Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1833-10-09

was brought to bear upon him, it is too
late, he confidently thinks, to say the qnes-
ton has not been decided. Whatever
may be the opinion of others, the presi-
dent considers his reelection as decis'
ion of the people against the Bank. In
the concluding paragraph of his veto mes
sage he said: .......t.
81 have now done my duty to my coun-
try. IF sustained by nv fellow citizens,
| shall be grateful and happy; if not, !
shall find in the motives which impel me,
ample grounds for cohientment and
peace" on M
He was sustained by just people, and
he desires to eyince his gratitude by car
rying into effect their decision, SO far as il
depends upon him.
OF all the substitutes for the present
Bank which have been suggested, none
seems TO have invited any considerable
portion of the public in IFS favor. Most
Of them are liable to The same constitu
tional objections for which the present
Bank has been condemned, and perhaps
to all there are strong objections on the
score of expectancy. In Kidding the coun-
Try of an irresponsible power which has
ATTEMPTED to control the government, care
must be taken not to unite the same power
with the executive branch. To give the
/ president the control over the currency
and the power over individuals now pos
sessed by the Bank of the United States,
even with the material difference that he
is responsible 10 the people, would be as
Objectionable and dangerous as to leave
it as it is. Neither the one nor the other
is necessary, and therefore ought not to
! be resorted to.
] On the whole, the president considers
it as conclusively settled that the charter
of the Bank of the United States will not
be renewed, and he has no reasonable
GROUND to believe that any substitute will
be established. Being bound to regulate
his course by the laws as they exist, and
not to anticipate the interference of the
Legislative power, for the purpose OF fran
ing new systems, it is proper for him sea
sonably to consider the means by which
the services rendered by the Bank of the
United States are TO be performed after
us ClldFtCT SHAH expire.
The existing laws declare, that "depo-
sites of the money of the United States.
II" piars Which thu rnid DanK ana
branches thereof may he established, shall
be made in said bank or branches thereof
unless the secretary of the treasury shall
at any time otherwise order and direct, in
which case the secretary Of the treasury
shall Immediately lay before congress, if
in session, and if not, Immediately after
the commencement of the next session,
the reason of such order or direction"
The power Of the secretary of the trea-
sury, over the dcposites, is a.nqualifed.-
The provision that he shall report his rea
sons to congress, isno limitation. Had il
not been inserted, he would have been
responsible to congress, had he made a re-
moyal for any other than good reasons,
and the responsibility now ceases, upon
the rendition Insufficient ones 10 congress.
The only object Of the provision, is to
make his reasons accessible to congress,
and to enable that body the more readily
TO judge of their soundness and purity,
and thereupon TO make such further pro
vision bylaw as the legislative power may
think proper in relation to the deposite of
the public money. Those reasons may be
very diversified. 1t was asserted by the
secretary of the treasury without contra,
dction, as early as 817, that he had pow
er "to control the proceedings" of the
Bank Of the United States at any moment,
shy changing the deposites to the State
Banks" should it pursue an illiberal
course towards those institutions; that
''thc secretary Of the treasury will always
he disposed to support the credit of the
State Banks, and will invariably direct
transfers from The deposites of the public
money in aid of their legitimate exertions
to maintain their credit" and he asserted
a right to employ the State Banks when
the Bank Of the United States should re
'lfuse to receive on deposite the notes Of
such State Banks as the public interest
required should be received in payment of
the public dues. In several instances he
did transfer the public deposites 10 State
Banks, in the immediate vicinity Of bran
ches, for reasons connected only with the
safety of those banks, the public conven.
fence and the interest of the treasury.
fit was lawful for Mr.. Crawford, the
secretary Of the treasury at that time, to
act on these principles, it will be difficult
TO discover any sound reason against the
duplication Of similar principles in still
stronger cases. And it is matter of sur
\ prise that a power which, in the infancy
n of the Bank was freely asserted as one of