Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-09-24
ALExANDRIA GAZETTE.
REMOVAL OF THE DEPosITEs.
{ Fun ne GLOBE Of yesterday.]


past, that the prophets OF withdrawing the pub
lie dsposites from the Bank of the United States
was undler consideration. and engaged much OF
the attention. of the President and OF the differ.
ent members of his Cabinet, all Of whom had
been called upan by the President TO assist him
in his deliberations on this subject Alter We.
nv tuli aud careful examination, the President
same 10 the conclusion that the public deposites
ought to be changed to the State Banks, and his
opinion was communicated in writing TO his ga.
binet on "Wednesday last, at "a meeting held spe-
eially tor that purpose and the facts and reasons
on which itwas founded. As public atsention
has been drawn to this subject. II is deemed pro-
per. in order to- prevent misunderstanding vi
misrepresentation, to lay before the people tne
sommuaica alton saJe by the President as ABOVE
mentioned, and copyshas been furnished TO US
for that purpose, which we now proceed 70 Puo'
lish:
Read TO the CABlSET on the ;lsth Of September,
1885 - -
Having carefully and anxousiy considered all
the facts and arguments, which pave Oeen suo-
m,,ted to him, relative TO a removal OF the pub
lie ,lepostes from the Bank of the United States,
the President deems it his duty to communicate
in this manner to his Cabinet the final conclu.
sions of his own mind, and the reasons on which
they are founded, in order to put them in dura-
bic form, and to prevent ,niss conceptions.
The Presidents convictions Of the dangerous
tendencies Of the Bank Of the United States,
since sisnal,y illustrated by its own acts, were
40 overpowering when he entered upon the duties
of Chief Magistrate, that he felt il his duty,
notwithstanding the objections Of the friends by
whom he WAS surrounded, to avail himself OF the
first occasion, to call the attention Of Congress
and the people,, to the quesaonsof ITS Techarter.,
The opinions expressed in his Annual Message
of December, 1929, were reiterated in those OF
December, 1880 and 1851, and in that OF 1850
no threw out for consideration some suggestions
in relation to a substitute. AT the session OIL
1872, au act was passed by majority OF both
Houses of Congress re charterlns the present
Bank, upon which the President FELT It his duty
70 out his constitutional Veto In his Message,
returning that act, he repeated aud enlarged up.
on the principles and views briefly asserted IN
his Annual Messages, declaring the Bank Y be.
in his opinion. both inc xpedient and uneoastl,u
tiona!, and announcing to his countrymen. very
uneouivocallv, his firm differentiation never to
sanction, by his approval, the continuance OF
that institution or the establishment OF any other
upon similar principles.
There are strong reasons for believing that the
motive ot the Bank in asking for re.charter at
that session of Congress. was to make " a lead
ing question in the election Of a President OF the
United States the ensuing November, and AL
steps deemed necessary, were taken to procure
from the people reversal OF the Presidents de
cision.
Although the charter was approaching its ter
mnatiun, and the Bank vas aware that " "as the
intpntinn of the Government to use the pubic de-
posite last as II accrued in the payment OF the
puoc debt, vet dal II extend its lnans from Jan.
N > n
$50 42S. O.0 -. being an increase OF S2S.025.
roo As, In sixteen months. IL is confidently
believed, that the leading object Of this immense
extension of its loans, was 10 bring as large a
portion of the people as possible under It's pow er
aud influences; and il has been disclosed, that
some of the largest sums were granted on very
unusual terms TO conductors Of the public press
In some of these cases. the motive was made ma.
nifest nv the nominal or insufficient security ia.
ken for the loans, by the large amounts DIS
counted. by the extraordinary time allowed for
payment. and especially by the subsequent con-
duet of those receiving the accommodations.
Having taken these preliminary steps to obtain
control over public opinion the Bank came into
Congress and asked new charter. The object
avowed bv many of the advocates OF the Bank,
was to put the President to the test, that the
country might know his final determination re-
Many documents aud articles were printed and
circulated at the expense Of the Bank, to bring
the people to favorable decision upon its pre-.
tensions. Those whom the Bank appears to
have made its debtors for the special occasion,
were warned Of the ruin which awaited them,
should the President be sustained, and attempts
we're made to alarm the whole people by painting
the depression in the price of property and pro-
duce, and the general loss, Inconvenience and
distress, which it was represented would imme.
diately follow the election OF the President in
opposition to the Bank.
Can it now be said that the question OF re-
charter Of the Bank was not decided at the cleo
ton which ensueds Had the veto been equivocaf,
or had It not covered the whole ground-if it had
merely taken exceptions to the details Of the Bill,
or to the time OF its passage-if it had not met
the whole ground OF constitutionality and expsdl.
ency, then there mishthave been some P'ausio.l-
itv for the that the ouestion was not de.