Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1833-10-03

W mo same CONSTITUTIONAL objections Tor
which the present bank has been coode mned,
and Perhsps 10 all there are strong objections
on the score Of expediency. in Kidding the
country Of al irresponsible power which has
attempted to control the Government, care
must DO taken not 20 unite the same power
with the Executive branch. To give q Pre-
sident the control over the currency and the
power over individuals now possessed by the
bank OF the United States, even with the ma
terial difference that he IL responsible TO the
people, would be as Objectionable and rs dan
gerous rs TO leave il rs il is. Neither the
one nor the other Is necessary, and therefore
ought not to be resortcd TO.
On the whole, the President considers IL as
conclusively settled that the charter Of the
Bank Of the United States will not be renew
ed, and he has no reasonable ground to be-
licve that any substitute will be established.
Being bound 20 regulate his course by tho
laws as they exist, and not TO anticipate the
Interference OF the legislative power, for the
purpose OF framing new systems, il is proper
for him seasonably 10 consider the means by
which the services rendered by the bank OF
the United States are TO be performed after
its charter shall expire.
The existing laws declare, that " tho de-
posites OF the money Of tie United States, in
places in which the said bank and branches
thereof may be established, shall be made in
said bank or branches thereof, unless the Sc
cretary 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 il not,
immediately after the commencement Of the
next session, the reason Of such order or di-
rectiou."
The power OF the Secretary OF the Urea.
sury over the dePosites, is unqualified. The
provision that he shall report his reasons 70
Congress, is no limitation. Had IL not beeu
Inserted, he would have been responsible to
Congress, had he made n removal for any
other than good reasons, and his responsible
ny now ceases, upon the rendition Of suflicien,
ones 10 Congress. The only object Of the
provision, is to make his reasons accessible
TO Congress, and enable that body the more
readily TO judge Of their soundness and puri-
ty, and thercupou to make such further pro-
vision BY law rs the legislative power may
think proper in relation to the deposiie Of the
public money. Those reasons may be very
diversified. II was asserted by the Secreia-
~ Of the Treasury without contradiction, as
early as 1917, that he had power "to control
the proceedings" Of the Bank Of the United
States ut any moment, "by changing the de-
posites TO the State Banks, :" should il pursue
an iiliberal course towards those institutions
that " the Secretary of the Treasury will al
ways be disposed to support the credit Of the
State Banks, and will invariably direct trans
fers from the deposites Of the public mono,
IN aid OF their legitimate exertioDs TO main
tain their credit" and he asserted a right e
employ the State Banks when the Bank Of ths
United States should refuse TO receive on de.
posite 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 deposite.
to State Banks, in the immediate vicinity Of
branches, for reasons connected only with
the safety Of those banks, the public conve-
niencc, and the interests OF the Treasury.
IT was lawful for Mr.. Crawford, the Sc
cretary OF the Treasury at that time, TO act
on these principles, it will be difficult TO Chs
cover any sound reason against the applica
lion Of similar principles in still stronger ca
ses. And IL Is a matter Of surprise that q
power which, in the infancy Of the bank, va.
freely asserted as one Of the ordinary and
familiar duties Of the Secretary Of the Urea
sury, should now be gravely questioned, and
attempts made 20 excite and alarm the public
mind as If some new and unheard-of power
was about TO be usurped by the Executive
branch OF the Government.
u is but little more than two and a hal
years TO the termination Of the charter Of "a,
of tho country that il shall then cease TO ex
ist, and no man, the President believes, hal
reasonable ground for expectation that AM
iother bank Of the United states will be ere
ated by Congress. To the Treasury Depart
ment Is entrusted the safe keeping and faith
fui application Of the public moneys. plar
Of collection different from the present, mus
therefore be introduced and put in complete
Operation before the dissolution OF the pre-
sent bank When shall IL be commenced -
Shall no step be taken IN this essential con
Germ until the charter expires, aud the Urea
sury finds itself without an agent, it, account
in confusion, with no depository for its funds
and the whole business Of the Goyerumeo
deranged' or shall IL be delayed until SIS
months, or year, or two years before the
expiration Of the charter u ~ obvious tha
any new system which may lie substituted Ia
the place of the bank of the United States
could not be suddenly carried intO effect on
the termination Of It's existence without seri
Gus Inconvenience 90 the Government and IN,
people. Its vast amount Of notes arc thea I,
be redeemed and withdraw a from circulation
and It's Immense debt collected These ope
TstsOns must be gradual, otherwise much suf
Gering and distress will be brought upon Oh,
community. u ought 10 BE- not q work o
months only, but Of years, and the Pressden
thinks u cannot, with due attention. 10 the 10
terests Of the people, be longer postponed 90
u y safer 10 bsgin W too sOon than 10 della,
q too long.
i u - for the wisdom % Congress 10 deed,
upon tie best substitute % BE- adopted in ID,
place % he bank Of the United STATES an,
the President would have felt himself reliev
ed from a heavy sod painful responsibility
"a the charter % she bank, Congress had re
served 10 Itself The power of directing, q u
pleasure, the public money " be elsewher
deposited, and had not devolysd that pows
Exclusively on ore of The Executive dspafi
nents. ~ - useless now ~ inquire why tht
high and important power was sarrenderee b
tboss uho are peculiarly ard aPpFopFiaisil
TIE guafdisns of the pubic MONEY PsFhsP'
Y was as oversizLl Hut - the Pfeaidsa
pfesumes that the charter "a The Bank D q
b. considered az q contract on The part 81 tb'
ltiovernment, u b. not nov tn The power q
Congress % Disregard its siipuiatiOus ans
by ths terms Of that coptFact ne pubic no
new A. 70 10 deprlsitad 90 the baak durtng a.