Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-01-02

AuotiAst obu ShatScu Win no uutle9
but such az that win has conferred, has
more power than its creaior7 Can il
be true that the Secretary, representing
ono of the parties TO q contract, With
out violation of single stipulation
of that contract by the other party may
upon general notion Of public into.
rest or convenience, violate, at his
pleasure, the most essential stipulation
OF the whole contract for that other
partyl May he do that, whilst Con.
gress is restrained from ordering a re-
moval of the deposites, under any cir
cumstances; even il the Bank had fail.
ed to fulfil nll the provisions the char.
ter, and the deposites were unsafe, and
the interests ofthe people ofthe United
States imperioasly demanded the re.
moval' May the Secretary remove
them, without any breach of the char.
ter, on the part of the Bank, whilst the
hands of Congress are fast tied, although
the Bank had broken every stipulation
ofihe charter.
The Secretary appears to have been
conscious that this most extraordinary
doctrine required all the bolstering
which he could give it; and he has &C.
cordingly rcsrsated behind precedent
which he alleges to have been furnish.
ed by Mr.. Crawford, one Of his prcde.
cessors. He says "this principle. "fthaf
10, the absolute, unconditional and ex.
elusive power of the Secretary over
the depositcs twas distincfiy asserted
by Ar. Crawford" ain a postscrips
ito his letter to the President of tho
"Mechanics' Bank Of New York, dated
"Feb. 18th. 1917, he says, The Sc.
'cretary Of the Treasury will always
"be dispoBed TO support the credit OF tho
Estate banks, and will invaribly direct
'trensfers from the deposits Of the pub.
"lic money in aid Of their legitimate
"exertions to maintain their credit"
The Secretary alludcs 10 other pas.
cages in the correspondence OF Mr..
Crawford with the Banks about the
period Of the 18th Feb. 1917. But he
contents himself with q single citation
from the postscript; perhaps supposine,
that Congress, like the fairsr portion Of
our species, would deem that the most
important part Of the letter.
Now, Mr.. President, what must DO
your surprise, when he (Mr. G. J stated
that Mr.. Crawford never, in the cor.
referred TO. distinctly ns-
serted any such principle rs his success.
sor attributes TO himl never did claim
for himself, on that occasion, any such
extraordinary and exclusive power over
The deposites7 and that his correspon.
dence was conducted under an authority
totally different from that contained in
the Bank charter7
1t will be rccoilcctcd that, when tho
Bank Of the u. States vas incorporated,
q general suspension Of specie pay.
ments prevailed throughout tho United
States, with the exception OF New En-.
gland. The taxes and duties were
paid in deprecated paper, of which the
million and half "a sum equal TO the
bonu, paid by the Bank Of the United
States, Of unavailable funds, now an
nually reported by the Treasury, is a
part. TO produce q restoration Of n
sound currency was the main object in
establishing that Bank. About that
period q convention Of representatives
from the State Banks was held, and
some were, and others were not, will
ling to resume specie payments. II
was feared by Congress that the Bank
alone might not prove competent to pro-
ducc the desired effect. An auxiliary
measure was deemed necessary; and
that was adopted in the following reso-
luton which was passed on the Both
April, 1916: "Resolved. &c. That the
Secretary Of the Treasury be, and no
hereby is, required and directed to n
dept such measures as he may deem
necessary to cause, as soon as may be,
oil duties, taxes, debts, or sums ofmo.
ney, nccruing or becoming payable to
the United States, TO be collected and
paid in the legal currency Of the Uni
ted States, or Treasury notes. or notes
Of the Bank Of the United States, as by
law provided and declared, or in notes
of Banks which are payable and paid
on demand in legal currency of tho
United States; and that, from and after
the twentieth day of February next,
no such duties, taxes, debts, or sums Of
money accruing or becoming payable
to the United States, as aforesaid, ought
to be collected or received otherwise
than in the legal currency Of the Uni
ted States, or Treasury notes, or notes
ofthe Bank Of the United States, or in
notes of Banks which are payable and
paid on demand, in the SAID legal cur
rency OF the United States.
The letter Of Mr.. Crawford, the post
script of which the Secretary has COM
n,,n;cated TO Congress, bears date the