
allowance on account of difference of exchange and shall
also do and perform the several and respective duties Of
the Commissioners OF Loans for the several States of
any one or more oil them, whenever required by law.
And again, the 10Th section decaress' That in cons-
Iteration OF the exclusive privileges and benefits confer
Ia Iuife
States out OF the corporate funds thereof the sum of one
A" million and five hundred thousand dollars"
Such was the consideration TO be given by the Bank
The consideration TO be given by the Government was
that the deposites Of the money of the United States in
places in which the said Bank aud Branches thereof
may be established, shall be made in said Bank or
Branches thereof unless the Secretary of the Treasury
shall otherwise order and direct; in which case the Sc
cretary OF the Treasury shall Immediately lay before
Congress, if in session, aud if not Immediately after
the commencement OF the session, the of such
A." order and direction"
This contract deemed so unfavorable 10 the ci,i
zens generally, that the opening OF the books the sub
scripion was not filled, from belief that the invest
ment upon such terms could not be advan,a geous-a
anticipation too well realized by the fact that the stock
holders have never yet received the legal rate
on the principal subscribed But the only temptation by
which they could be induced unite with the Govern
ment was that while the hand they paid in ad-
vance to the Government million halt of dollars
and performed certain stipulated duties they should have
the benefit OF the deposiie OF public funds they
wanted in the public disbursements. These were the
two essential stipuatons-nay they fact almost
oil Finance OF the Senate when proposition TO AXE
the Bank pay for the OF the deposes they reported
OH the 2lst OF April, 1928, that "lhe 10Th section d-
reefs that the deposiies of the money of the United
States shall be de in the Rank and its Branches. No
change can be made therein oithout direct uiofaon
Of the charter toch the faith IF the nation is bound TO
sustain No view oil that kind could he contemplated nv
any person, and none, is presumed has been
plated they further declare their opinion, that in
me bonus and the services rend red by the Bank the
United States have been amply paid for all the adyapta
ges derived from The eposies OF funds in the Bank
anu lis Branches. The same views expressed in
another report OF the Committee oil Finance OF the Sc.
nate, on the 2Oih OF February, 1929. "The Committee
repeat their opinion that the charter gives the Bank
the of the public deposes witt out any o;her re-
Enumeration than such distinct authorized in that
"iDsroment-tha the exacion of any other would i'm
" the opinion of the Committee, be direct violation OF
the charter. The 10th section says distinctly that the
deposits Of the money Of the Uni'ed States shall be
made in the INK of the United States and is Branches
This positive and cannot be misunderstood. The Goth
section says, that 10 consideration of the exclusive pr
"veges and benefits conferred by this act upon the said
Bank, the President, Direc and Company thereof
shall pay to the United States 81 500 OO0' The Bank
"was to pay, and has paid the million and half of dol.
Glars For wha For the exclusive privileges and be.
"neh's conferred by this act What the benefits? =
The committee ceive Dope e1cept the deposites
"Jor tohich The Bank has actually PAID aiready''
The President himself in his manifesto, is obliged to al
low lha me chsrer OF The Bank to be considered
contract on the part of The Government-it is now
in the power of Congress TO disregard its stipulaons
and by the terms Of that the public money is to
be deposited in the Bank during the continuance of its
charter, unless the Secretary OF the Treasury shall
" otherwise direct"
Its then admitted all hands tina, this is contract by
which the Bank 10 pay OF money, and TO per.
form certain services consideration for The OF the
Government deposites which the Government stipulated
should remain IN the Bank unless otherwise directed by
particular officer, the Secretary of the Treasury The
purpose Of giving this power obviously to prevent any
loss OF the revenue, and designed exclusively 10
enable the Secretary 10 protect the Interests of the Go
verDmen IL the Bank became unsafe This was the op-
Mon oil Tie Secretary OF the Treasury, Mr. Crawford who
In one OF his very first commune atoms the Bank in
March II, 1917, he declared "at by the charter the
public money deposited in places where the Bank of
United States, Branches, established must be
deposited in them ercep chen there are urgent reasons
TO the contrary" THIS also The opinion pronounc
by The Committee Of Finance of The Senate in their re
port Of the 20h Of February, 1929. After citing 10Th
section, they say:--
"The committee see, in the power given the Secre-
"tary, discreet precau ion aud the words they believe
convey only The idea that it, at any me the Secretary
shall he Of opinion that there will be danger of loss to
the United States, Ivy lis money remaining the vaults
OF the Bank, he may for safety and report
"reosOns to Congress No other construction can the
"opnion OF the committee, be given to that part Of the
" I6lI section"
This too, the opinion expressed by the President
himself in his Message 10 Congress the fourth of De-
cemher, 1882, in which he recommends inquiry in
der TO aIloy the apprehension tIa it is longer safe
depository Of the money of the people " and in same
Message hc adds:
Such within the reach Of The secre.
tary Of The Treasury have been taken enable him
Judge tcheOter Me public deposes IN that Institution
ndVbe regarded as entirely safe; but his limited pow
may prove inadequate 10 this object, recommend The
subject 10 HE attention Of Congress under The firm DC.
lief that IL is toorfhy Of serious nrestigotion."
And tie Secretary of the Treasury ia his report 10 Tire
10 80.