Delaware State journal, advertiser and star. [volume] (Wilmington, Del.) 1832-1833, 1833-09-27
OFFICIAL.
THE PUBLIC DEPOSIrES
FROM rNs ctosf, SEPTEMBER %

United States was under consideration, ana
engaged much of the attention OF the Presi
dent and the different members OF the Cabi'
net, all of who.H had been called upon by the
President to assist him in bis delibcrations on
this subject. After very full and careful
examination, the President came to the con-
cluson that the public deposites ought to be
changed to the State Banks, and his opinion
was communicated in writing to his Cabinet
on Wednesday last, at meeting held specl-
ally for that purpose, and the facts and rea-
sons on which it was founded. AS the pub
lie attention has, been drawn to this subject,
it is deemed proper, in order to prevent mis-
understanding or misrepresentation, TO lay
before the people the communication made
by the President as above mentioned; and
COPY has been furnished to us for that pur-
pose, which we now proceed to publish.
Read TO The Cabinet ON the 18th 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 deposites from the Bank of the Unit
ed States, the President deems it his duty to
communicate in this manner to his Cabinet
the final conclusions of his own mind, and the
reasons on which they are founded, in order
to put them in durable form, and to prevent
misconceptions.
ThePresdent's convictions Of the dangerous
tendencies of the Bank of the United States,
since singularly Illustrated by its own acts,
were so overpowcripg when he entered upon
the duties of Chief Magistrate, that he felt
it his duty, notwithstanding the objections OF
those friends by whom he was surrounded, to
avail himself of the first occasion to call the
attention of Congress and the people to the
of re no. hnr a X
pressed in his Annual Message of December,
1929, we're reiterated in those of December,
1880 and 1881; and in that of 1880, he threw
out for consideration, some suggestions i'll re-
latic:, 10 substitute. At the session OF 1881
9, am act was passed by majority of both
Houses of Congress -charteling the pres
cnt Bank, upon which the President felt it
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
inexpedent 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 are strong reasons for believing .ha,
the motive Of the Bank in asking for re-
charter at that session of Congress, was t6
make it a leading question in the election o
President of the United States the ensuing
November, and all steps deemed necessary
were taken to procure from the people re,
versal of the Presidents decision.
Although the charter was approaching it,
termination, and the Bank was aware that i
was the intention Of the Government to use
the public deposit as fast as it accrued. il
the payment of the public debt, yet did il
extend its leans from January 1881, to May
1882 from S42,402, 304 "a to $40, 42S, 07O 70
being AN increase of 1923, 025,766 48, in six
teen months. 1t is confidently believed, tina
the leading object of this immense extension
of its loans, was to bring AS large portion O
the people as possible under it's power ant
influence; and it has been disclosed, that some
of the largest sums were granted on very un
usual terms to conductors of the public press
In seine Of these cases, the motive was made
manifest by the nominal or insufficient secn
rity taken for the loans, by the large amounts
discounted, by the extraordinary time allow
ed for payment, and espe sially by the subse
quent conduct Of those receiving the accom-
modatons.
Having taken these preliminary steps t,
obtain control over public opinion, tn,
Bank came into Congress and asked a new
charter. The object avowedby many of thu
advocates ofthe Bank, was to mt the Presi
dent 10 The test, that the country might know
his final detefmin; ton relative to the Banl
prior to the ensuing election. Many docu
mcnts and articles were printed ard crcu
lated at the expense of the Bank, to bring tn
people to a favorable decision upon it's pre-
tensions. Those whom the Bank appears t
have made its debtors for the special occa
sion, were warned of the ruin which awaite
them, should the President be sustained, an
attempts were made to alarm the whole pee
pie by painting the depression in the price {
property and produce, and the general loss
Inconvenience, aad distress, which 1t wa
represented would Immediately follow the re
election of the President in opposition to tn
Bank.
Can it now be said that the question of re
charter of the Bank was not decided at tn
election which ensued2 Had the Veto bee
eQuivosal, or had it not covered the Who'll
ground-if 1t had merely taken exceptions
the details of the Bill, or to the time of il
passage-if it had not met the whole groun
of constitutionality and expediency, the
there might have been some FEASIBILITY fC
the allegation that the question was not dt
;ided by the people, 1t was to compel TIL
President to take his stand that the questio
was brought forward at that particular time
He met the challenge, willingly took the pc
sition to which his adversaries sought to fore
MIN, anu frankly declared MS unaiterabl
opposition to the Bank, as being both uncor
stitutional and inexpedient On that groun
the case was argued to the people, and no
that the people have sustained the PresiGien
Notwithstanding the array of. influence pow
er which was brought to bear upon him, it
too late, he confidently thinks, to say TIL
the question has not been decided. Whate'
er may be the opinions of others, the Pres
dent considers his reelection as decision
the People against the Bank. In the concl
Hive no nh re b;c Neto Maee T., 60;