Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-07-11
+Hunrv Clay. NJohn G. Calhoun.
tWar, Pescuce, and Famine. Dun Green
fDaniei Webster.
INV emty-third COmgress.--Isd sess

Is3I,-on the " Bill regulating the deposites of The
money OF the United States in certain local Banks"
The Bill having been rcah MIR. Polk addressed the
House f1lows
MIR. SPEAKER: The advanced stage of the session,
and the evident propety oil proceeding with all
despaic TO dispose OF the mass oil other public business
upon your table, Will alike consp TO induce
dense very much what had proposed TO say upon the
subject OF the currency, the legal provisions deemed
proper TO he made Tor the uure management and sale
keeping OF the public money The bill upon your table
has been prepared and brought forward by the Committee
OF Ways and Means in accordance with the principles
understood be settled by the resolution of House.
which strmed that the State Banks ought 10 be CONT.
nued as the place OF depoe Ot the public money, and
that is eXpedieni r Congress 10 make further provision
by law, prescribing the mode OF selection, the securities
TO be employed "
The Til is designed, FAR legislative provisions
deemed proper, carry that rrsou ion in'o effect
In the Report OF the Committee OF Ways and Means
submitted 20 the House upon former day OF The session
and which concluded with his among other resolutions,
which afterwards concured in 10y the vote oil The
House, the committee state that, According he law,
az it stands, the duty OF selecting the Banks aud
OF prescribing the securities be taken, is de volved
on the Secretary OF the Treasury, under the superv
sion OF The President. This power has been heretofore
exercscd by the Head Of the Treasury Department. and
in manner advantageous 10 the public; and Il is not
' doubted IL The law should continue unchanged, that il
"may and will continue TO be exercised by the Head
"o that Deparment-yet is the opinion Of the
"mtee that discretionary power should never be given,
"in officer 81 the Government, where il
"can be regulated and defined by law. They think that
"t ~oud be consistent with the principles Of
Government for Congress regulate 10y law, the mode
"o selecting The fiscal agents the securities proper TO be
taken, the duties they shall be requ ed perforli
" The which hey ,ball be einployed."t
The opinion here expressed, OF The actual Of The
Executive, under existing law, founded not only
upon a care FIJI xaminaion OF Law itse upon the
construction gwen it, ,he uniform acquiescence 10 that
AMI The practice under it, from the earliest
periods of he Governments and running through every
administration, down 10 the present time But we are
here met al the threshold and told il this he why le
gislate upon the subjeci f it is all very well it IL,
why should there be any legislation about u" In the
Of former debate upon This subject, tie gen
ueman, (Mr. WiIdeO thus expressed him'e'e
"Bu IL has been said and Will be said, Tire money OF
the nation is in the selected BInks will do good
remove will you no provide for its safe keeping there
Tansoer franklin No tcH cOnsecTGfe Usnrpafi0n
by laU. They have seized upon the Treasury. Unless
we, constitutional guardians, its safe
and proper depository, let them keep il I'll they be
viii '"'''
II is here distinctly avowed, in anticipation, that such
measure as this wouiI probably he brought fol ward-ha
1t TO be opposed Indeed there is TO doubt
whether there any connected with the rcye
nue. short OF the recharsr OF the Bank Of the u sses
tending ultimately to produce its recharer, whct
receive the support OF part OF this House.
have simply TO say TO gentlemen who hold these opn.
ions that they occupy position which in my jndgae
perfect that they cannot he amended The public money
Is ia the local Banks This House has decided that
II shall not be removed rom heu and although tie Sec.
rotary OF the Treasury under the existing law possesses
the power 10 continue their employmcntyet The commit
have given their opinion that discretionary pow.
should not be given any officer OF the Cove
when II be regulated and defined by law. The
Secretary oil lie Treasury, under the law IL il,
sesses large discretion The bill proposes TO limit that
discrstionand submit 10 those gentlemen who
spptehoBsions that the Executive control lie epo
site Banks may be used dangerous branch OF the Exc
cuye patronage, and may be subject 10 be abused we.
ther they object the nitd and restrictions
wllteh this bill proposes impose the Executive 81
the provisions OF HE bill are not proper, suggSsto them
10 fo ward and propose others that better and 80
far concerned, they shall be at once accepted
The allegation that the power assumed ia the re-.
mOval Of the depOses warranted by law a, he
sufficient reason, why we should no, l,gslate on the
subject 1t ELL but - rather reason why should by
law define end make ceraia that which gives rise 10
difference OF opinion
But il objected that the STATE Banks wholly in
competent 10 perform The dulles Of fiscal agents Of the Co
vsrOmen and that therefore IL j. unnecessary legilae
in regard them IL has been maintained Thai National
tbe State Banks, "fl ds(ence N the nation %
against local bank paper and essential "6eep IN or
der the currency NJ The country ereTU nieTe
The minority OF tie Committee Of Ways and Mesus in
their report upon the subject Of The deposiie
maintain Ia "Ii the present Bank is not 10 be re.
chartered, something regulate The currency mus, he
provided in ~ place. The plan OF the Secretary giOss
the regulation State Btnks, which will tbe,nselese
be promoters Of the disorder. TIE country requires some
thing which will regulate the State Banks That siate
Banks, and their operations 70 be controlled and not
tbe controlling power 10 thc execution Of such de-.
sign"
Now sir sfirn that there Is no power given 10 Con.
gress by the Constitution TO create such regulator
am not about 20 large the question Of the power
oiCongress under The Constitution creote Bank The
power WIZ however say, 30 uaintsnsd by lie advocates
upon the exclusive ground tat Bank is necessary az
government agent 10 he execution OF some express
power Ihe po"er hss never been placed, by the
bodes Of Ne advocates, upon the ground that such an in
sbuon was necessary regulate AID cOnfroI the paper
currency Of the States. THIS startling doctrine il nov
II is believed, Tor the FIRST lime assumed In An en-
eial paper efnaGng from and having he SANCTION of
minority 81 committee Of This House what are
the powers OF Congress IN regard 10 the currency
Congress msy eoH MONEY and regulate me ceiue deye