Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-03-21

en- aeoni give" In terms as brosd as tho language
there was but one possible conpsencv in which dis nm
qusbed discretion could be exercised. WHY not have
oehhea the authority so as TO limit il to that
me ttue, moreover, require him to give the yeosons
ana yet the argument is that there Is but one ble
reason Which can be given
But this power removing the depostes could moi nos
% oe used without entirely prostrang and
e cedt oil the ins'ituton if its credit before SO
opposite was changed-and thus the act done for the
sAey OF The money apprehended be in danger would
a ms CERTAIN means Of still more cndangerng it, And
10 auuioh TO all tbs another clause Of the Bank charter
directs that all dues to the Government shall be receya
Ole IN notes OF the Bank OF the United States until Con.
sTess snah otherwise order and direct Now, cannot
comprehend what advantage would be to the safety of
me puphc money TO remove it long this provision
eSisted as it is obviously matter of no sort of cope
quence whether the public money exists in Bank credits
or IN Bank notes These give promise to pay--tbose
recognise re with the same solemny the obligation pay.
men, the safety OF the public money had been the only
or the chief consideration with the trainers of the bank
charter, hey would have given the Secretary as the
OF the bank. ~ ~
This notion that the deposes can only be removed on
he ground mat they are unsafe generally abandoned
here The Bank OF the United States 10 he sure main
tains TINS propositions but of its friends here
ha mere are other reasons for which the Secretary would
DC uuhed in removing the deposes; one is the failure
OF me Bank TO transfer the public money from place to
place. as required by of the s,ipuaon of the charter
Now, sir, recollect that this last would he violation
OF one oil NE fundamental articles of the charter. And
now can those who make this concession use with so
much eaEnestnass as they do, the denunciaons against
mova oil the deposites that the Bank had violated its
IN another important article. Ii is said with great
pausiohy That the President and Secretary have ASSUME
ed Judicial authority, and have deprived the Bank of the
oeneh oil trial by jury, the great palladium of liberty;
ana when 'hey admit that he may remove the deposites
because oil an act which could constitute ground for the
forfeiture Of the charter, do they not themselves admit
that he may protect the interests the country from the
misconduct OF the Bank far as the removal of the de-
posites is concerned without wn,ung he T
court or the verdict of a Jury.
10 not know that there is any other question growing
,lo n
Iaure, except perhaps, the idea that the Bank of The
United States made by the Bank charter the Treasury
OF The United States and that, queny the removal
oil the deposites from that Bank in violation of that pro
vision oil the Constitution which requires that no money
sha DC drawn rom the Treasury but in pursuance OF
Poptiauohs made by law. The obvious this is
that the Bank is made the Treasury by The 10Th Sc ction
oil me charter the same section gives the Secretary the
authority TO say 1t shall not be The Treasury IL is the
only clause OF the charter from which idea is derived
tits follows: "That the depoes of the money of the
United States in places in which the said Bank Branch
es thereof may be established shall be made said Bank
or branches thereof unless the Secretary of the Treasury
shall at any time otherwise order and drec in which
case the Secretary shall Immediately lay before Congress
in session. and, not Immediately after the commence
direction"
The truth is, that the public money no matter where il
s 10 the credit oil the Treasurer OF the United States is
in the Treasury. The public money while in the Bank
oil the United States, is in the Treasury and when il is
removed thence by The officer is authorized so 10 COR
der and drect and placed elsewhere, is still in the
treasury Ii is said, that the Secretary OF the Treasure
has undertaken TO do what the whole cannot
uo 10 WI: lend out the public money support the credit
1 G.', nanks 'ake Tor granted the principle is true;
ou u the deposte OF portion of the public funds in
State Bank be loan 10 that Bank therefore illegal ia
not equally Illegal, and equally loan 10 depose il in
Bank is not loan all Its selected as place for keen
ing the public money until is As TO the autbo
y Of the Secretary OF the Treasury, ad interim, and in
the absence oil special legislation, select the place of
keeping The public money, have only 10 saw that il
seems TO have been the universal construction OF the De-
parmen,, from 1889 down the present tme-constan,iv
The of
gress, who have thereby given silent acauescence in
II. Mr.. Hamilton while he was Secretary, exercised this
au'hory anu detailed, in arepor to Congress in 1894
the practice OF the Department under Interpretation of
the law then adopted When the old Bank of the United
States expired, In 1871, Mr. Gsain was Secretary of fe
Treasury and as such, selected the places OF deposte
and prescribed the stipulaons which TO be made
MIR Crawford, both before and after the establishment
OF The present Bank, pursued the And the
Bank charter ITSELF in two of its clauses recognises this
authority The 18th section authorizes the Secretary of
the Treasury TO direct that the deposes shall not be made
in the Bank Of the United States Now if the Treasurer
is authorized under the law of $780, to select the place
OF depos,e he may immediately order them back, which
would render nugstory the authority given to the Secre-
tay Another clause OF the Bank charter requires the
Bank 10 give facilities for the of the public mo-
ney whenever required by "he Secretary the Treasu-
r. Thus distinctly recognising that officer as entitled
to direct where the public money shall be placed.
do not mean, Mr. Speaker, at this dme exhausted as
Is my strength, and worn out the patience of fbe
House must be, TO enter into examination of the rea
sons alleged by the Secretary for the removal of the de-
posites The alleged by him if substantiaed arc
in my judgment, such as justified the Withdrawing and
Withholding the public depostes, far as the rights of
the Bank erned; and enough these charged
seem 10 be admitted established my In
have warranted The act oil removal ia point legal aso-
rity. think, however, that it was effected In wav
which was basty and ljudged. The sudden and unex.
pected manner in which the determination 10 cbanqe
the place of deposito was announced, without notice
TO the Bank or 10 the country, was, think, unwise
and prejudcid TO the interests of the community
That the Bank itself has contributed by its course to in
crease the evils arising from this proceeding can have
no doubt. But think ii extraordinary doctrine indeed
that obliged 10 keep the public money in bank
which has violated fundamental article of its charter
which, in effect excludes The Government Director from,
all participation knowledge OF its important concerns
which in spite OF the express directions OF the charter
that directors shall constitute quorum 10 do bust
ness, commits to bcommitee, chosen by the presi-
dent OF the bank the transaction OF business most mate.
rally affecting the general interests OF the community
and which finally eSpends large OF money beIopp.
ing TO the public well the other stockholders for The
purpose of controlling the politics Of the country.
This last charge IL has been attempted 10 SUR over and
dcue as unworthy oil serious notice, well as untrue
in loc regard it, however, imporiant in principle
and it seems r. be sufficiently established proof The
printing accounts Of the bank prior TO 1929 when General
JacksoDs first message issued had not ordinarily ex-
ceeded about seven or eight hundred dollars per
From that time its expenses for printing documents and
says, rapidly and enormously increased and IN 1892 ii
mistake not the amount expended under the resolution
authorizing the President Of The Bank TO procure and cir.
cuate such documents and pamphlets as were calcuat-
ed 20 enghten the public mind TO the and
rs,ions of the bank,J G think that is the language swell
veto and the presidential election In 1888 the wear az
ter the serious ASSAULT made by the President
on the credit Of the institution, and when therefore the mo-
i've Of defending the bank against these assaulfs was