Delaware State journal, advertiser and star. [volume] (Wilmington, Del.) 1832-1833, 1833-09-27

and appropriately the guar
dian. of the public money. Perhaps it
was an oversight. But as the President
presumes that the charter TO the Bank
is to be considered as. contract on the
part Of the Government, it is not now in
the power Of Congress to disregard its
stipulations, and by the terms OF that
contract the public mt ney is to be dcpos-
tied in The Bank, during the continuance
Of its charter, unless the Secretary OF the
Treasury shall otherwise direct. UNI ss
therefore, the Secretary OF the Treasury
first acts, Congress have no power over
the subject, for they cannot add a new
clause to the charter, or strike ono out
of it without the consent Of the Bank,
and consequently, the public money
must remain in that institution to thcl
last hour of its existence, unless the Sec
Iretary of the Treasury shall rem Owe 1t at
AN earlier day. The responsibility isl
thus thrown upon the Executive branch
| of the Government, ofdeciding how long
before the expiration Of the charter, the
public interest will require the depositcs
to be placed elsewhere. And although,
according to the frame and principle oil
our Government, this decision would
seem more properly to belong to the le-
lgislative power, yet as the law mas I'M
posed it upon the Executive Depart
Iment, the duty ought to be faithfully and
firmly met, and the decision made and
lcxccuted upon the best lights that can be
Iobtaincd, ana the Ivs, assignment that car
be formed. 1t would i'll become the Es..
|ecutive branch of the Government 10
shrink from any duty which the law i'm
poses on it, to fix upon others the res
Iponsibility which justly belongs to itself.
i And while the President anxiouslv wish
cs to abstain from the exercise OF doubt
llul powers, and to avoid all interference
with the rie hts and duties Of others, he
must yet, with mistaken constancy, dis
charge his own obligations; and cannot
allow himself to turn aside, in order to
avoid any responsibility which the high
trust with which he has been honored,
Requires him to encounter; and 1t being
the duty of one Of the Executive Depart
ments 10 decide in the substance. sub
iect to the future action of the Legislative
power, whether the public deposites
shall remain in the Bank Of the United
Estates until the Ell Of its existence, or
be withdrawn some time before, the
i President has felt himself bound to exa-
mine the question carefully and deliher-
ately, in order to make up his Judgment
on the subject; and in his opinion, the
|ncar approach of the termination OF the
charter, and the public considerations
heretofore mentioned, are of themselves
amply sufficient to justify the removal Of
the dcposites without reference to the
; conduct of the Bank, or their safety in
its keeping.
But in the conduct Of the Bank may
fbe found other reasons very imperative in
I their character, and which require promp'
action. Developments have been made
: from time to time Of its faithlessness, as
, a public agent, its misapplication OF pub
t lie funds, its interference in elections, its
e efforts, by the machinery of committees
| to deprive the Government directors'of /;
4 full knowledge of its concerns, and above
: all, its fragrant misconduct as recently
S and unexpectedly disclosed in placing al
# the funds Of the Bank, including the mo
4 lney Of the Government, at the DISPOSE.
S ton of the President Of the Bank as
4 the means of operating upon public o.
r pinion and procuring new charter
: without requiring him to renders vouch
err for their disbursement. A brief re
A capitulation of the facts which justify
: these charges, and which have come tc
: the knowledge of the public and the
t President, will, inc thinks, remove every
!, reasonable doubt as to the course which
e it is now the duty of the President tc
+ pursue.
: We have seen that in sixteen months
: ending in May, 1882, the Bank had OK
:, tended its loans more than S28,0o0,ooo,
c although it knew the Government in
Il tended to appropriate most Of It's largo
j. depositc during that year in payment o
\ the public debt. 1t was in May, 1882
[ that its loans arrived at the maximum
/? and, in the preceding March, SO sensible
Il was the Bank that it would not be abb,
d TO pay over the public depositc when i
l. would be required by the Government
o that 1t commenced a secret ncgotiatio,
e without the appreciation or knowledge
|? Of the Government, with the agents, TO
S, about S2,7oo,ooo of the three per cent
i stocks held in Holland, with view Of in
IL luuClhS thcil Hot W Solic io'Wdru 10
t. payment Tor one or more years alter no
d lice should DC given by the Treasur
l. Department. This arrangement woul'
j. have enabled the Bank to keep, and us
o during that time, the public money Sc
st apart for the payment Of these stocks.
\ After this negotiation had oommenc
d ed, the Secretary Of the Treasury inform
J. ed the Bank, that it was his intention t.
&c pay off one half of the three per cents Of
e the first of the succeeding July, which a
II mounted to about Sc, 100000 Tn
III Pre- sident of the Rank. althounh FL.