The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1833-10-02


fands, aud the whole business of the
Government derangcdl or shall II be
delayed until six months, or year or
two years before the expiration of the
character : It's obvious that any new
system which may be substituted 10 the
place OF the bank of the United States,
could not be su lJenly carried into effect
on the termination ofils existence with
out serious Inconvenience TO the Gov
crnmcnt aud the people. Its vast a.
mount ofnotcs are then TO be redeemed
and Withdrawn from circulation, and its
immense dedt collected. These ope-
raiions3 must be gradual, otherwise
much suffering aud distress will be
brought upon the communi y. IL ought
TO be not work of months only, but of
wears, aud the President thinks It cannot,
with due attention TO the interests of the
people, be longer postponed. Ii is safer
TO being it too soon than to delay it too
long.
1t is for the wisdom of Congress
TO decide upon the best substitute to
bc adopted in the place of tn, Bank
of the United States; and the President
would have felt himself relieved from
aheavy & pai nful responsibility ifin the
charter to the Bank, Congress had re-
served to itself the power of directing,
at its pleasure, the public money to be
elsewhere deposited, aud had not devolyed
that power exclusively on one ofthe Ex-
ecuiiye Departments. II is useless now to
inquire why this high and important
power was surrendered by those who are
peculiarly aud appropriately the guar
dians of the public money. Perhaps it
was an oversight. But as the President
presumes that tho charter to the Bank
is to be considered us contract on the
part of the Government it is not now
III the power Of Congress to disregard
lis siipua!ions; aud by the terms Of that
contract the public money is to be depos-
i,cd in the Bank. during the continuance
of its charter, unless the Secretary of the
Treasury shall olhsrwise direct. Unless,
therefore, the Secretary Of the Treasury
first acts, Congress have no power over
HE su.jcct, for they cannot add new
clause to the charter or strike one out
ot At without the consent of the Bank !;
aud consequently the public money must
remain Ia that institution TO the last hour
of its.existcnce, unless the Secretary of
the Treasury shall remove it at an ear
licr day. The responsibility is thus
thrown upon the Executive branch of the
Government, of deciding bow long be-
fore the expiration Of the charter, the
public interest will require the deposits
TO be placed elsewhere. And although,
according to the frame and principle of
our government, this decision would seem
more properly to belong to the legislative
power, yet as the law has imposed it
upon the Executive Department, the
duty ought TO be faithfully aud firmly
met, and the decision made and executed
upon the best lights that can be obtained,
and the best Judgment that can be
formed. 1t would i'll become the Ex-
ocutivc branch of the Government to
shrink from any duty which the law
imposes on it, to fix upon others the re-
sponsibility which justly belongs to itself.
And while the President anxiously
wishes to abstain from the exercise of
doubtful powers, and to avoid all inter.
ference with the rights and duties Of
others, he must yet, with unshaken con-
stancy, discharge his own obligations !:
aud cannot allow himself to turn aside,
ia order to avoid any responsibility
which the high trust with which he has
been honored requires him to encounter (;
l,a I,,tu Of e ha
utive Departments to decide in the FIRST
instance, subject to the future action of
the Legislative power, whether the public
deposites shall remain in The Bank of
the United States until the ond Of its ex-
istence, ,or be withdrawn. some time before
the President has felt himself bound to
examine the question carefully and delb.
erately in order to make up his judgment
on the subject and in his opinion the
near approach of the termination Of the
charter, and the public considerations
heretofore mentioned, are Of themselves
am ply sufficient to justify the removal
of the deposites without reference TO the
conduct of the Bank, or their safety in
its keeping.
But in the conduct of the Bank may be
found other reasons very imperative in
their character. and which require prompt
action. Developments have been made
from time to time Of its fai,hlessness as a
public agent, its misapplication Of public
funds, its interference in elections, its eff.
for.s by the machinery Of committees, to
deprive the Government Directors of n full
knowledge of IFS concerns, and above all
it's flagrant misconduct as recently and un.
cxpoctedy disclosed in placing all the funds
of the Bank, including tho money Of the Go,
vcrnment, at the disposition Of the Presidcn,
ofthe Bank as means OF operating on the