Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-24

| he Sens
Georgia would not be excused the question bsns
'aken' the Senate refused 10 excuse him. 100
| 49, ORDERS THE DAY.
| he Chair then called the Orders of the Day
Mr. seouo"s offered yesterday by Mr. Robbins and
| up, when f A
| be inserted hereafter ~ "'N
The resolution then agreed TO-
taken up S, , One,ea Yesterday by Mr. Moore
Monday. e''' '''' "" '"o 'ao'e "''
The resolution offered yesterday by Mr. Poindexter
was taken and modified by the mover so as 10 be adj
dressed to the Secretary of the Treasury instead the
Commissioners of the General Land Office; and was then
| original form. y" "''
| pEPosIrrs.
ne resolution offered yesterday by Mr. Clay was then
taken up, when Mr. Benton moved to amend the reson
| ton, by adding the following:
"Aiso, That the Secretary commune ate to the Sepat.
me monthly statements OF the affairs of the Bank of the u
| fore communicated NV $3.50 "s'e'o,
Also the entire correspondence between the Secretary
o. The Treasury and the President the Bank Of tho u
''a ave Tor the hrst half of the year 1872
ne amendment was agreed to.
Mr. Clay said that he felt it his duty TO submit 10 tho
senate some explanation OF the motives which had i'm.
duced him to ask it to adopt these resoIu,ons The Ss
had h, II, MS report concerning the Public Deposes
pages OF It, to prove that he possessed the ercsye mower
TO decide when they should be removed This power be
coh'enueu was not restricted TO any particular contingent
ces, bat was absolute unconditional as far as The
interests oil the Bank were involved" eli is not neces-
he
,e u, ouet 10 Justify the removal The authority to
remove Is not limited 10 such contingency The Bank
all demands upon may have been 5aitht,f IN ny
performance Of all its duties, and yet the public Interest
cannot be done cihout the action of this Dan,r,mam,
INC secretary OF the Treasury would betray the trust
ade 20 nm, he did not cause the dePosites
naue elsewhere. whenever the change would ADVANCE
| me pubic interests or the public convenience The
sgety OF the deposes!le ability the Bank to meet
IT'S ehgagemens-s fidelity in the performance of its
oongaions, are only part of the conside raons by
which his iudgment must be guided. The general in.
conduct" N'''0 "''
here the assumption of power analogous to the old
exploded doctrine OF the general welfare in most odiou.
iorin According TO that doctrine, it was claimed by Ger.
tain Federalsts Of 1889 that the opsu,ion vested in
Congress power TO legislae subjects for the
welfare But according the new version of the 6eresv
Secretary OF the Treasury-a subordinate otcer o he
Government, the creature of Congress- arrosatas - h
sell power TO administer the duties OF his Office and to
regulate the currency of the country in conformity with
his sense OF the general interest and OF the
people ana al Tho very momea OF setting up this enor-
NOUS preension, he denies any such power to Congress-
nS. inns is not ALL This modern doctrine assumes for
prototype, bat be respected as absolute
ana unconditional and xclusve Congress "For
gess should be satisfied that the public money was no,
safe in the of the Bank should be conpnced that
ousiy demanded the REMOVAL yet the passage of law
directing to be done, would be breach OF the apree.
ment into which they have entered"
Is this Possble9 Can it be true that an official be;no
brought into existence by the will of Congress- havipS
no Huoy. ana charged with no duties but such as that
WIN mas conferred, has more power than its creator? Can
II be true that The agent may DO what the principal can
not 90? Can it be true that the Secretary representing
one OF the parties TO contract, without violation of
single stipulation Of that by the other party NAV
upon general notion of public interest or convenience
vio'ste at his pieasuTe the essential spuIalion If
The whole contract for that other party Nav he do that
whilst Congress is restrained from ordering removal Of
The deposites under any even If The R.nI
had tailed TO fulfil all the provisions of the cbarer and b
depoes were unsafe and the interests of the people of
Them. will broo
smarter on the part Of the Bank whilst the hands Of
every stipulation Of the charter ~
ne secretary appears to have been conscious IN at This
moss extraordinary doctrine required all the botering
winch he could give IT. and he has accordingly reea,aS
behind precedent which he alleges 10 have been furnish
ed by MIR. Crawford, OF his predecessors He saws
TINS pncpie THAT is, the absolute unconditional and
exclusive power the Secretary over the
distinctly asserted by Mr. Crawford In postscript
10 is letter TO the President Of Mechanics BnnL If
" New York. dated Feb 18Th, 1917 he saws: The SCI
rotary Of The Treasury will always be disposed TO SIM
port The credit OF the Stale Banks and viii ovarsh
direct transfers from the deposites of the public
III aid oil their legitimate exertions to maintain her
correspondence OF Mr. Crawford with the Banks about the
period OF the 18Th Feb 1877 But he Contents L;,ai1
WIN single citation from the posscrp perhaps supnos
ing tat Congress- like the arer portion of our species
wouih deem that the important part OF the etter
NSw' mr.. President what must be your surprise, when
he (Mr stated that Mr. Crawford never in Nh. aon
resPondence referred to, distinctly asserted aDy such ,rn
as ms successor attributes TO him never did Claim
for HIMSELF that OCCASION any such extraotd;nsr ]
exclusive power the deposites! that his correspn
uehce was conducted under authority totally different
from that contained in the Bank charieri
III VIII be recoected that, when the Bank of the II
states was incorporated, general suspension of specie
payments prevailed throughout the United States with
tue exception OF New England. The taxes and duties
were Psd IN appreciated OF which the million and
ba "a sum equal 10 the bonus paid by the Bank of
the United States OF unavailable funds now annually ,
ported by Tie Treasury, part To produce resoraton
OF SOUND currency was the main object establishing
lhal Bank About That period, convention
yves from the State Banks held, and some ere and
| Others were not willing to resume specie payments n
was feared by Congress that the Bank alone might mot
prove competent 10 produce the desired effect Ar viii
airy measure was deemed necessary; and that W aonted
~ me following resolution which passed on the Oth Anil
1910: Resolved, &c That the Secretary OF the Treasury
oe ana he hereby U.s. required and directed TO adopt such
measures as I've may deem necessary 10 cause soon az
may Oe duueS, iaxe debs, Of
or becoming payable TO the U. 5. collected paid
IN the regal currency Of the United Sses, Treasury
noesor notes oil the Bank Of The United States, by
law provided and declared or in notes Of Banks which
are pay able End paid demand, In legal currency of
the Uni ed States and hat from and after the twenteth
sums Of money accfuing becoming payable Co The
Uncd States aforesaid ought TO be collected or 70
" ceived otherwise thsn IN the legal currencv of he
United Treasury notes, notes of The RANT
" Of the United States, or IN notes Of Banks which are
payable and paid demand, the said eV a corre5cv
I" Of the Uhi.ed States"
The letter OF Mr. Crawford, the postscript of vb ich tho
Secretary has communicated 10 Congress, bears date
hs 18Th OF February, 1877 only one week before the
day fixed for the resup on Of specie payments bv The
/ Nc ut.tr H. ~ a..