Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-23
CONGRESSIONAL.
In Senate, Wednesday, January 2sd.

iecI was to correct the Statement iiouO Wy Tic
Senator from Virginia, in his remarks on the
denosite question. calculated, if he understood
Il correctly, to mislead the pubic mind, and 70
do him injustice
The senator remembered in his remark, when
he addressed them few days since, that ne
(Mr. CO. came to the conclusion that the power
of the Secretary under the sixteenth sectlol,
was limited to the deposites, and that he had no
right to withhold them, unless there was sanS-
. factory reason to believe they were not SAFE, oi
that the bank had not faithfully performed us
'duty in relation to them. The Senator rom
VIRGINIA. with a view of rebutting this concli-
sion. quoted from speech, which he stated as
he (Mr c. understood was delivered by Mr..
c. in 1916, when the Bank charter was under
discussion. (Here Mr. CALHOUN read the pas
sage.)
q AS to the control over the bank Mr. G. con-
tended that the amendments, retaining the pow
er over deposites, and of making the bllis re-
ceivable for the revenue, or otherwise, gave the
Government greater control than 1t before
possessed. over the operations of the bank, &c.
Legislation on party principles, ne SAID, must
ever react upon the party pursuing it he would,
therefore, not resort to 1t. :"
Now, said Mr.. c., if | had really delivered
this sentiment when the bank charter was IN
der consideration, in 1916, would admit that
the conclusion of the Senator was cOrrect-that
/ then entertained very different sentiments as
to the power of the Secretary under the sixteenth
section, over the deposites, from what now 40,
and that, considering the part which bore IN the
re-charter that Congress itself also entertained
different sentiments from those | recently deli
yered. But what must the impression be when
7 state that never delivered such sentiments IN
1916; that the passage the Senator quoted was
delivered in 1914 long before the existence OF
the present charter, and could by no probabili-
ty have reference to the power of the Secreta-
ny under its provisions as commended by the Be-
nator from Virginia.
The facts of the case are these at the COM
mencement of the session of 1S14-15, during
the war, bill was reported by the Committee
of Ways and Means TO incorporate Bank OF
the United States, which, among other things,
provided that the Government should subscribe
twenty millions, that it should have five direct
ors, and that its notes should be receivable IN
the use of the Government. On my motion
the bill was amended by striking out the sub
scrpton; and as a matter almost of course the
five directors, when moved TO strike out the
section making the notes receivable In the dues
of the Government assigning as my reason,
as will be seen by the reports of the day, that,
as the Government had lost its control, by strik-
ing out its directors, it should be left in full pos
session of the power over the receivability of
its notes, and withholding the deposites as the
means of asserting a. due control over the ope-
rations Of the institution. When it was after
wards objected that the striking out the direct
over the institution; in repelling the charge,
delivered the sentiment, quoted by the Senator
from Virginia, and which he has quoted as de-
livered in 1916, when the present charter was
under consideration, as proof OF my opinion
of the power of the Secretary over the depo-
Sites when there is not the slightest analogy be-
tween the two cases; the bill of 1914 having
no provision whatever, over the deposites, and
leaving, of course to the Government full and
unlimited power TO place its deposites in the
Bank, or to withhold them at pleasure. hope
the Senator from Virginia will be able to afford
some satisfactory explanation.
MIR. RIVES said, nothing was further from
my intention than TO make any remark that
could be personally injurious TO the honorable
Senator who has just sat down. My ooJec'
was, to bring 70 the aid of my argument the
great weight of the gentleman from South Ca
roina, and did not apply the quotation 10 the
question as relating TO the sixteenth sectloh-
NV purpose was different from what he sup
poses. understood, him to lay down the gene
raj principle that the power given to the Secfe
tarv was trust power-that that power was
a power over the deposites, and that the ohiy
object of such power must be the sale keep
ing of the deposites.
On that point intended going into the argu
ment. NV object was to show that Govern
ment. Notwithstanding the sixteenth section
reserved the power to have the command Q
the depostes at WILL either to keep them IN th
bank or TO WltnQfdW LneHl. IL was III reference
tn the general principle. understood the gen
tleman from South Carolina to say, that the on
ly object of having control over the deposite
could be for safe keeping; but contended tina
the object of such power might be security
for the general conduct of the Bank; and to tina
point / cited the observation made by the gen
tleman from South Cagolina in 1914. | still
think it applicable to the general questions; though
not to the terms Of the sixteenth section of tn
Bank charter, for which did not cite if. wa
surprised that the gentleman from South Caro-
lima should deem it necessary to advert to tn
other matter
/ did not intend to make any any other use
ii than what stated on the floor on Friday. |
il necessary to remind him and ike Senate VIVA
was the question, and the only question: mad
by the Senator from Kentucky? viz: that thu
President and Secretary had acted unconstitu
tioaallg? cited it only for the purpose ofshew
imp the difference between him and the Sena
tor from Kentucky in regard to the question o
the power of removal. should be sorry tina
the}Senator from South Carolina should sup
pose that have any feelings in my mind which
would induce me to make any observation
which would be injurious to him. / had no sucl
- t,, xy,,s,, L