Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1833-10-03
CHARLEsTovyN, JEFFERSON COUNTY, THURSDAY. oCr


IL has been generally known for some
months past, that the propriety Of withdraw
Ing tho public depositcs from The Bank Of the
United States was under consideration, and
engaged much OF tho attention Of the Presi-
dent and Of the different members Of his Cabi-
net, all OF whom had been called upon by tho
President to assist him in his deliberations on
this subject. Amer very full and careful
examination, the President came TO the con-
clusion that the public deposites ought TO DO
changed TO the State Banks, and his opinion
was communicated in writing to his Cabinet
on "Wednesday last, nj n meeting held special
ly Tor that purpose, and the fact. and reasons
on which IL was founded. As public atten-
ton has been drawn 10 this subject, IL is
deemed proper, In order TO prevent misun-
Outstanding or Misrepresentation, to lay be-
fore the people the commune alton made by
the President rs above mentioned, and copy
has been furnished to Us for that purpose,
which we now proceed 10 publish.
READ TO THE CABINET,
On the lsth day Of September, 1888.
Having carefully and anxiously considered
all the facts and arguments, which have been
submitted to him, relative To a removal Of the
public dcposites from the Bank Of the United
States, the President deems this duty to com
municate in this manner to his Cabinet the f.
nal conclusions Of his own mind, and the rea-
sons on which they are founded, in order TO
put them m durable form, aud TO prevent mis-
conceptions.
The Presidents convictions OF the danger
Gus tendencies Of the Bank Of the United
States, since sigpsliy illustrated by its own
acts, were SO overpowering when he entered
upon the duties of Chief Magistrate, that he
felt IL his duty, notwithstanding the objections
of tho friends by whom he was surrounded,
to avail himself Of the frat occasion to cali
the attention Of Congress and the people to
the question Of its re-chartcr. The opinions
expressed in his Annual Message Of Decem-
Der, ls29, were reiterated in those OF Dece m
Der, 1880 and 1891, and in that OF 1880, he
threw out for considera alton, some suggestions
in relation TO n substitute. At the session Of
1872, an act was passed by q majority OF
both Houses OF Congress, rechartering the
present bank, upon which the President felt
II his duty TO put his constitutional veto. In
his Message, returning that act, he repeated
and enlarged upon the principles and views
briefly asserted in his Annual Messages. de-
! claring the Bank TO be, in his opinion, both
| inexpedient and unconstitutional, and an
nouncing to his countrymen, very unequivo-
cally, his firm determination never to sane
ton, by his approval, the continuance Of that
institution, or the establishment Of any other
upon similar principles.
There arc strong reasons for believing tina,
the motive Of the Bank, in asking for . re-
charter at that season OF Congress, was 70
make II leading question in the election OF
President Of the United States the ensuing
November, and all steps deemed necessary,
were taken TO procure from the people a re-
yersal Of the Presidents decision.
Although the charter was approaching its
termination, and the bank was aware that il
was the intention Of the Government 10 use
the public deposite as fast rs il accrued, in
the payment Of the public debt, yet did il OK
tend Its loans from Jan. 1881, to Nav, I532,
from So, 400, 304 - TO sc, 42a, 070 ~, be-
ing an increase Of s9s, 025, 766 ~, in sixteen
months. u Is confidently believed that the
leading object Of this immense extension OF
its loans, was TO bring as large n portion OF
the people rs possible under its power and IN
huence; and IL has been disclosed, that some
Of the largcst sums were granted on very un-
usual terms to conductors Of the public press.
In some OF these cases, the motive was made
manifest by the nominal or insufficient securi-
y taken for the loans, by the large amounts
discounted, by the extraordinary time allow
ed for payment, and especially by the subse-
quent conduct of those receiving tho accom-
modations.
Having taken these preliminary steps to
obtain control over public opinion, the bank
The object avowed by many Of the advocates
Of the bank, was TO put Ihs PrsSidsnt 10 the
test, that the country might know his final de-
termination relative 10 tie bank, prior To the
ensuing election. Many documents and ar
ticles were printed and circulated at the ex-
ponse of the Bank, TO bring the people " a
favorable decision upon It's pretensions.-
I Those whom the bank appears to have made
It's debtors for the special occasion, ~crc
warned Of the ruin which awaited them
should the President DO sustained, and at
tempts were made 10 alarm the whole people
by painting the depression in the price Of pro
perry and produce, and the general loss, in.
convenience, and distress, which IL was re-
presented would Immediately follow the re-
election Of the President in OpPOsIlion to the
bank.
i Can Il now be said that the question Of a
recharter Of the bank WAS not dec ided At the
election which ensued, Had the veto been
equivocal, or had Il not covered the whole
grOund--if It had merely taken exceptions "a
the details Of the bill, or to the time 81 IL.
passage--if II had not met Iss whole ground
Of coDsiitutionaiity and z 4 pedicncy then there
might have been some plausibiiIty for the al
legation that the question was not decided bJ
TIE people. II wss 20 compel the President
To take his stand that the question was bror
forward At that particular tune. De met tn
challenge, willingly took the position ints
which BIZ adyersarIes sought 20 force him
and frankly declared bis unaltsrablo OppOst
ton 90 The bank, aa being both uaeousiitulion.
al and inexpedient On tha, ground, the case
was argued 10 the people, and now that the
people have sustained tire President, not with
standing the array Of influence and powell
which was brought 20 bear upon him, u ~ tOS
late, be eOnbdsBtly tbiuks, 10 say that th'
question has not been decided. Whsievei
may be The opinions of Otbsrs, the PRESIDED
considers bis reelection a. decision Of lh'
people against the bank. % the ncludin,
paragraph Of ~ Veto Message, he sad
"l have now done my duty 20 my country
u sustained BY my fellow -eitizsns, I shail b,
grateful and happy u not, shall fad IN ths
motives whtch imDei ne, ample grounds lOl
J cOntentment and peace.n
BE vas sustained By just people, and ~
desires 70 eyinee his gratituds by carr ipg a.
20 nNerf tfnlF Nrrr4usu far a a. -