Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1833-10-03

viii not be renewed, and he has M
reasonable ground to believe that anv
substitute will be established. Being
bound 20 regulate his course by the
laws as they exist, and not 10 antici.
pate the interference of the Legislative
power, Tor the purpose of framing new
systems, II 1t proper for him scasona.
oiy to consider the means by which tho
services rendered by the Bank of tho
United States are to be performed after
its charter shall expire.
The existing laws declare, that aths
deposites Of the money of the United
States, in places in which the said Rank
and branches thereof may be estab-
lished, shall be made in said Bank or
branches thereof, unless the Secretary
ofthe Treasury shall at any time other.
wise order and direct, in which case
the Secretary of the Treasury shall
immediately lay before Congress, If ia
session, and if not, Immediately after
the commencement Of the next session.
the reason ofsuch order or direction"
The power of the Secretary of the
Treasury over the deposits, is unouaI-
led. The provision that he shall re.
port his reasons to Congress, is no Ii.
imitation. Had it not been inserted.
he would have been responsible to Con.
gress, had he made removal for my
other than good reasons, and his 70.
sponsibility now ceases, upon the rem.
d,tlon OF sufficient ones to Congress-
The only object of the provision, is to
make his reasons accessible TO Con.
gress, and enable that body the moro
ready to Judge of their soundness and
purity, and thereupon to make such
further provision by law as the legisla.
tive power may think proper in rela-
ton to the deposite Of the pubic mo.
ney. Those reasons may be very die
versified. 1t was asserted by the Sec.
Rotary of the Treasury without con-
tradiction, as early os 1917, that hs
had power'to control the proceedings"
of the Bank of the United States at anv
moment, "by changing the deposites to
the State Banks" should il pursue an
illiberal course towards those institu.
tons; that "the Secretary of the Trea.
sury will always be disposed to support
the credit of the State Banks, and will
invariably direct transfers from the
deposlies of the public money in aid Of
their legitimate exertions to maintain
their credit" and he asserted a right
to employ the State Banks when tho
Bank of the United States would refuse
to receive on deposit the notes Of such
State Banks as the public interest re.
CURED, should be received in payment
of the public dues. In several instan.
ces he did transfer the public deposites
to State Banks, in the immediate vici.
nifty OF branches, for reasons connected
only with the safety of those Banks.
the public convenience and the inter.
ests Of the Treasury.
lift was lawful for Mr.. Crawford.
the Secretary of the Treasury, at that
time, to act on these principles, it will
be difficult to discover any sound rea.
son against the application of similar
principles in still stronger cases. And
it is a matter of surprise that power
which, in the infancy Of the Bank, was
freely asserted as one Of the ordinary
and familiar duties of the Secretary Of
the Treasury, should now be gravely
questioned, and attempts made to cx.
cite and alarm the public mind as if
some new and unheard-of power was
about to be usurped by the Executive
branch Of the Government.
1t is but little more than two and d
half years to the termination Of the
charter of the present Bank. Ii is con.
sidered as the decision Of the country
that it shall then cease to exist, and no
man, the President believes, has rea.
sonable ground for expectation that a.
my other Bank ofthe United States will
be created by Congress. To the Trea-
lsury Department is entrusted the safe
keeping and faithful application of the
public moneys. A plan of collection
different from the present, must there
fore be introduced and put in complete
operation before the dissolution Of the
present Bank. When shall it be com.
menced? Shall no step be takenin this
essential concern until the charter ex-
lpires, and the Treasury finds itself
without an agent, its accounts in con.
fusion, with no depositary for its funds,
and the whole business Of the Govern.
ment derangedl or shall il be delayed
until six months, or year, or two
years before the expiration ofthe char
ter? II is obvious that any new system
which may be substituted in the place
of the Bank ofthe United States, could
not be suddenly carried into effect ON
the termination of its existence without
serious inconvenience to the Govern
ment and The neople. Its vast amount