Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-09-24

900 81 rffectips its criminal designs. we have
nean, Was it expected when the moneys OF
" TOD States were directed to be placed 10
te MI. that they would be put under the con.
NAV s. one man, empowered to spend millions
uo '" rsnderins voucher or specifying the OBJ
WIZ WIZ Gan they be considered safe with the evl.
Fo" hsFore US, that tens OF thousands have
a'p.' snrn, for highly improper, it not corrupt
R'D ..s and that the same motive may lead to
p1'PssrdituIe of hundreds of thousands, and
ns npI;,Ions more? And can we justify our
es '.. 70 the people by longer lending TO 1t the
%n and poxer Of the Government, to be en-
.ro,sd for such purposess
!, Ia. been alleged BY some as an objection 10
l, ,smoyal Of the dePosites, that the Bank has
% ' ooaer, and in that event will have the disPo'
us n DESTROY the State Banks employed 6y
s" Co,e,nment, and bring distress upon the
| Il has been the fortune OF the Presi'
wv 90 encounter dangers which were represent
UI' oo,,lly alarming, and he has seen them
eu.i,h h.fore resolution aud energy. Pictures
',,Is ,npalIins were paraded before him when
~ came 10 demand a new charter. but
W" r., ,,,. the result? Has the country been ru-
"'I o. oven distressed? Was II ever more
"'' arous than since that act? The President
III, believes the Bank has net the power to
IL the calYmities us friends threaten. The
PIs of ths Government will not be ann,hilated
- h,,o, transferred. They will immediately
S,,'.n,d for the benefit Of trade, and IT the Bank
fLa Uo,ted states cartails its loans, the State
RI, strengthened BY the public dePosItes, viii
ex,spJ theirs. What comes IN through one
Rank. will "a out through others. ana the equ'-
rh.,um will be preserved. Should the Bank,
q, The mere purpose OF producing Distress press
i. debtors more heavily than some OF them can
boar, the consequences VIII recon- upon hseI'
din the attempts TO embarrass the country, u
u,l ONLY bring loss and ruin upon the holders oil
!. osr stock. Bat VI the President believed
,5e Rank possessed all the power which has been
,rrbuted to il, his determination woald only
h. rendered the more inhexible. II. indeed,
M. rorporatina now holds in its hands the hap.
r,ny,, and prosperity of the American people, 1t
!, h,,h time to take the alarm. If the despotism
no sIrpady upon US. aud our only safety is IN the
msrer Of the despot, recent Developments IN re-
h,ion to his designs aud the means he employs,
show how necessary it Is to shake II on. Ine
struggle can never come with less distress
to the people, or under more favorable auspices
than at the present moment.
All doubt as TO the willingness OF the State
Banks 10 undertake the service OF the GoSern
ment, 10 the same extent, and on the same terms,
All is now performed by the Bank OF the United
States, Is put to rest by the report oil me agent
rrceNly employed TO collect information; anu
from that willingness, their own safety ~ the
op,rl'iun NAV be confidently Inferred. Know
ins uhe.r own resources better than they can De
known By others, it is not to be supposed that
,hay, Ynnld ,v,ll IN nlacP themselves IN q
situation which they cannot occupy without dan
ger Of annihiation or embarrassment Inc on
Is consideration applies TO the safety Of the pub
lie funds, If deposited in those institutions -
And when it is seen that the directors OF many
Of them are not only willing TO pledge the cha
racter and capital Of the corporations 10 giving
success TO this measure, but also their own pro-
perty and reputation, we cannut doubt that they'
at least. believe the public deposites would De
safe IN their management The President thinks
that thyse facts aud circumstances afoTd as strong
. guarantee as can be had in human affairs, Tor
the safety Of the pubic funds, and the pract,ca-
bility of a new system OF collection aud disburse.
ment through the agency of the State Banks.
From all these considerations the President
thinks that the State Banks ought Immediately
10 be employed IN the collection aud di>ourse
mpnt Of the public revenue, and the funds now
in the Bank of the United States drawn out with
all convenient dispatch. The safety OF the pub
ic moneys. il deposited 10 the State Banks mus
be secured beyond all reasonable doubts: but the
extent and nature of the security, IN addition u
their capital, il any be deemed necessary, Is q
subiec, Of detail to which the Treasury Depart
menl will undoubtedly give ITS anxious attention.
The Banks to be employed must remit the mo
news of the Government without charge, as thu
Bank OF the United States now does; must render
all the services which that Bank nov performs
must keep the Government advised OF their stu
alton BY periodical returns; i'll fine, IN any az
iangement with the State Banks, the Govern
meut must not, in any respect, be placed on
worse footios-than it now is. The President IL
happy to perceive BY the report OF the agent. thai
the Banks which he has consulted have, IN gene
raj, consented to perform the service on these
terms, and that those in New York have further
agreed to make payments in London without
other charge than the mere cost OF the bills OF ex
Charse
1t should also be enjoined upon any Banks
which may be employed, that it will be expected
mi tha,, r. fur thf