Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-02-06

ItrolIer does not so countersign 1t; yet the
Bank of the United States paid these
drafts, to the amount Of two millions and
"a quarter. without the countersignlng OF
the Comptroller, and in so doing, admit
ted that the money was not drawn cut Of
the Treasury. This was conclusive, and
lput the Bank Of the United States in the
position of tontradicting all ITS advocates,
I 10 the assumption that the Bank is the
| Treasury.
/ Mr.. 3. took a further view Of the new
tangled conception that the Bank OF the
United States was The Treasury OF the
United States. Itfollowed from that doc
trine that where there was no branch OF
the United States Bank there could be ITO
Treasury, and no public moneys. Now
SIX or eight States Of this Union had no
branch; lie three Territories had none ;
by consequence no public moneys could
he sent to those States and Territories.
Again: the Bank of the United States was
not obliged to establish a branch in sin.
gle State, only in the District OF column
Ibia. so that il she withdrew her branches,
40 public money could be kept except in
Philadelphia and Washington. lie traced
the origin Of this assumption thai the
Bank was the Treasury TO the great meas
Iure introduced by President Jackson in
the first year Of his administration Tor the
protection ofthe Treasury. which was that
1.-THE Treasury warrant should be filed in
the Bank which paid the money. Before
That time the Treasurer issued his check
on the Bank for the money, and 1t was
paid on his single check; since then 'hree
other names must 60 te the Bank win
Ibis, TO wit, that Of the Comptroller, that
Of the Register, and that Of the Secretary
of the Treasury, and this formed the true
defence and security Of the Treasury
The Trcasurer's bond, for $4,000 was
Incthing to a man who would check for
thirty millions ina year. President Jack;
son. in the first months Of his administra-
lion, supplying the deficiencies OF all his
predecessors. applied the true remedy;
Secretary Ingham wrote the Circular: ne
Mr.. B } rad read extracts from II; It did
high honor to the new admins ration. II
put the Treasury hey end the reach OF be-
ing injured by any Treasurer. lnt
Treasurer's check could not now draw
one dollar without three other names upos'
lit, and the filing of the warrant Under tae
seal of the Treasury. Tie Bank is now
to see the warrant, and TO hold II, ana ne
cause this warrant was formerly retaihea
by the Treasurer, and the Bank thinks
itself the Treasury because for SIX years
it has had the Treasury warrants, hstead
Of the Treasurrr's check. Mr. .. mere
commented upon the strangeness OF '''
tune, thai President who had devised
true and imprpgnable safeguard Tor inc
Treasury, should be charged With SEEING ~
il. and his conduct compared to Una. -
Caesar in pillaging the gold which rom
pey, the Consuls and the Senate were sil
iy enough to leave behind in the temple
Of Jupiter when they fed from Rome.
Mr.. B. held that the Secretary OF Inc
Treasury was row acquitted: that the
Treasurer himself " AS freed from the pen
allies of the act Of 1889: that both were
found to be borne out by the law; and ~,
regretted that these officers bad net had
an opportunity Of showing to their accus
ers and judges the difference between a
Treasury warrant, and transfer orai''
before sentence ofcondemnation had been
passed upon them for mere defect OF that
knowledge.
Conclusion Of Nh. Clay's speech on the De-
posites.
If we examine he operations OF the
Secretary in their fi.arcial bearings
merely, we shall find still less for aPpro
baton.
/. He withdraws the public moneys,
where, by his own deliberate admission,
they were perfectly safe, with Bank OF
thirty FIVE millions Of capital, and ten mil
lions Of specie, and he places them at
Urea, hazard. with Banks If comparative
Nv small capital and but little specie, Of
which the Metropolis Bank is an exam
lple. :,
9. He withdraws them from Bank
created by, and over which The Federal
Government had ample control, and puts
them in other Banks, created by differeni
Governments, and over which it has no
control.
3. He withdraws them from Bank in
which the American People, as stock
holder, were drawing their fair proportion
of interest accruing on loans, Of which
r 81 r,k 70 md nj