The Arkansas advocate., 1833-10-23


 anty ought 10 be faithfully and firmly met, and the decision made and executed apon the best lights that can be obtained, and the best judgment that can be formed.-- It would i'll become the Executive branch of the Goyernment to shrink from any du- y which the law imposes on it, to fix upon others the responsibility which justly be- longs to itself nd while the President anxiously wishes to abstain from the eser- else of doubtful powers, and te avoid all interference with the rights and duties of others, he must yet, with mnshaken con stancy, discharge his own obligations; and cannot allow himself to turn aside, in or- der to avoid any responsibility which the high trust with which he has been honor ed, requires him to encounter; and if be- ing the duty of one of the Executive De partments to declde in the first instance, subject to the future action of the legisa- tive power, whether the public deposites shall remain in the Bank of the United States until the end of its existence, or be withdrawn sometime before, the Presi- dent has felt himself bound to examine the question carefully and deliberately, in or der to make up his judgment on the sub- ject; and in his opinion, the near approach of the charter, and the public considera- lions heretofore mentioned, are of thems selves amply sufficient to justify the remo- val 0! tho doposite5 without reference to the conduct of the Bank, or their safety in its keeping.
 But in the conduct of the Bana may be found other reasons very imperative in their character, and which require prompt action, developments have been made from time to time of it's faithessness as public agent, it's misapplication of public funds, it's interference in elections, its eff forts, by the machinery of committees, to deprive the Government Directors of full knowledge of its concerns, and above all, It's Hagrant mis seonduet as recently and unexpectedly disclosed in placing all the funds of Bank, including the money of the Government, at the disposition of the Pse- sident of tine Bank as means of operating upon public opinion and procuring new charter, without requiring him to render voucher for ttesr disbursement. A brief recapitMlati0n of the facts which justify these charges, ard which have come to the Knowledge of the public and the President, will, he thinks, remove every reasonable doubt as to the course which 1t is now the duty of the President to pursue.
 We have seen that, in sixteen months, ending in May, 1892, the Bank had extend ed it's loans more than $2S ,000, ,oG0, all though IL knew the Government intended to appropriate most of it's large deposite during that year in payment of the public debt. 1t was Tn May, 1882, that its loans arrived at the maximum, and in the pre- cedipg March, so sensible was the Bank that 1t would not be able to pay over the public deposite when 1t would be required by the Government, that 1t commenced secret negotiation without the appreciation or knowledge of tho Government, with the agents, for about S2,700 GOO of the efa trp haII 1lto tH view of inducing them not to come for ward for payment for one or more years af- Ter notice should be given by the Treasu- " Department. This arrangement would have enabled the Bank to keep, and use during that time, the public money set a. part for the payment of these stocks.
 After this negotiation had commenced, the Secretary of the Treasury informed the Bank, that it was his intention to pay uii one naiT or the three per cents on the first ofthe succeeding July, which amount ed to about S6,500,0O0 The President of the Bank, although the Committee of In vestigation was then locking into its af- fairs at Philadelphia, came immediately 10 wasnington, and upon representing that ;ie bank was desirons of accommodating the Importing merchants at New York lwhlchlt failed to dol and undertaking to pay the interest itself. procured the con- sent oI the Secretary, after consultation "ith the President, to postpone the pay ment unt,l the succeeding first of October
 Conscious that at the end Of that q,,af- ter the bank wonld not be able to pay over the deposltes, and that further indulgence was not to he expected of the Govern ment, an agent was despatched 10 England secretly to negotiate with the holders oi the public debt in Europe, and induce them, by the offer of an eanal or higher interest than that paid by the Govern ment, to hold back their claims for one year, during which the Bank expected thus to retain the use of S5,Oo0 coo If public money, which the Government should set apart tor the payment of that debt. The agent made an arrangement on terms, in part, which were in direct violation oftbe charter of the Bank. and when some incl dents connected with this secret nepotia- fion accidentally came to the knowledee of the public and the Government. then and not before, so much Of it as was pal paeiy in violation of the charter was disa- vowed! modification of the rest was attempted, with the view of getting the oer.fhca'es without payment of the mo- ney, and thus aosoivIng the Government from its liability 10 the holders. In this scheme the Bank was partially successful, put to this day the certificates of portion of these stocks have not been paid, and the Bank retains the use of the money.
 This effort to thwart the Government in the payment of the public debt, that if might retain the public money to be used for their private interests, palliated by Pretences notoriously unsounded and in- sincere, would have justified the instant withdrawal of the public depostes The negotiation itself rendered doubtful the ability of the Bank to meet the demands of the JreastlrY and fhe ,nisrAnrnaan4a