Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-13

exists. ' WIZ 'uO'ec' over "n'eh me power
Lne keeping Of the public money is not matter which
Is ie or was Intended 10 be left al the will the Score.
tsry, other officer Of the Government This nub.
lie money has place fixed by law, and settled by con.
tracts aud this place the Bank Of the u States In this
pacet Is to remain, until some requiring ito
removal To remove it, therefore, from this place with.
Ia. ne occurrence OF just cause Is to ,hwar the end aud
uesgn OF the law, defeat the will OF Congress, violate
tered.
IL fit to be Observed that no other law confers ON the
secretary such wide discretion over the public interests
~ regard to any subject gives him power to act
OF Others, or on the rights Of the public in part
MS omciai dulles, with so Unlimited authority 10
here asserted Every where ese appears in the cha.
rac,e OF limited aud restricted agent He is finan.
a' oeer OF Tue Government; he is the head Of the De-
parment OF the Treasury His duty Isl 10 report snnual-
10 Congress the state OF the finances and commu-
n'ca'e TO either House, when requested any inforna-
non respecting the Treasury and he is 10 superntend
| the collection OF the revenue But he has no autho-
,my over the circulating medium Of the coustry, eli.
ue9 metallic or paper, has lie the control tho
"a'onal currency 1t is part of his duty either to
contract or expand the circulation Of bank paper, in
ny oher way TO exercise general superintendence
the money system OF the country. These general
ofthe Government and the people not confided his
hands by any Of the laws which created his office and
have prescribed his dutesand the committee of OPT
no that the charter oil the bank more TO give
such wide scope Secretary ia regard to the de-
Posies, than other laws intended give him the same
wide scope, in respect to other duties Of his Office No
inma'on OF such Intention is found either in the charter
ise or IN any OF the legislative debates which took place
IN both Houses when the bank established; in the
discussions which have been had the various
|
calling forth The sentiment OF Congress- In these
sources Is there 10 be found any proof that the Lega-
ture has delegated, intended 10 this
y power oJudgng OF the general interest oihe people, to
the Secretary Of The Treasury Such power did he pos.
sess " would necessarily make him the general superin
'endent Of all the proceedings oil the bankbecause IL
would enable him to compel the bank conform all its
operations to his pleasure, under penalty Of suffering
mova OF the public moneys This would little less than
placing all The substantial power Of managing the bank,
in his hands But he is not by law its manager
OF its managers-nor has he any right in any form,
| tha
very language OF the charter all idea OF such
general supervision over its by him. any other
omcer oil Government That language is, that 'Tor the
management Of The affairs Of the corporation there shall
be twenty directors annually chosen: and, under the
restrictions contained in the charter, these directors
entrusted with the whole general business OF the bank
subject, OF course to all the provisions Of the charter and
ne ny laws subject loo, always, to the inspection and
to regular inquiry, aud bound always communicate TO
the head OF The Treasury Department, request state
ents OF its amount Of STOCK debts DUE deposited,
notes in circulation, and specie on hand.
Under these restrictions the establishment Of its Offices,
and the appointment of its officers, the of its dis
coun and every thing respecting those discounts its pur
chases and sales of exchange and all other OF The
institution are to be conducted and managed by the di
rectors.
There is nothing in the charter, giving the slight
est authority TO the Secretary to decide, between
the people on the other, whether the general manage
ment oil the directors is wise unwe, whether in
regard TO matters not connected with the deposites it
has has violated the conditions OF its charter
Ihe statement which the Bank is bound make TO tho
secretary lie may lay before CoDgress and he doubt
less bound by his official duty, to communicate Con-
gess any other inornato in his possession tending in
his Judgment show that the bank had its
CHARTER or tailed TO fulfil all or any Of its duties. But
here his authority far regards the general course
and operations oil the bank ends. Ii is then for Congress
TO act II it occasion, and adopt regular renee
dies, Tor any evils which it may suppose exist BUTT
anscends the power OF Congress itself pronounce the
charter violated without hearing, without trial, without
Judgment far less such power Of final
judgment confined to the Secretary. His power simply
is that in regard to the depostes of the public money he
ia In Tho fret
arisen for their removal.
The Secretary suppose, indeed the very basis
oil his argument that the law has conded to him
genera guardianship the public welfare, far
that we fare Is IN any way connected with the bank
liable TO be affected by its proceedings and that he holds
the power OF the removing the deposes the means
instrument by which he is enforce his opinions
respecting that welfare The committee do adopt this
opinion They think that If such had been the design of
the law its provisions would have been different from
those which il does actually contain.
III such general guardianship had been intended TO be
conferred the Secretary is 10 believe that
he would have been vested with powers suitable to
such high trust Ii he had been made, intended to
be made general inspector superintendent, other
hoy than merely that Of removing the deposites would
have been given him, Tor this plain reason, that the CO.
venment aud the country have interests Of much magn
tude connected with the bank, besides The deposes Of
The pubic moneys in IFS vaults, and TO which interests if
endangered tie removal of the depostes would bring no
security.
The Government is proprietor of millions Of the
stock OF the bank and yet no authority is given the
Secretary 10 sell this stock under any what.
ever, or in any other way to interfere with it.
The bill and notes OF the bank
in all payments to the United States until Congress shall
otherwise order; and power given the Secretary
10 prevent their being received, either during ses-
sion OF Congress- in its recess, however the credit of
| these bills aud notes might become deprecated.
How Is IL possible TO conceive that il Congress in
tended TO give 10 the Secretary general right Judge
OF the operations and proceedings of the bank pow
oil declare when il had violated duty and
was no longer trust worthy, it should yet leave him un-
der absolute obligation receive its bills and notes
in all payments 10 the Treasury, though they might have
lost all credit aud place in his hands
his high authority ofsuPerInteDden except the pow
| err OF removal.
Wherever IL Is clear that Congress has given the Sc
creary power has given him the OF informing
his judgment the propety Of exercising that power
He has power the deposiies and ample cans
afforded him by which he may learn, from time TO time
whether those deposes sale. For this purpose il is
expressly made the duty Of the bank 10 furnish him. so
often he shall require, IL not oftener than once
week, with statement Ct the amount of the capital
Of the corporation, OF the debts due 10 IT, OF the
deposited in IT, OF lite notes in circulation and spe.
hand, and he has right inspect the general ac-
COUNT in the BOOKS Of the bank, relating TO this statement
This statement enables him Judge OF The solvency
stability OF The bank, and Of the safety Of The public
ney deposited in it. Here, them power, and all APP
proprse given for the aud enlightened exercise
Of that power Confined to the depotes, the power is
with all rational auxilsres and attendants.
But Tor the depreciation Of The bills OF the bank, should
that happen and for other cases Of NAL Administrations Con-
gees has provided just aud appropriate remedies TO DO
APPLIED by itself or Others in exclusion OF the Secretary
For redress Of these evils, no power is given TO him.
For fbe security the public interest the law reserves