Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-12-09

,,,,,;i IN an canal sum, The reduction OF BANK
-. ommod.t;ons IN the amount Of nineteen NIL
I;ons of dollars. in four months, must have almost
mt an end to trade; and before the hrst OF VIC.
toherJ this pressure in the principal commercial
,;t,.s. had become SO intense, that u couia no'
have been endured much longer, without tue
most serious embarrass,nents. IL was tnen uo"y
Increasing. and from the best information mat
nave been able to obtain. am persuaded, that
If the public moneys received for revenue haa
CON tinued to be deposited in the Bank OF tne u;
States, for two months longer, and It had adoereu
to the oppressive system OF policy which u pur,
sued during the two preceding months, w'ue
spread scene Of bankruptcy and rum must "ase
followed. There was no alternative TOT Tue
Treasury Department, but to act at once OF
abandon the object altogether. Duties OF .e
highest character, would not permit The iatter
course. and did not hesitate promptly 10 resort
to the former. -,
have stated the condition OF the mercantile
classes al the time Of the removal, 10 explain why
il was impossible to postpone it even tor short
period. Under other circumstances, l shoniu
have been disposed to direct the removal to take
effect at distapt day, so as 10 give Congress on
opportunity Of prescribing, in the mean time, the
places of deposie, and of regulating the secur'
ties proper to be taken 1t is true, that the pow
er given to the Secretary of the Treasury To re.
move the deposires from the Bank OF the United
States. necessarily carries with II the right 10 Sc
lect the places where they shall aiter"arus oe
made. The power of removal cannot be exerei'
sed, without placing them elsewhere; anu 'ne
right to select is therefore contained 10 the rsn
TO remove Ii is also true, that IN my Judgment
az has been ALREADY stated, the public interest,"
" ould have been advanced, il the change bad Ia
ken place at an earlier period. Yet az lew
months would in ordinary times have maue no We
nv serious difference, and the removal had AREA
DIV been delayed until the meeting OF congress
was approaching, should have preferred execu'
ting the measure, in a toanner that wouio nave
enabled the Legislature to act on the sue)ec'' 10
advance Of the actual removal. II L hau deemeu
il proper to do so. But the conduct OF the BANK
left me no choice. except between the immediate
removal, and its final accomplishment. For u inc
measure had then been suspended, to be resumed
al future tiue. it was in the power oil the BANK
to produce the same evil whenever II was again
attempted. Putting aside. therefore, from the
view of the subject which am now presenting
all the Undue ments which grew out of the mlscon'
duct Of the Bank, and regarding only IT'S approach
ing end, and the intensity Of the pressure 1t was
then producing, no further delay was admissible.
The facts and reasons above stated, appear TO
have established the folloaing propositions:
+ LIST. 1t was the duty of this department, not to
act upon the assumption, that the Legislative
power would hereafter change the law, IN relation
to the Bank of the United States; and II was
bound to regulate its conduct upon the principle
that the existence OF this corporation wou'd Ter
inmate on the Sd Of March, 1886
I'd. The public interest required that the de
posi,es Of public money, should not continue to
he made in the Bank of the United States, until
the close of its existenee but should be transfer
red to some other place, at some period prior 10
that time.
Sd. The power OF removal being reserved ex
cusively to the Secretary of the Treasury by the
terms Of the charter, his action was necessary 10
order to effect it, and the deposites could not'
according to the agreement made by Congress
with the stockholders, have been removed by the
Legislative branch Of the Government, until the
charter to the Bank was at amend.
18th The near approach OF the time when the
charter would expire, as we'll as the condition OF
the mercantile community. produced by tue con-
duct of the Bank, rendered the removal indis.
pensable, at the time it was begun; and It could
not have been postponed to later day, without
injury TO the country.
Acting on these principles should have felt
myself bound to follow the course have pursu-
ed in relation to The drpostes, without any refer.
ence to the misconduct of the Bank. But there
are other reasons for the removal, growing out OF
the manner in which the affairs of the Bank have
been managed, and its money applied, which
would have made it my duty to withdraw the de-
postes, at any period Of the charter.
1t will. | presume, be admitted, on all hands.
that the Bank was incorporated. in order TO cre-
ate an useful and convenient public agent. to as
sist the Government 10 its fiscal operations The
act Of incorporation was not designed merely as
an act of favor to the stockholders, nor we're ex-
elusive privileges given to them for the purpose
Of enabling them to attain political power, or to
amsss wealth at the expense Of the people OF the
United States. The motive for establishing this
vast monopoly, was the hope that 1t would con
duce to the public good. II was created to be
the agent Of the public, to BIT employed for the
benefit of the people, and the peculiar privileges
and means Of private emolument given to II. By
the act of incorporation, were intended as rewards
for the services it was expected to perform III
was never supposed that its own separate interests
:. mild he Voluntarily brought into collision with