Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1833-10-03

10 the charter, or strike one out OF \, VIZ,
out the consent Of the bank !; and CONSEQUENT
ly the public money must remain in that it,,
stitution to the last hour Of its existence. un
less The Secretary Of the Treasury shall re-
move 10 1t an earlier DAY.
The responsibility !. thus throws upon Ito
Executive branch Of the Gov ernme nj Of de-
Gliding how long before the expiration of the
charter, The public interests will require Tho,
dePosites 10 be placed else where. And al-
though, according TO the frame and principl.
oil our government, this dec is,on would seen,
more properly TO belong TO tire legislative
power, yet as the law has imposed il upon
the Executive Department, the duty ought i,y
DC faithfully and firmly met, and the decision
mace and executed upon the best lights that
can be obtained, aud the best Judgment that
can be formed. u would III become the Ex-
ecutive branch Of the Cove rnment 10 shrink
from any duty which the law imposes on IL
to fix upon others the responsibility which
justly belongs to itself And while the Presi-
dent anxiously " shes 20 abstain from the ex-
ercisc Of doubtful powers, and to avoid all in
reference 18th the rights and duties Of others.
he must yet, with unshaken oonstaney, dis
charge his own obligations and cannot allow
himself 10 turn aside, in order To avoid any
responsibility which the high trust with which
no has been honored, requires him TO encoun-
ter and IL being the duty Of one Of the FIX
ccutive Departments to decide in the first in
stance, subject to the future action OF the ie-
gislaiive power, whether the public deposites
shall remain in the bank Of the United States
until the end OF its existence, or be with
drawn some time before, the President has
felt himself bound to examine the question
carefully and deliberately, In order TO mako
| up ms judgment on the subject and in his
! opinion, the nesr 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 de-
Posnes without reference 10 the conduct OF
the bank, or their safety in its keeping.
But in the conduct of the bank NAV M,
found other reasons very imperative In their
character, and which require prompt action
Developments have been made from time To-
time Of its faithlessness rs Z public agent, its
misapplication Of public funds, its interfer-
ence IN elections, its efforts, by The maehine-
~ OF committees, 10 deprive the Government
Directors Of n full knowledge Of its concerns.
and above all, its fragrant misconduct a. re-
Gently and unexpectedly disclosed In placing
all the funds of the bank, including the mo-
NO OF the Government, al the disposition og
the President Of the bank, a. means Of ope-
railing upon pubic opinion, and procuring .
new Charter, without requiring him TO render
voucher for their disbursement A brief
recapitulation Of the facts which justify these
charges, and which have come TO the know
ledge Of the public and the President, " i'll. he
thinks, remove every reasonable doubt rs 10
the course which il 10 now the duty of the
President 10 pursue.
| We have seen that in sixteen months and
ing IN May, 1891, the bank had extended n.
loans more than $4,000, 600, although IL
knew the Government intended to appropri-
ate most Of its large deposiie during at year
in payment Of the public debt. II was in
hat a. L.. n A
mum, and IN the preceding March, % seusi-
BILE was the bank tina, il would not be able 10
pay over the public deposi,e, when IL would
be required by the Government, that Il com
menced secret negotiation without the ap-
probation or knowledge OF the Government.
with the agents, for about 50, 200 900 Of the
three per cent. stock held IN Holland, with a
view OF inducing them not TO come forw arb
Tor payment for one or more years after no.
tice should be given by the Treasury Depart
ment. This arrangement would have enabled
the bank to keep and use, during that time.
the public money set apart for the payment
Of these stocks.
Amer this negotiation had commenced. tho
Il Secretary OF the Treasury infopmed the baR.
that It was his intention TO pay of one hall o.
the three per cents on the 6rst Of the succeed
ing July, which amounted 10 about sc, 500 .OOO
The President Of the Bank, although the con
its affairs At Pbiladelphia, came immediately
to Washington; and upon representing that
the bank was DESTROYS Of nc accommodating th,
importing merchants at New York, (which u
failed 10 dO,) and undertaking 10 pay the inte-
rest itself, procured the consent OF the Seere-
tary, after consultation with the President, h,
postpone the payment until tho succeeding
FIRST of October.
Conscious that az the end Of that quarter
the bank would not be able 20 pay over tho
dePosites. and that further indulgence vas
not TO be expected Of the Goserument, an a.
gent was dispatched 10 England secretly To
negotiate with the holders Of the public debt
IN Europe, and induce them, by The oaer %
an equal or higher interest than that paid BY
the Government. 60 bold back their claims
for one year, during which the bank expected
thus To retain the use Of 81, O00, 900 % public
money which the Government should set a.
part for the payment of that debt. The agent
made an arrangement on terms, IN part, Witch
were N direct VbolattOH q the charter Of the
bank, and when some incident connected with
this secret mcgee bation aceidentaity came %
the know ledge Of The public add the Govern
Tneni, then aud not bsfOFs, 80 much Of II ~
was Pslpably IN vioistion Of the charter was
disavowedi A modification Of the rest vas
attempted, with The view ~ getting The ecr-
titicates without payment Of the money, end
thus absOlsing the Government from iis La
biliiy % the Holders W his scheme he bank
Vas partially successful, but % this esy The
certificates Of . portion % these stocks have
not bern paid, ADD Ne bsnk retains tho usa
Of the money.
This effort ~ thwaFt he Government IN he
payment ~ the public debt. Dist u might re-
tain The pubiie Taonsy, % b. used FOE their
private interests, Paiiistsd b. pfsteness B0to-
rtousiy unfounded ard inssnccre, would have
Justified the i9stant witbdrawsl Of the pubic
dePosiies. The nsgotiati0n itssh rsndcsed
doubtful the sbility u lhs bank 10 mset tha
demands q The Treasury, snd the misEspre-
seniaitons BY which u was stismDtsa 81 ba
jostihsd, proved that no relianea eeuid b
piscsd upon Is aileEatsons
" the question: ~ = rssaovai ~ ne depo-
sites presented itself % tbs Exeonsivs h tha
.s@s stii'gie that Z .ppssvthfDss 'hs