Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-09-27
POLITICAL,
WAsiiINCroN =

I'm
o'k "' nc Cnied S'aes, was under consideration and
eng'seh much OF the attention OF the Prejen, and of The
ts'e" n,moefs OF his Cabinet, all OF whom had he. u
eae' upon blythe Pr, sden, him in his
%" . SUBJECT Alter avery full aud careful x.i,a inn
e rres"',, cane 10 the conclusion tina, ia, public
poses ought to be changed the States ID nix aud lila
opinion was communicated in writing 10 bi. G ,bnet nm
"ednesday last at meeting held specially for h., p,r
pose, and nc facts and reasons mich IL founded
AS puhiic attention has been lawn to this sb;ec, i, l.
deemed proper in order pteveu, Or
srr presentation, TO lay before the p ople the comu,nni
caion na'e by the President above me ntio,ed and
'oPy "ds o'eh furnished to us ior that purpose which we
now proceed 10 publish 81 Gi05e.
Head 10 The GARNET. on the 18Th of Septe nber 1888
'"s cafei"' and .nAonsy cosid, red all the ia, Is
anu Arguments, which have been unlimited 10 i'm r.l.
I'VE 10 removal OF the public deIositcs iron, the hank IF
"e Col ed >'aes the President deeus his tutv 10 COM
''"hcate ~ this manner To his Cabinet the final Coz c
snS OF ms own mimi, and the which they 81.
iouhueo IN order to pat them in dursbe orrn and to pre-
ven msconcep iions.
The presdehrs convictions the dangerous Tendencies
oil he Bank OF the United States since syua /, uu.ai
ny IT'S own acts, "'te so ovs rpoweIi Whom he en r,
noh ue du IT,, OF Chiei Magistrate that he tell il hi
uu'y' Notwithstanding the ot j-cnons o the friends by
whon, lie Wa surrounded osvni huseit OF tie fir oc.
sHS'on 10 eau IN a'en ion OF Congress the people, 10
ne q"cs ION oil its re-ch r opu ous a in
hi- Annual Message OF ID c.mbrr 1899 wers ,.;,.,a,
ia 'hoeo December 1880 1884, anu IN tina, Of lsaO
ne fe" on' los consideration, sugges ia rel
non 10 substitute. At he ssun of IS3I-2 am act
passed BY majority oil both Houses Of OF gross
Ir'ing tie pres nj Bank, upon hic, the P sidrn fI IL
S u"ty 10 pu ms constitutional veto. In lis Message
'c'r"H t"t act he repeated and enlarged upun the pn
cIpes aud views b fly in his Annual M...sY.s
de ciar"s The Bank TO be- in lis opi o bo.h nexpeden
ana unc0nS utlona, and ANNOUNCING 10 hi co.,
very uequ ocay, his firm de ina ion never to ,anc.
uon ny approval, the conuuane oil a insii uon or
me e'aoS uen' oi any other upon snisr priucipss
mere "ie ,tIong ,easons for hec wing that the motive of
the Bank in asking for charter a, that Of Con
gre>s was 10 make it leading in the M
President al the United States The ensuing Nove,har 49,,
"i Steps ueemtd necessary, were taken 20 procure o,
the people, a reversal OF the Presidents d, cison
h'"ough me charter was approaching its ton
hi'd The Bank was thai il the intp ion Of ih
government 10 use The public IL po.iie DIS il, ac-
crued, IN he payment OF the public debit vet did extend
US loans from In 1881, TO May, 1882. rom s4 4O2
3o4 y to S7O42SO7O IT, being Increase of :;2s O25
100 49, IN sixteen mouths. 1t is coni.n iIy h.,.v,J
that the leading object oil j. Immense ,xe.iou or m
loans, TO bring large portion of The peoni, =,
soie "h'er is power and influence; il has been dis
closed that some OF The largest were granted ON very
unusual terms to conductors Of The puzzle press Ia sone
o these cases the motive made mantle by The uou,
a OF '"r'en' security taken Tor the Io'n, ny the large
amounts discounted, 10y The extraordinary lin. allowed
' Pyh'n ana especially by tho subsequent conduct OF
i'Ose receiving Tie accommodations.
T'"vng taken these preliminary steps 10 obtain eont
over p"hi opinion the ta'k Cu,g,es, and SIX
ell a new charter. he nlrc svow d M u,,ry -, =, .
Advocates OF lhe Bank was to mt The President fo tb
hsf that the country might k,o h fndi dee min. ION
r"s'he TO III" Bank prior 10 he ensuing election Il an,
'ocu'"eh's 'd ricles were pin Gu ed a Ia.
expense oil the Hahk 10 bri,. the reopi, TO . fv,r,I
ie''son upon its preiensi, rs. hose whom he B,nk
appears 10 have made its debos for The special occa Ion
were Z" armed a.; The rum Sl CHI ell hem stuui ,
PRESIDENT be sustained. mud mp were mad. 10 ii, m,
me "hoe people 10y painting the drpress on in the prize
oil property and podu and the gen,rl los in, owe
"ieee "tu nis'rtss, NhIch 4 ieprcs ouln u.
"e"'e'N io,ow 'hc reelection Of the Pe.i cent lis oppo
.Itiou to iiI. Bahk. TT
Con- II now be ,aid thai the mn Slim of a ,o o,,
The Is NIX was not decided election which epsueJ
iihd The veto been eqnivocai, had it not royeJ ,
'os erou'"r- ~ u i"d merely taken exception. to The
det"i oil The Bill, or to the lis passager II had
h't met TIE whole ground VI ronsituuIality and ~
pediehry, then there might have been SOM. pIausil
fIr the allegation that the question WAS no, derld a.,
O The D,p.i,i I
sand, That the question biou iors ard at t,,
icn'"r me lie met the challenge Willingly took the
po-i"h in'o which his adversaes sought 10 incr him
and frankly declared hi. erable oppoon ia lie Raj
as being both Unconstitutional aud neApe.lIeht o. ibi
Gr"" Tue Case was argued TO the people, aud rI,a
we PeoPe nave sustained The PIe,iden Outstanding
Vie array oil influence and power which was broug 20,
pear upon h'n is 'oo late, he confidently Thinks
that the question has been de cileJ Wb.i.vr M =,
election as decision OF the people against the Bank In
Tie concluding Paragraph OF hi Veto Message he said:
~ have now done my duly 10 my county II sustain
ed Ivy my fellow ciiizrIs, shall he graceful and bauuv:
u no .h"l! lind !" the moives whicl impel me- ample
grounds for oonenfinc and peace"
He sustained by u lust people and he desires
10 evince his gratitude, by carrying into eif ct their
sion, 80 lar "a IL depends upon him.
vi al" The Substitutes for the present Bank which have
oeeh suggested, none seems 10 have united any consie
rabe portion OF The public in its favor Most OF then, are
"'9 10 the same constitutional objections Tor which the
present Bank has heeu condemned, aud PERTAINS IN All
there are strong objections ile score OF In
rhd"g The country OF posble pos, or which has
"''rhPcu 10 cohIo Tue government ie
MT To unite tie SAM power Win the Exc cti, branch
10 give President the ovcrh, currency and the
power over individuals, Possessed by tire Bank of tl
UWed Siaies even with the material th lac ~
responsible To e people would to- Office tonae and
as dangerous as to leave il is. Neither the one nor
The oer Is necessary, and therefore not TO be re
sorted 10.
o. the whole, the President considers il as conclusive
W settled iha' hr chatter OF the Bank Of the Uni Il
states viii nut bc ed, and hr has no reasoran,
ground TO believe that any substitute will he established
Being bound TO regulate his by The laws ~ ev
cHiSi, anu hoi to anticipate the Interference Of the lea lila
lVo power, Tor The purpoe 0 rdnng nc ~ systeu- IL il
proper Tor him sea>0uaby consider The means hy which
the services rendered by the Bank of nle United s aes
arc Ia he performed after It's charter shall eNpfe
The existing laws declare, that tie den sites of tc
money oil the Umed Ststcs ia places in which ,e said
Bank and Htanclcs thereof may he cssl he'd shall he
made ia said Bank or branches thereof unless the Secre.
aiy OF the Treasury sa any oef wise order and
direct IN which the Secretary of The Treasury aII
immediately lay before Congress, n 10 session. and II not
immediately alter The commencement Of the next session
tile reason OF such order direction"
The power Of the Secretary of the Treasury over the
dcposites. unqualified The provision hat he sh ~ ~
port his 10 Congress, ~ limitation. Had no,
oeen inserted. he would have been responsible Congress
had he made removal Tor any other ham good
and his responsibility ceases upon tie rendition of
sufficient ones TO ongress. The only object Of ie pro-
vision, IL to make his accessible 10 Congress ard
enable that body the more re- ably o Judge OF their sound
and purity, and hereupon mako such further pro
vision hy law the legislative power nsy think proper
~ relation TO The deposit OF the public money
Those reasons may be very diversified " asertcd
10y tie Secretary Of the Treasury without lion
az e,fly 1917, that he he'd power 'to control The
procee dngs" al the Bank Of the United States Al any
moment. 'by changing dsposes 10 the State Bnks
should N thers1 fosrsfa lime insfif,,