Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-03-20

to depnsite the public money 10 the Bank Of the
United States, It would be his duty TO direct its
deposite TO the credit Of the Treasurer, in some
safe place: But, at the threshold he IS met with
the question, what would be safe place. Does
il become him TO Judge Of the solIdity OF an iDar
tuition by hcarsay? But, even if he chose to
take that responsibility, has he any right 10 go
lurthers the plan suggested by thePrcsident pros
poses a contract with divers Banks, according to
which certain service is TO be rendered by one
party, for the privilege Of trading upon the mo-
ney II the other. Has the undersigned authority
10 create sort Of charter Has he any rights 10
any way, or for any time, to bind the United
Statess Have the local Beuks any right 10 bind
themselves! II they have, what is the security,
and who is the Judge Of III Has the undersigned
a right TO contract, that certain Banks may con.
tract with other Banks, unknown TO him. Has
the undersigned any right. or is it discreet, 10
leave TO any agent the right, to decide, in the
course OF two months, upon the condition of all
the Banks, that may be necessary for the opera
tions Of Government II there is no law, grant
ing powers needful in doubtful cases, can the IN
dersigned discreetly take them on his own res
pom ,blity, Can Il be, for one moment, fancied
that, beside the summary power TO take away
the legislative power to authorize a disposition Of
| the public money, was conferred upon the under
signedl is it 10 be believed, that section Of Q
charter, obviously meant for extreme cases only
authorized the undersigned, in the absence OF a.
ny necessity. TO take the public money from q
Bank, over which there is control, and distri-
butte II amongst Institutions, over which no con
troll exists? The 10th section of the United
States Bank charter directs that the public mo
ney shall be deposited in that institution, unless
the Secretary Of the Treasury shall direct other
wise; but so jealous Congress Of the power
| to withhold, thus conferred, that the Secretary
| is enjoined to give reasons Immediately to them,
obvi ously showing that Congress considered them
selves alone competent to judge of the necessity
Of aremoyal from one agent, and the pToprtety OF
the substitute So that the undersigned deems
| il proper to use extreme caution ground un-
trodden.
The undersigned is indeed aware, that certain
| local Banks are now, from supposed necessity,
used fiscal agents; and that several of his pre-
deccssors, act Of ministerial duty, or sup
posed necessity, at various times, and under va
rious circumstances, made arrangements with
State Banks; (the particulars ofwhich he cannot
now ascertain, owing TO the destruction OF the
Treasury offce) but he also knows, that, under
those arrangements, the country lost between one
and two millions of dollars, whilst, Of upwards
of four hundred millions from time to time in the
custody Of the United States Bank, not one cent
has been lost. The undersigned does not use this
as an argument in favor Of renewal OF the char
ter, to which he is opposed, but he states tn,
! facts, to show, that he ought to have very strong
reasons, indeed, 10 present to Congress, for ex-
changing accrtainty for an uncertainty.
He repeats, an uncertainty: for, il one of his
"the multiplication of Banks, in the several
States, has so increased the paper currency, that
it would be difficult to calculate its amount, and
still more difficult to ascertain its value" how
much more doubt should the undersigned enter
tain at the present day?
Besides, the undersigned pleads the authority
of the President himself, in the letter now under
consideration as ground for hesitation. The Pre-
s.dent does not pretend that the proposed scheme
will answer; he barely SAYS he thinks il will
N hal .fye.sE
sure upon premises presented by local institu
tons. But even upon such representations the
President does not rely, for he does rot suggest a
plan Tor actual or continued operation, but mere
ly as an experiment Has the undersigned the
right to make experiments upon such important
matters! Did Congress, in allowing him TO re-
tain out Of bank, the public money, confer on
hun legislative and executive power united? AS
already alluded 10, the anxious care, that at once
the undersigned should report TO Congress, after
resolving to retain the money out Of bank, shows
that it was not meant that the undersigned should
make experiments. As it is clear, therefore, on
the Presidents own view, that he is in doubt as
TO substitute, that he is prepared for test on
ly, and as the power Of the undersigned will end
on his report to Congress, can il surprise the
PresIdenl that the Undersigned is in doubt also?
u an experiment must be made, is il not courte
Gus 10 those, of whom the President considers
the undersigned in this case the agent, to await
their instruction? Have not the constitutional
holders of the public purse the only me ans that
can be safely used for making such trials?
But If Congress should not interrupt an
experiment, and the experiment should
fail, as the undersigned thinks it would
is he then to make another? Will not
failure of any precipitate, undigested, and
scheme. give vigor to the
claim Of the United States Bank for re
newal Of its charter Will it not be urged
that the inadequacy Of the Presidents
own project proved the necessity Of re
tanning an organ, that, for fiscal purposes
had such obvious advantages over local
banks? The President, besides, seems to
think, that time will be necessary to test
the project, and desires that the trial will
be made, so as to meet the dissolution of
the United States Bank This rests on
the presumption that Congress will not
interfere; whereas, the undersigned be
iieves, that the operations will have scarce
ly been commenced, ere the apparatus
will be demolished; an occurrence, which, !
for the sake of the President, as well as
himself, the undersigned desires not TO
witness.
Then, is it likely that banks of any
'olidity will embark in spch project,
when they know that It may, and pfoba-
bly, will, be arrested by Congress? Is
there the least reason to suppose that
banks of good standing will guarantee the
acts of banks in remote parts of the u
mon? Would the undersigned be pru-
dent in allying the country with banks |
willing 10 make such a common causeP
So great were the difficulties of the Bank
of Pennsylvania. and SO great were the
losses arising out of transactions with dis
tant banks, after the dissolution of the old
Bank ofthe United States, that it declined
TO be accountable TO the Union for the pub
lie money placed in those banks. Does
not the President see that, however selfish |
the United States Bank may be, the local
banks have not more extended principles |
of actionP VIII not the anxiety to make
money, the ignorance, or the imprudence,
of particularly remote local banks, tempt
them so 10 extend their loans, and trade |
upon the public money, that when that
money shall be called for, they may either
fail TO pay it, or ruin their debtors by de-
handing its return? Upon whom would
reDrOach in such events he castp NJ,