Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-09-27

aa
'he pnhhc interest required, should be received in paw
m"m OF the public dues In several instances he I'D
wns.r the public depo-it-s TO State Banks in the i'm
',,i Ne'ny OF branches. Tor reasons nnected only
WIN TIE ~ Of those bank the public con, epienee
a"d the Interests Of the Treasury $3.50
u was lawful fDi Mt Craw i,,J ,b. e..,o,a,, =, ,
e'sufS, AZ TIA 'ine. 10 AZ, these ptincin.s il will,
oe CIV cut o'scov'r"ny soutd against the appI-
Cation oil similar principles n sin ron,er casr. All
= "dtr OF surprise that power hch IN The inisncy
OF Tue Bank VA freely as one of the o,d rry
"nn ,"n'h'r ia us o. the s.cre sry OF tie lreasu,y
@ now oe g'nve'y Questioned, aud attempts made 10
100 - ''''" The public mind. il and un-
po"et was about 10 be usuIped by tie Exc cu,ive
branch Il The Cover, Iu, M,
IL !, but little mere than tyo aud . ,.,r 49,. ., a.,
.en""oon oil The chatter OF the presen, Bank IL is con.
suffered as The decision vi the country that il shall ,hen
cease TO exist and man, the President b.,i.ves Inn,
epr"i ground Tor expectation that any other Bank of
O"i'ed States will be created by Conoress tn tb.
fiu.o'y department. is entrusted the sale keeping and
'"u' "pphc"'ion OF the public monies A plan of coll
ieeon diii' rent from the present mus, be intro
uuced ana put III complete operation be lore the dissolution
y, M Bank when shall II be commenced Shall
sp DC sk." W this essential concern until the charter
expires aud The Treasury fluids itse without nm ,.e,, II.
~ confusion, with no deposi,ary its funds and
e """e business al The Government eranpedi or shall
u TIE delayed uniil siX monhs or year or ia ye,rs ne
ioe 'he expiration o the charter! IL il oby ions that ,nv
y,'e whrh may he substituted in the place Of lle
VI '"e United States, could he suddenly carried
o eject on the termination OF its existence without sc.
I w. a a -" tue Government and The people.
:, amount "i NOES are then TO be redeemed, and
,,, avn from circulation, aud its Immense debt OIL
'e''.d' hese operations be gradual Otherwise
s"'','hs anu distress VIII be brought upon the COM
.""'y' IL ought to lie not a work OF months only, but
oil years, and the President thinks il cannot win dine at,
o 10 ,he Interests OF The people, be longer postponed
j. s"er TO begin il Too soon, than to delay il too LONG
~ Is 'or ne wisdom OF Congress decide upon the best
substitute To lie adopted in the place uf the Bank of In.
,; asS' ana NE Pre>i"nt would have tel, himself
renewed rom heavy and painful responsibility II i'm the
ch'rer 10 the Bank, Congress had reserved 10 self tic
power OF directing pleasure the public none, 90 he
deposited AID had not drvoved that power
eAc',i'e'y ON one OF the Executive Drparrments 1t
useless now TO inquire why this g iu po ant pow
er was surrendered those are peculiarly and an.
Propi"'eIy 'he guardians oil the public money p.thnns
IL wa, an oversight But the President pT,sum.s tist
we charter 10 the Bank he considered as contract
on the part OF the Government, il is no, nov in M %
ei OF C"ngiess To disic gard stpuaiion.; and NV The
terms o 'a contract the public money is 10 be eposlt
ed IA ie Bank during The continuance OF ITS charter un.
les, The Secretary Il" the Treasury sall otherwise direct
mes therefore The Secretary OF the Treasury first acts
congress nave no power the subject Tor thew
s","o' s"r new clause TO the charter or suike
'e o"' VI IL without the consent OF the Bank: and
consequently the public money must remain in ,o,
'"o" 10 me la, hour at its existence, unless
ne Secretary of The Treasury all remove NJ a, e,r,
nay ne responsibility l. thus thrown upon The Execuive
"'anch 81 the overumeut, ofdccding how loe before Inc
VI he charter the pubic interest will require
"e po-tes To he placed ,,ewhpre And altloupb sc
c"aG To tie frame and principle our government, his
''Siu would seem mere properly belong To the sis
@ P"r'' yr, "S'hr Ia" has IN posed tupOn the Execu-
department., me duiy ought TO be aihfIlly firm,
~ met, and the decision md eXec,ted uuon the hest
"s"' ''"' con ne obtained. an The best judi men, tat
can 'e nmeh II would Ill become the Executive branch
"i Tie Government 10 shrink oin any duty which The law
imposes ON H. TO hN upon others The shily ~ b,h
Justly belongs 10 its, H. And he The x;o
" wishes 10 abstain iom The eXeici.e doubtful potyers
ANA to avoid all interference with the rieh,s and d.
ne OF others lac n's yet, with mistaken cousaucy dis
c""rSe MS own obgdon>: aud cannot allow himself +,
- S''' W '"tF 10 avoid any responsibility which the
hiSh 'fu't with which he has been honoed reoucs b;
10 encounter; aud II being HE dut, OF OF the Eyecn
I'VE departments TO decide ia The frst instance subject In
'he future action OF the legislative power h,tbcr ,h
pubic depo>ites shall remain in tie Bank Of o. Safes I'M
al the emd of its existence or he withdrawn soue Ina H.
question Carefully and Deliberately n order TO IN kc ~,
ut" judgment o." The s"jec: aud in his opinion the near
approach oi e Termination oil uie charter, sd the d, bile
con lderaiio"s heretofore mentioned are OF t.nsIv,
imply sufficient To justify the removal OF The rno.s
safety in Iis keepng. '' " "N'
B"' IN She conduct of The Bank may be found other
reasons very 'up.raive in trr character aud bcl re
qnre prompt atti0n. Developments have been n,,,I
rom iimc 10 time Of is FAM as public agcn, lie
mi appcaon at public funds inie ference in ciecii,ns
its eiots Ivy the machinery OF committee 10 Jen,i
we government Directors Ot full know lepe Of its cnu
cefs and above sl its Migrant misconduct as recently
ana unfXp cl'dly disclosed ia parng all the funds OF the
h"nk including The money Of the Gov eminent at the dis
potion OF he Preside" OF the Bank mcas Of operat-
Tug upon pubic opinion and procuring charter " b-
ON requiring INN 10 render voucher Tor their disburse-
n'e. oef re-chPiuih ion ui The facts which Justify
these charges aud which have The know letre IL
he public aud the President, will he thinks remove eve
ry reasonable doubt the course which il il no ,I
duty OF the President pursue.
we nave seen, hat in sixteen months ending in Nav
lo3I Vie Bank bad extended its loans more than S28.
iuf nd.tf II.
appropriate most OF its large deposits during that year in
payment OF the public debt H. was in NV 1890 ,ha,
~ IoAns arrived OF the naXiuH and In the nrecel;u
march % sensible was hc BJnk tIa ould not he abJe
10 pay over tie public depo.ite hrn would he required
ny NE Government, tlat commenced secret ne gotta.
'on' without the "pProaoD OF know -dge Of the Gtyern-
men, with the agents, for about So 1000 600 of the ,bre
per cent stocks held IN Holland, win view of ,,uc,na
Them not TO come forward for payment Tor one or more
years att notice should be given by the 1teasutv Do
pertinent. Tins arrangement would have euabed ihn
BANK % keep and use during that time &c public money
set apart Tor the pa, meDt 81 tiicse stocks.
AHer this negOisioU hsd commenced the Secretary Of
the Treasury informed The Bank, that was his intention
10 pay of one hail OF the three per cents on the let Of The
succeeding July, which amounted TO about sc 800 600
Tie PRESIDENT OF tie Bauk although the committees OF in
ve.ugaitOn was Then looking into its affairs PhIadeloh
came immediately to Washing Tor, and upon representin
that The sank desous OF accommodating the impor
ng mere chants ai New York (Which failed TO do and I'M
deftking pay The interest itself procured the cons ~
bc Secretary after consultation with the President IN nos
pore the payment uuliI hO succeeding fret OF October
Conscious hat At e end Of ths quarter the Bank would
IN I've allie 10 pay The deposes and that further in
du eencc IN be expect. Il OF lie Government an
agent despatched N England secretly 10 negotiate win,
he lol 'es al the publ dcht in Europe induce hem
by tho onr Of equal higher interest than that paid
by TIC Government 70 hold back tleir claims for year
dntiug which ,e Bunk expected hus retain The use Of
o. 600 public morey which the Government should
SPAR Tor tie paymen lhat debt THE agent made an
arrangement terms. psrt. which in direct
violation 81 The charter Of The Bank and when Incl.
dents connected with this secret negotiation accidentally
The knowledge of the public and the Government
then and before, much Of IT papaly H. VIC.
ation If the charter dsavowedi A justification Of
the rest was attempted with The view Of getting the cerH.
fcaes without payment Of the money, and thus absevins
fe CoV lis Tn In