Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-12-11

cklngulsHllcnt OF lne HulIoHdI ueDl, ana inc /
prosperous state Of our finances, let us not be
tempted to depart from those sound maXims
Of public policy, which cnjoin just adoption
of the revenue, to the expenditures that are
consistent with rigid economy, and an en-
tire abstinence from all topics Of legislation,
that are not clearly within the constitutional
powers of the Government, and suggested
bv the wants Of the country. Properly re-
gardcd, under such a policy, every dminu-
ton ol the public burdens arising from taxa.
ton, gives to individual enterprise, increased
power, aud furnishes to all the members of
our mppy Confcdcracy, new motives for pa
III )tic affection and support. But above al,
It's most important effect will be found in its
influence upon the character Of the Govern
mcnt by continng its action to thLs, objects
which will be sure to secure to it the attach
ment and support of our tcllow-cItlzens.
Circumstances make it my duty TO call the
attention of Congress to the Bank of the Uni
ted States. Created for the convenience of
the Government, that institution has become
the scourge of the People. Its interference
u postpone the payment Of portion of the
national debt, that it might retain the public
money appropriated for that purpose, to
strengthen it in u political contcst-the cX-
traordlnary extension and contraction Of its
accommodations to the communicates cor
rupt and partisan loans-its exclusion Of the
public directors from Il knowledge Of its most
important proceedmgs--the Unlimited au-
thority conferred on the President to cXpend
its funds III hiring writers, and procuring the
execution of printing, and the use made of
that authority-the retention of the pension
money and books after the selection of new
agents-the groundless claim 10 heavy dam
ages, in consequence of the protest Of the bill
drawn Oh the French Government have,
through various channels, been laid before
Congress. Immediately after the close ofthe
( last session, the Bank, through its resident
announced its ability and readiness to aban-
don the system of unparalleled curalment
and the interruption Of domestic exchanges,
which it had practlsed upon from the lst Of
August, 1888, to the Both June, 1891, and to
extend lis accommodations 10 the coAmuni-
! ty. The grounds assumed in this annunciu-
ton, amounted to an acknowledgment that
/ the cultaiment, III the extent to which it had
been carried, was not necessary to the safety
of the Bank, and had been persisted in mere
, ly to induce Congress to grant the prayer of
the Bank III It's memorial, relative to the re-
moval OF the depostes, and to give new
character. They were substantially Il con-
iession that all the real distrcsscs which indi-
viduas and the country had endured for the
preceding six or eight months, had been
needcssly produced by it, with the view Of
cllecting, through the suilerlngs Of the pco-
pie, the legislative action OF Congress. 1t is
Il subject of congratulations that Congress and
the country had the virtue and iirmncss to
bear the inillction that the energies Of our
people soon found relief from this wanton ty-
ranny, in vast importatlons of the precious
metals from almost every part of the world {;
and that at the close ofthis tremendous effort
to control our Government, the Bank found
itself powerlcss, and no longer able to loan
out its surplus means. The community had
learned to manage lis affairs, without its as
sistance, and trade had already found new
auXlliaries SO that on the first of October
last, the extraordinary spectacle was pre-
sented Of a National Bank, more than one
half of whose capital was either lying unpro-
ductive in its vaults, or in tive hands ofioreign
bankers.
70 the needless dstresses brought on the
country, during the last session of Congress
has been added the open seizure Of the divi
dends on the public stock, to the amount o.
one hundred and seventy thousand and forty
one dollars, under prctcnce Of paying dana.
ges, costs, and Interest, upon the prote ste,
French Bill. This sum constituted u portion
Of the estimated revenues, for the year 1884
upon which the appropriations made by Con.
gress were based. 1t would as soon have
been expected that our collectors would seize
on the customs, or the receivers Of our lane
Offices on the moneys arising from the sale O
pubic lands, under the pretences OF claims
against the United States, as the Bank woul,
have retained the dividends. Indeed, if Tn,
principle be established that any one VIII,
chooses to set up claim against the Unltet
States, may, without authority Of law, sci2,
on the pubic property or money wherever h,
can lind 1t, to pay the claim, there will re
main 10 assurance that our revenue will reacl
the Treasury, or that it will be applied ate
the appropriation to the purposes designate,
IN the law. The paymasters of our army, Ian,
the pursers OF our navy, may, under like pre-
tences, apply to their own use, moneys ap
propratcd to set in motion the public forces
and III time of war, leave the country withou
defence. This measure resorted to by th
Bank, Is dlsorganizing and revolutionary, an,
geheraily resorted to by private citizens il
like cases, would fill the land with anarch
and violence.
1t is constitutional provision that "no mo
ney shall be drawn from the Treasury but j
consequence OF appropriations made by law
The palpable object of this provision is t
prevent the expenditure of the public none,
for any purpose whatsoever, which shall nc
, have been first approved by the Representa-
: tives Of the People and the States in Con
! gress assembled. 1t vests the power of dc
clarlng for what purposes the public none
shall be expended, in the Legislative dcpar,
| ment of the government, to the exclusion {
5 the executive and Judicial, and it is not witt
D in the constitutional authority Of either {
t those departments, to pay it away withol
r law, or to sanction its payment. Accordin