Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-04-24

= competing 1t TO cease Calculating bs.
It hotes, and enabling the others to Giro
Il tate them more extensively. In fine,
compelling them all to give him inc
rectly The management of banks. vii
out any law to warrant it. and to sure
der . themselves, contrary to the Law
by Wh'ch they are exclusively entitle
tolt. 4 power to do this no conere
f could 'awfully give to secretary Of Ii
Fl treasF.1, and no congress therefor
J should be presumed to have given it,
It's delegation of the highest powers {
leg's Station, under the form of mineste
rial agency. If there is any legislativ
power which demands more circun
sPectlon in its use than any other, it i
that OF regulating the currency. Til
currency is the measure of value of ey
cry mans property, of his contracts. O
indemnify for the breach of them. AM
OF the revenue. Of the country; anc
without due adjustment of il, it is
hopeless effort TO distribute in equal pro
portion among the citizens either the
burdens or advantages of civil society
deranged currency deranges every in
stltutlon Of the country that has any re-
latlon to property. 1t makes laws, prom
ises, the verdicts of jurie- and the iudg
ments OF courts, speak unintentionaly
the language of falsehood or deceit
1t gives premium to fraud, and strips
honest labor Of its scanty earnings, by
Pi ying to it half Of its just recompensr
in the false and counterfeit name of the
whole: Yet this power the secretary
OF treasury claims to exercise, by dele
CATION from the representatives. of the
people, and he has proceeded to the ex-
erclSe of it, with consequences which
are now spreading in wave of destruc-
ton over the whole country. The sec
rotary claims the power to remove the
public dcposites from the bank, if in a
ny degree it tends to promote the con
venience Of the people, that is to say,
it it SO tends in his opinion; and his o.
plnlon, with this mighty lever OF the
public revenue, is, consequently, 10
sway the universal interests of this i'm
mense people. And what are the d.
rect evidences that congress meant to
give secretary OF the treasury any such
power? He is not by law entrusted
with the custody Of a single dollar of
the public treasure. His hands do moi
legally receive 1t, and cannot legally
hold it. His duty is to prepare plans
fo' the management and improvement
OF the revenue, to prepare estimates of
the revenue and expenditures, to super
intend the collection of the revenue, to
decide on the forms of keeping and sta
ting accounts, and to grant warrants i'll
pursuance of appropriations by law
The notes of the bank Of the United
States, against which this. battery is di-
rected, he is bound by law to protect,
by requiring all public collectors to re-
ceive them in all payments to the Uni
ted States. The stock of the nation in
the bank Of United States he cannot
sell, nor seperate thei: interest, to the
extent of seven millions, from that Of
the other stockholders Of the bank =
The payment of the interest and princi-
pal of the public debt must be made by
and through the bank, as commissioners
Of loans. The military pensions must
be paid through the same channel
And thus, while several permanent laws
of congress, without any limitation in
point of time. sustain the circulation of
the bank, the relations between the
bank and the treasury, and the control
thus obtained over the currency Of the
country, the secretary of the treasury,
under provisional clause in the bank
charter, to order that the deposites of
the public moneys shall not be made
there, claims the authority to break up
the present system, and to substitute
another, for regulating the currency and
property,of twenty -four states and thir-
teen millions OF people. The minority
do not believe that like attempt has
ever before been made, with OF without
authority, and all present indications
are inconceivably deceptive, if the re-
salt shall not afford memorable warn
ing against the like attempt again.
The secretary's plan is now called an
experiment. The name is adopted, be-
cause il would seem only to defer, aud
not absolutely to destroy, the hope OF
ultimate safety. IT is adopted, because
it would seem to make those who prose
cute it responsible for less because the,
promise less. But the change of nam'
changes neither the thing nor the re