The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1833-10-02

Bank that il was his intention 10 pay Off one
half Of the three per cents on the first of the
succeeding July, which amounted 10 about
Sc, 100000 The President of the Bank al
though the committee of investigation was
the. locking into its affairs at Philadelphia,
came Immediately to Washington. and upon
representing ihatthe Bank was desirous of
accommodating tho importing merchants at
New York (which il failed TO do) and un.
dertakng TO pay The interest itself, procured
the consent Of the Secretary, after consu)ta-
tion with the President, to postpone the pay.
ment until the succeeding first Of October.
Conscious that at the end of that quarter
the Bank would not be able to pay over the
deposites and that further indulgence was
not to be expected of the Government, an
agent was dispatched TO England secretly to
negocate with The holders Of the public
debt in Europe, and induce them by the offer
of an equal or higher interest than that paid
bv the Government 10 hold back their claims
for one year, during which the Bank OK.
pected thus to retain the use of $4,000, 600,
of public money which the Government
should set apart for the paymnet Of that
debt. The agent made an arrangement on
terms, in part, which were in direct viola.
ton Of the charter Of the Bank, and when
some incidents connected with this secret
negotiation accidentally came to the knowl. /.
edge ofthc public and tho Government, then
and not before, 80 much Of it as was palpa.
bly, in violation oftho charter was disavowed
modification Of the rest was attempted
with the view Of getting the certificates
without payment Of the money, and thus
absolving the Government from its liability
TO the holders. In this scheme the Bank
was partially successful, but to this day the
certificates Of a portion of these stocks have
not been paid and the Bank retains the uso
of the mo ,ey.
This effort to ,hwart tho Government in
the payment Of the public debt, that il
might retain the public money to be used
for their private interests, palliatcd by pre-
tences VIGOROUSLY unfounded and insincere,
would have justified the instant withdrawal
of the pupic depostcs. The'neg rotation itself
rendered doubtful the ability Of the Bank to
meet the demands of the Treasury, and the
representation by which it was attempt.
ed TO be justified, proved that no reliance
could be placed upon its allegations.
Ifthe question Of q removal ofthe depos-
ties ted itselfto the Executive in the
same attitude tGat it sppeard before the
House Of Representatives. at Their last
session, their resolution In relation TO the
safety Of the deposites would bs entitled TO
more weight, although the decision Of the
question of removal has been confded ~
law to, another department Of the Govern.
ment. But the question now occurs, attend.
cd by other circumstances and new disclos
urcs Of the most serious import. 1t is true
that in the message Of tho President, which
produced this inquiry and resolution on the
part Of the House Of Representatives, it was
his object to obtain the aid Of that body
in making a thorough examination into the
conduct and condition Of the Bank and its
branches in order to enable tho Executive
Department to decide whether the public
money was longer safe in its hands. Tho
limited power Of tho Secretary Of the
Treasury over the subject, disabled him
from making tho investigation as fully
and satisfactorily as it could bo done by a
committee of the House Of Representatives,
and hence the President desired the assis-
tance Of Congress to obtain for the Treasury
Department full knowledge Of all the facts
which were necessary to guide his judgment.
But it was not his purpose, as the language
Of his message will shew, to ask tho Repro.
scntatives sfthe people to assume responsi
biity which did not belong to them, and re-
lieve the Executive branch Of the Govern.
ment, from the duty which the law had i'm
posed upon it. 1t is due to the President
that his object in that proceeding should be
distinctly understood, and that he should nc.
quit himself Of all suspicion Of seeking to cs-
cape from tho performance Of his own duties,
or of desiring to interposc another body be-
tween himself and the people in order to
avoid q measure which he is called upon to
meet. But although, as an act Of justice to
HIMSELF he disclains any design Of soliciting
the opinion Of the House Of Representatives
in relation TO his own duties, in order to
shelter himself from responsibility under the
sanction of their counsel, yet he is at all
times ready to listen to the suggestions Of
the Representativ Of the people, whether
given voluntarily orupon solicitation, and to
consider them with the profound respect to
which oil will admit that they are justly en-
titled. Whatever may be the consequences,
however, to himself he must finally form his
own Judgment where the constitution and the
law make it his duty to decide, and must act
accordingly; and he is bound to suppose that
such course on his part will never be re-
garded by that elevated body as mark Of
disrespect to itself but that they will, on the
contrary, esteem il the strongest evidence he
can give Of his fixed resolution conscientious.
ly to discharge his duty to them and the
country.
A new state Of things has, however,
arisen since the close of The last session
Of Congress, and evidence has since been
laid before the President, which he IS
persuaded would have led the House Of
Representatives to differe conclusion,
if il had come to their knowledge. The
fact that the Bank controls, aud in some
cases substantially oscns, and by its mon
ey supports some of the leading presses
Of the country, is now more clearly cs.
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