Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-04-10

Secneo ~ DC CdIIeu IOT, becomes my
duty to myself, in order to guard against
expectations, on the part of the Banks,
that may not be realized, or misappre-
hension elsewhere, distinctly to say that
the performance of the present act OF
duty, as an executive agent, is not to be
understood as an indication Of any inten-
tion on my part, under existing circum-
stances, to exercise the power vested in
me by law. Whether such an emergen-
cy may not arisp as may warrant the ex-
erclse Of that power, it is unnecessary
now to anticipate; it is sufficient to oh
serve, that in my opinion none such ex-
lists at present."
In the afternoon of the day on
which l delivered these instructions, to
the President, for examination, instead
OF message for personal explanation,
received letter, Of which this is a
copy:
The President ofhe United States 10 The
Secretary Of Me Treasury.
WASHINGTON, July 90, 1888.
"My dear sir: cannot perceive the
Prorrety Of the concluding paragraph
(Q) in the draft of instructions, proposed
to the agent Of inquiry, which you have
submitted to Inc this morning; unless you
are determined not to acquiesce in the
decision which the President, on advise
ment with his cabinet, may make after a
full view of all the circumstances of the
case. You may not be aware that such
is the construction which the paragraph
authorizes, and that it is manilestly at
variance with the views which render
the inquiry expedient. The great OBJ
Ject to be obtained by the inquiry is to
ascertain whether the State banks will
agree to become the agents Of the gov
ernment, on the terms proposed, for the
safe keeping and transmission of the
public moneys. Ifthey will, the ground
taken BY the President, should circum-
stances remain as they now are, is that
it will be then expedient and just to re-
sort to them, as substitute for the Bank
Of the United States as a fiscal agent
But lest in the course OF the inquiry
something might arise which would JUS
tiiy different course, it was deemed
best by us, at our last interview, that
there should be no commitment hey yond
the inquiry at this time, as to the action
OF the government in regard to the
change of the deposites; and that on the
latter point, a decision should be post
poned until the report oithe agent should
be received, when there would he full
consideration of the conduct of the bank,
and of all the matters connected with
the substitution of another fiscal agent.
"Previously TO inquiry, however, you
declare that nothing has yet occurred to
render necessary the movement antiCi-
pated by it, and thus leave me to infer
that should the inquiry establish the
competency Of the State banks to per-
form the. agency proposed to them, you
will not feel yourself at liberty to carry
into effect, the decision, transferring the
public deposites to them, which the Pre-
sdent, on advisement with his cabinet,
make. Please inform me whether | am
correct in supposing that this is your de-
termination. If am, it will then be my
duty in frankness and candor to suggest
the course which will be necessary on
my part. am, very respectfully,
Your obedient servant,
ANDREW JACKSON"
/ considered this palpable violation
Of the Presidents assurance, given to
me in his letter of the Goth of June, Bos-
ton, that cit was not his inte ntion to in
terlere with the independent exercise OF
the disc retiOn committed to the Secret.-
ry Of the Treasury, by law, over the sub
ject," Of the deposites; and | was at first
inclined peremptorily to adhere to the
last paragraph (o) Of the instructions.-
1t occurred to me, however, that the
President still admitted in his letter, that
call matters connected with the substi-
tuition Of another fiscal agent" for the
United States Bank, were TO be "fully
considered" knew that the instIuc
tions IAN alteration of which was then
unk to me) contemplated the Pre-
sidenl's bank plan alone, the practicable
ity Of which | doubted. i also knew
that the Instructions contemplated the
collection of information, as to the effect
Of a removal of the deposites upon the
mutual relations OF banks, and upon So
ciety, which il faithfully collected, would
believed, disabuse the Presidents
mind. And | could not with propriety
say that would not at a future period
act, because it might become my duty to
do so. Under these impressions, forth
with wrote the following reply:
The Secretary Of The Treasury 10 The Pre-
sidem fhe United States.
/ TREAsURY DEPARTMENT July 22, 1888.
"Sir-In answer to the letter which ]
have had the honor to receive from you,
this afternoon, l beg leave to state that,