Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-12-31

Ipa
y.or, ,hs treasury but in consequence OF appro'
nriation, made BY law. and as the act of ineorpo'
r.t;on of the Bank Of the United States IN enrc''
constituted that Bank and Its branches tne irta'
sury of the United States, by making mem 'ne
Mace where all public moneys should oe deposit.
oil and. safely kept for the use at the government
according to appropriations made oy .a~' '"e'.
fore. in The opinion Of this meeting, the iate ac's
of the Secretary of the Treasury, transferring
large sums OF money to certain State BANKS Sc
iecfed as future Repositories Of the public urea
sure. not for the use Of the government, nor I"
consequence Of any appropriation mace oy Jaw
but with the obvious, and indeed avo"eu Pu'P''''
partlv to enable those State Banks 10 u'sena's
ths balances thew owed to the Bank Of the Unit
cd States. out OF the public moneys SO transfer
red IN them. and party to sustain their credit
and TO enable them to enlarge their operations,
nv an advance or loan of the public moneys
were. in principle and in effect, withdrawal OF
moneys from the treasury without any apProPr'a'
ton made by law, and violation OF the consul
tuition. - ~.
R.soIp,L That the Constitution of the United
States. conforming, in this particular, win the
constitutions of all free gOsernments) Imperative.
~ requires and provides, that the sole ana aoso.
lutte control of the public purse should oe 'es'eo
and ieaously retained IN the Legislature. anu
espe tally that no control over II should DC per-
mitted 10 the Executive; aud that the assumption
BY the President, IN tins instance o! p""e' !"
take away the depo.ites Of the public moneys
| from the Bank of the United States, to which
thew were destined by the Legislature. and 10
MACE them in any State Banks he may think pro-
nrr 70 select, upon such terms as he may deem
il prudent TO stipulate and to take away such de'
nosites from those State Banks again, anu to con.
! fde them to new Repositories OF his own se'ec'
ton, at his will aud pleasure, without authority
or regulation OF law, amounts to an Assumption
by the President, Of full and absolute power over
the public purse, and has direct tendency 10
concentrate all the powers of government IN his
hands, and to CONVEX, our free, happy, republican
institutions into simple monarchy.
Resoired, That il is the serious apprehension,
or rather the firm conviction Of this meeting That
the admission Of power IN the President OF the
United States, to place the immense treasure OF
the govcrn ment in such Banks as he may se'ect
as repositories thereof, and then again 70 take
them from those Repositories OF his own choice,
whatsoever he plcases to do so, must ny 'ne'i'
table consequence, give him absolute power over
the Banks selected as repositories, inasmuch as
his power of Withdrawing such large funds at
pleasure, may put such Banks under the aterna'
tive of instant bankruptcy or OF passive submls'
sion to his will: aud thus the treasure 0f the U.
States may be made the means oil extending the
influence of the President. already by his Patro.
mage too great, and OF securing and perpetua'ins
il 10 him, over the whole nation, anu IN all thr
relations oi society.
PeyolrsL That the pressure and distress,
which even thus early embarrass and enuanger
ali the conmer,i ai interests aud business Of this
great country, already 80 sensibly and general.
! " felt, must soon, IN the apprehension OF ibis
meeting, BE- aggravated to an incalculable de-
gree of mischief and pervade every interest IN
the community; and that this mischief cannot
be imputed to any thing dune or omitted by the
! Bank of the United States; for, according to all
the information accessible to this meeting. the
efforts Of the Bank to call in lis funds I'm order
10 enable it to meet the uHeyamped exlg"ncy
in its affairs produced BY the action OF the Go.
vernmpnt-t0 sustain a run upon It, conducted
bv the Government itself, with its over" heimInS
means, to ,io. in short, what tine executive
avowedIy intended to compel 1t to DO, that H.
to begin i'm a,cdately TO wind up its afiIrs) has
beer cautious. moderate and forbearing; but, IN
the opinion of this meeting, the present distress
sed state of things is mainly 10 be imputed 10
the conduct of the Exrcutive-to the shock
which this i'll Judged measure has gwen to puo'
lie confidence and credit, TO the necessity II
has imposed 90 every man to withhold credit
and to the general sense Of the jeopardy to
the whole property of the country, "h'ch such
sudden ami violent changes, never has failed,
aud never will or can fail, to produce.
| Resoiued, as the opinion Of this meeting.
| That no efficient corrective Of the evil can be
devised. save only the removal OF the cause that
has produced il; the adoption ct measures to re-
verse. to the utmost extent practicable, the per-
melons action of the Executive; 10 restore pub
! lie confidence, Uy restoring to the Bank OF The
United States The rights which have unwisey, |
unjustly. illegally and unconstIu'lonally been
taken away from il, or, at the least. by securing
to the Bank the deposites heretofore made which |
have not aireadv been drawn from il, and the
deposie Of all public treasure which may &C
cure future during the continuance OF Its char
ter; and above all, to reassure the people, that the
disposition of its treasure belongs to its repre-.
senta,iv-s in Congress, and not to the Executive.
aud thus 10 reassure them Of their property and
their liberty
Rssolved also. as the opinion Of this meeting,
That no corrective which Congress can devise, |