Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1833-10-09

OF the public monies. A plan OF COLLECTION
different from the present, must therefore
be introduced and put in complete opera
lion before the dissolution of the presen
Bank. When shall it be comnienced?-
Shall no step be taken in this essentia
concern until the charter expires, and the
treasury finds itself without ar agent, it
accounts in confusion, with no depository
for lis funds, and the whole business of the
government derapgcd? or shall it be de
layed until six months, or year, or two
yeays-asfess 9rc expiration Of the charter
1t is obvious that any new system which
may be substituted in the place of the
Bank of the United States, could not be
suddenly carried into effect on the tcrmi
nation of lis existence without serious IN
convenience 10 the government and the
people. It's vast amount Of notes are ther
TO be redeemed and withdrawn from cir
culation, and lis immense debt collected
These operations must be gradual, other
wise much suffering and distress must be
brought upon the community. II ough
to be not work Of months, but of years
ard the president thinks it cannot, viii
due attention to the interests of the PEG
pie, be longer postponed. 1t is safer tt
begin it too soon than to delay il too long
It's for the wisdom Of congress 10 decide
upon the best substitute to be adopted ir
the place of "A Bank of the United States
and the president would have felt himself
relieved from heavy and painful respon
sibility if in the charter OF the Bank, con
gress had reserved 10 herself the power Of
directing, at its pleasure, the public money
to be elsewhere deposited, and had not de-
volved that power exclusively on one Of
the executive departments. 1t is useless
now TO inquire how this high and impor
tant power was surrendered by those who
were peculiarly and appropriately the
guardians of the public money. Perhap;
it was an oversight. But as il is to be
presumed that the charter to the Bank il
to be considered as contract on the par
Of the government, it is not in the power
of congress to disregard its stipulalions
and by the terms OF that contract the pub
lie money is 10 be deposited in the Bank
during the continuance Of its charter, un
less the secretary of the treasury shall
otherwise direct. Unless, therefore, tn,
secretary of the treasury acts, congres
t"vc no Puwcr uVci tiIS sub foot, FOR tire
cannot add new clause to the charter O
strike one out of itwithout the consent o
the Bank; and consequently the public
monies must remain in that institution Il
the last hour of its existence, unless The
secretary of the treasury shall remove i
at an earlier day. ......
The responsibility is thus tbrown upon the
executive branch of the government, of de
Gliding how long before The expiration of the
charter, the public interests will require the
deposiles TO be placed elsewhere. And al
though, 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 on the
Executive Department, the duty ought to be
faithfully and 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 ill become the Ey-
ecutive branch of the Government to shrink
from any duty that the law imposes on it, to
fix upon others the responsibility which Just
ly belongs to itself. And while the Presi-
dent anxiously wishes 10 abstain from the
exercise of doubtful powers and to avoid all
interference with the rights and duties o!
others, he must7yet, with unshaken constan-
cy, discharge his own obligations: and can
me- al n, I'M berf
void any responsibility which the high trusi
with which he has been honored requires
him to encounter: and it being the duty OF
one of the Executive Departments to decide
in the first instance, subject to the future ac-
ton of the legislative power, whether the
public deposities shall remain in the bank OF
the United States until the end of its exis.
tence, or be Withdrawn some time before, the
President has felt himself bound to examine
the question carefully and deliberately in
order to make up his Judgment on the sub
ject: and in his opinion the near approach o
the termination of the charter, and the pubs
lie considerations heretofore mentioned, are
of themselves amply sufficient to justify the
removal of the deposltes without reference
to the conduct Of the Bank, or their safet,
in its Keeping.
But in the conduct Of the Bank NAV b.
found other reasons very Imperative in theI
character, and which require prompt action
Developments have been made from time tt
time of its faiihlesspess as a public agent, it
misapplication ofppblic funds,i interference,
in elections, its efforts, by the machinery o
committees, 10 deprive the Government Di
rectors of full knowledge Of its concerns
and above all, its fragrant misconduct as re
Gently and unexpectedly disclosed in placin!
all the funds of the Bank, including the mon
ey of the Government at the disposition q
the President of the Bank as means of ope
rating upon public opinion and producing
new charter without requiring him to rerde
a ynIc her for their disbursement A hrle