Litchfield enquirer., 1833-10-03

s-sSete w SttsesA Qtt%t N-yeA NesS VI
 imposes on it. to Rx upon others the respOn-
 ability which justly belongs to itselE And
 while the President anxiOusly wishes to ab- stain fron the exercise of doubtful powers, and to avoid all interference with rights and duties of others. he must yet with unshaken consistency, discharge his own obligations; and cannot allow himself to turn aside, in order to avoid any responsibility which the high trust with which he has been hopored re quires hi.n 10 encounter, and il being the dn- I " OfOue Of Executive Departments tO decide in the first instance, subject to the future ac- tion ofthe legislative power, W neither the pub- lic deposites shall remain in the Bank of the United States until the end of its existence. or be withdrRwn some time before, the President has felt himself bound to examine the qaes- tiOn carefully and deliberately in order to make up his judgment on the subject and in his opinion the near approach of the termi- natiua 0f the charter, and the public conside- rati0ns heretofore mentioned, are of them selves amply sufficient to justify the removal of the deposites without reference to the con- duct of the Bank, ortheir safety in its keeping.
 But ia the conduct of the Bank may be found other reasons very imperative in their chafacters and which require prompt action. l Developments have been made from tiMe to time of its faihlessaess as q pnllic agent, it's msapplicatiNn df public funds, it's interference in elections, its efforts, by ibe machinery Of committees, tO deprive the Government Di- rectors ofa full Knowledge ofits concerns, and above all, it's fragrant misconduct as recently and unexpectedly disclosed in placing all the funds of the Bank, including the money of the l Government, at the disposition of the Presi. dent of the Bank as means ofoperating on the pubtic Opinion, and procuring new scharter without requiring him atn render voucher for | 1hkiP Grsf sf,ln fsn If the facts which justify these charges, and which have come to the knowledge of the public and the President, will, he thinks, re- move every reasonable doubt as to the course which it is now the duty of the President to 1 pursue. 3 lsf l We have seen that in sixteen months end- l ing in May 1882, the Bank had extended its loans mora than S28 1000, 900, although it knew the Government intended to apprOpri- ate most ofits large deposite during the year in payment ofthe pnblic debt. It twas in May, 1889, that its loans arrived at the maximum, and in the preceding March. so sensible was the Bank that it would not be able to pay over l the public deposite when it would he required by the Government, that it commenced se- cret negotiation without tue approbation or knowledge of the Government. with the Il. l gents. for about S2, ,70O, ,OOO of the three per cent stocks held in Holland. with view of in- ducing them not to come forward for pa ynent for one or more years after notice should be given by the Treasury Department. This ar. engagement would have enabled the Bank to keep and use during that time the public mo- ney set apart for the pay ment of these stocks.
 Alter this negociati0n had commenced, the Secretary of the Treasury informed the Bank | that tt was his intention to pay oR one half of the three per cents on the first of the succeed tug July. .vhich.am6unipd to about S8,500,- 900. The President of the Bank, although 1 the committee of investigation was then look ing into its affairs at Philadelphia, came im- mediately t0 Washington, and upon repre- senting that the Bank was desrous of accom- mOdating the importing merchants at New York (which it failed to dol and undertaking to pay the interest itself, procured the con- 1 sent Of the Secretary, alter consultation with the President. tO postpone the payment until the succeeding first of October. Conscious that at the end of that quarter ;he Bank would not be able to pay over the
 iapostes, and that further indulgence. was not O',he expected of the Government, an agent was tN be dispatched to England se- cretly to negocate. with the holders of the public debt in Europe.r and induce. them by the offer of an equal or higher interest than that paid by the Government to hold back their claims for one year. during which the Bank expected thus to retain the use of. $5,- 00O,O 900, of public money which the Govern ment should set apart for the payment 0f that debt. The agent made an arrangement on terms, in part, which were in direct violation Of the charter of the Bank, and when some incident connected with this secret negotia- ti0n accidentally came t0 the knowledge of the public and the Govern Hens, then and not before, SO much of it as was palpably in viO. latiOn Ot the charter was disavOwed! A mod iRcaiion ogtha rest was attempted with the view of getting the certificates without pay ment of the money. and thus absoiving the Government from it's liability to the holders. In this scheme the Bank was partially sOc- l cessiul, but to this day the certificates of
 portion of these stocks. have not been paid, and the Bank retaiNs the use ofthe money.
 This efEnrt tO O-thwart the Government in the payment ofthe public debt, that 1t might
 retain the public money to be used for their private interests. pallialed ny pretences nsto-
 riOusly Wnfounded aOd insincrre. would have justified the instant withdrawal of the public
 deposites. The negotiation itself rendered
 doubtful the ahiay of the Bank to meet the
 demands Of the Treasury. and the misFepre-
 sentations by which it was attempted to be
 justified. prUved that .no reliance could be pla- ced. npOn it's allegations. ,
 | If the question of removal Of the depo- | sites presented itself t0 the Executive in the
 same attitude that it appeared before the
 House of Representatives at theis last session,
 their resoluii0n-in relatien tO the safety of the