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

FTNANCE.
me COMMITTEE on Finance to whom referred the
port OF the Secretary OF the Treasury Of 81 Decem-
per, 1888 on the remov. OF the public deposiies from
the Bank OF the United States and a resolution sub.
mtisd TO the Senate by an honorable member from
Kentucky, declaring that the assigned by tho
Secretary for the removal the said depostes are IN
satisfactory and insufficient, have agreed the follow
ing report:
The act incorporating the Bank OF the United States
sJusy remarked by the Secretary isa contract conta
Ing slpulalions the part OF the and the
part The corporation, entered into Tor full and
consideration.
The Government became party 10 this contract by grant,
consderao says the charter, of the exclusive ptyi-
eges and benefits conferred by this .sid bank
the president and directors there shall pay the United
States, out Of the corporate funds thereof million
five hundred thousand dollars, in three equal pal
and in another section declares, that durng the coninu.
anee OIL this act and whenever required by the Secretary
oil the Teasuy the said shall give the
sary facilities tor transferring the public fund, from place
10 place, withn the United States the
Of, and for distributing the in payment of public
creditors, without charging commissions, claiming al
owance on account OF difference Of exchange; and shall
do and perform the several respective duties of the COM
mssoners OF loans for the several States any one or
more oil them, whenever required by law"
The section immediate following this provision is in
these words Sind be further enacted, That the de-
positss OF the money OF the United States in places
In which the said bank and branches thereof may
be established shall be made in said bank branches
less The Secretary oil the Treasury shall at any time
Otherwise order and direct; in which the Secretary
the treasury shall immediately lay before Congress- in
session. and not, Immediately after the
OF the next session. the for order or direc.
ton"
II not 10 be denied or doubted that this custody of the
public deposes OF the "bene6ts" conferred Oh
the bank by the charter in consideration of the money
PAID and the services undertaken be performed by the
bank 10 The Governnen and TO this custody the bank
just right unless such causes have arisen as NAV
nave lusnhed The Secretary in giving an order and d
rec'ion Tor changing that custody Any order
therefore issued under the provisions this law.
ly involves consideration OF the just the Secre
tary's power and oil the rights OF the bank.
Congress, making this isiou,
had in view the safety OF the public funds and certain
important financial Objects well as the making of us
consideration TO the bank for the paid, and the
vices undertaken by IL; and with this W, also has
pressed lis wiII that the deposies shall continue be
made IN tile bank until good shall arise for ordering
otherwise Vi this good cause The Secretary Of the Trea
sury, in the first instance, and Congress ultimately and
eonc'nsyey' constituted the Judge Every ORDER there
lore, oil the Secretary for changing the depo presents
Tor The examination oil Congress, question OF general po
litica proprieiy and exPediency, well question OF
right and obligation 10 the bank.
These questions may be considered together. They
are intimately Connected; because the tight OF the bank
10 retain the deposes end eDjon the advantages be
derived hereirom, cannot be denied, unless case is
shown to have arisen within the just power Of removal
vested In the Secretary, and which made il his duty
exercise that power. The Secretary is only 10 remove
the depostes for reasons OF these he give
account 10 Congress- if they be insuc ent TO Justify
the removal the bank has RICH, to of the depo-
ses, and the country has right also, expec, that
that case, The public treasure will be restored
place OF safety.
The Secretary having removed the deposes and hav-
ing reported his both Houses. the whole SUBJ
ject now before Congress, by way OF appeal from
decisions and the question Is whether that ought
10 stand, or ought TO be reserved.
The power oil the Secretary under The law is evident
ly but Provisional IL is power which he may exercise
IN the first instance, but the propricy OF his conduct in
every instance of its exercise ultimately reerred to the
wisdom OF Congress- and by Congress be Judged
He is authorised to do the act but Congress is
II when done and to confirm il. The Secrc-
ary may change the deposites, but when changed Con-
gress is to decide the of such change with au
thorty either removal to restore the de.
n of rgIf nd
diency.
In order to decide whether the act of the Secretary
ought TO be confirmed, il requisite in the first place.
form just opinion of the extent Of hi. under
the law and in the second place consider the validity
of the which he has specially assigned Tor the
exercise OF that power in The present case.
The opinion OF the Secretary IT, that his power over the
deposite so far as respects the rights OF the bank not
limited TO any particular contingencies but is absolute and
unconditional. II il be absolute and unconditional,
far respects the rights OF the bank, il must
be absolute and unconditional in all other respects:
because is obvious that if be any limitation that
limitation simposed much for the OF the bank as for
the security OF the country The bank has Tor
the keeping OF the public moneys, and paid for it,
privilege benefit 1t has agreed, the time that
the Secretary shall possess the power but en
IL il also agreed, that wherever this power is
reasons therefor shall be reported TO Congress; Con-
gress being thus constituted The final Judge, as well
Of the rights Of The BANK in dis part eoaT, Of rbs
power be in truth absolute and unconditional il rcstrsns
Congress from judging whether the public good injured
by the removal just much If estrans il from Judy
ing whether the rights OF the bank injured by the re-
because the mitaio II any, is equally for the
secoriiy OF the bank and OF the public.
IL the bank is interested in retaining the deposites
il is interested in tie truth alsity In the .uicency or
Dsufciency Of the given Tor their removal Es
peciay is so interested since these are 10 be
rendered tribunal which is 10 judge the Secreta
ry and may form different opinion the validity of these
reasons, and may reverse his decision 1t clearly has
interest in retsning the depoes, aud therefore is
ceery concerned in the Which the Secretary may
give Tor their removal. And be is bound give rea-
sons this circumstance shows that his authority
not absolute aud unconditional Because how can an an.
peal be given from the decision OF absolute power and
how such power be called give reasons for any
instance of its exercsel II IL be absolute its only res-
son is a reference TO its will.
The committee think, therefore, that absolute and
unconditional power conferred the Secretary; that
no authority given him by which he could deprive
the bank of the custody Of the public moneys without
son; aud that therefore, his opinion is not 10 be ADMITTEDLY
that event order Tor removing the deposies
impair The right secured 10 the bank by the charer IL
removed without good cause, the committee think the re-
movs does impair the rights Of the bank.
But the opinion OF the Secretary 10 his powers,
hardly limited In respect TO The Government aud
the country, Than in regard the rights Of The bank
His opinion is that IL is his duty, and within his
ihority n this view, also withdraw the deposes OF the
public money from the bank, whenever such change
would, ia any degree, promote the public interest. "The
saeiy Of the deposites he tbe ability OF the bank
10 meet engagements, its fidelity in The performance OF
It's obligations only part Of The considerations by
which his judgment must be guided The general utter
est ard convenience Of tie people must regulate his
duct"
BY the general interest and convenience Of the people
the Secretary only Of course bis own sense Of
that interest aud conveDence because they not other
sci. IN he inedti thanh nv his ovn M