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


Gle he hanger posfponed. II is safer TO
k.g;n !, foo soon than TO delay 1t too long
Z, IA for the wisdom Of Congress TO de-
.;da unon the best substitute to be adop
Ted IN The place Of the Back OF the Uni
ted states; and the President would have
feIt himself relieved from heavy and
painful responsibility If in the charter to
the Bank. Congress had reserved TO il
self the power Of directing, at its pleasure,
the public money to be elsewhere deposi
ted, and had not devolved that power ex
elusively on one Of the Executive DEPART
ments. Its useless now TO inquire why
this high and important power was sur
rendered by those who are peculiarly and
Appropriately the guardians oil the pub
lic money. Perhaps IL was an oversight,
But as the President presumes that the
charter of the Bank 10 TO be considered
"a contract on the part of the Govern.
ment. il 10 not now in the power Of Con
eress to disregard its stipulation; anil by
the terms Of that contract the public mo
new is to he deposited in the Bank. dur.
ing the continuance Of its charter. unless
the Secretary Of the Treasury shall other
wise direct. Unless, therefore, the Score
tary of the Treasury first acts, Congress
have no power over the subject. for they
cannot add new clause to the charter OF
strike one out Of IL without the consent oil
the Bank; and consequently the public
money must remain ~ that institution TO
the last hour Of IFS existence, unless tn"
Secretary OF the Treasury shall remove it
al an earlier day. The responsibility is
thus thrown upon the Executive branch
of the Government, Of deciding how long
before the expiration OF the charter. the
public interest will require the deposites
70 be placed elsewhere.--ADd although.
according TO the frame and principle, Of
our government. this decision woold seem
more properly TO belong to the legisla
tive mower, yet az the law has imposed il
upon the Executive Department. the duty
ought to be faithfully and firmly met. and
the decision made and executed upon the
best lights that can be obtained. and the
best judgment that can he formed IL
would i'll become the executive branch OF
the Government 10 shrink from any duty
which the law imposes on il, TO fix upon
others the responsibility which Justly be-
longs 10 itself. Aud while the President
anxiously wishes 10 abstain from the exer-
else Of doubtful powers, and to avoid all
Interference with the rights and duties of
other, he must yet, with mistaken con
stancy, discharge 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 honor
ed requires him TO encounter; and il being
the duty Of one Of the Executive Depart
ment, 10 decide in the first instance, sub
iect TO the future action Of the legislative
power, whether the public deposits shall
remain in the Bank Of the u States until
the end of its existence, or be Withdrawn
come time before, the President has felt
himself bound to examine tue question
carefully and deliberately in order to
make up his judgment on the subjeri:
and in his opinion the near approach OF
the termination or the charter, and the
public considerations heretofore mention
ed, are Of themselves amply sufficient
TO justify the removal of the deposies
without reference TO the conduct Of the
Bank. or to their safety in IFS keeIiD
But in the conduct of the Bank may be
found other reasons very imperative 10
their character. and which require yer,
prompt action. Developments have been
already made from time to time of its
faithfulness as a public agent. its misap
plication of public funds. ITS interference
IN elections, its efforts, by the machinery
OF committees, to deprive the Go, ern-
ment Directors Of full knowledge of its
concerns. and above all, its fragrant mis-
conduct as recently and Unexpectedly dis
closed in placing all the funds ofthe Bank
including the money Of the Government.
at the Disposition of the President Of the
Bank as a means Of operating on public o
pinion and procuring new charter with
out requiring him to render a voucher
for their disbursement A brief recapitula
ton of the facts which justify these char
ges and which have come TO the know
ledge Of the public and the President.
will. he thinks, remove every reasonable
doubt as TO the course which it is now the
duty of the President TO pursue.
We have seen that in sixteen months
ending in May, 1882. the Bank had ex
tended its loans more than S2S, 900 600. al
though it knew the Government intended
70 appropriate most of its large deposite
during that year in payment OF the public
debt. 1t was in May. 1882, that its loans
arrived at the maximum, and in the
preceding March, so sensible was the
Bank that it would not be able TO pay O.
yer the public deposite when it would be
required by the Government, that it com
menced secret negotiation without the
appreciation or knowledge of the Govern
ment, with the agents. for obOut 50 700,
900 OF the three per cent, stocks held in
Holland. with view Of inducing them
not to come forward for payment FOR one
or more years after notice should he given
by the Treasury Department This ar
rangement would have enabled the Bank
TO keep and use during that time the pub
lie money set apart for the payment Of
these stocks.
After this negotiation had commenced,
the Secretary of the Treasury informed
the Bank, that it was his intention to pay
on one half Of the three per cents on thu