Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-01-23

cclVeu oy the Government. in ~, ,,,,,r,, /,
: OF all debts, dues and taxes Fvcon,
the corporate Character conlerred ,hr,,
IS none but those two s,inpla,,oas 10
any great Importance TO the Bank..--
Each of the two parties to the commence
must stand bound 20 the Performance
of his engagements, whilst the other i
honestly and faithfully fulfilling h,s. /,
is not 10 be conceived, in the formation
Of the compact, that either party could
have anticipated that, whilst he was
fairly and honestly executing every OBJ
legation which he had contracted, the
other party might arbitrarily or ca
prlclonsly exonerate himself from the
discharge ofhis obligations. Suppose,
when citizens Of the United States were
invited by the Government TO subscribe
TO the stock of this Bank, that they had
! been told that, although the Bank per-
forms all its covenants with perfect Il.
deity, the Secretary of the Treasury
may, arbitrarily or capriciously, upon
ms speculative notions of any degree
oil pubic interest o. convenience 10 be
advanced, withdraw the public depo.
sites, would they have ever subscribed
Would they have been guilty of the
folly of binding themselves to the per-
Torrance OF burthensome duties, whilst
the Government was left at liberty 10
violate at pleasure that stipulation of
| the compact which by far was the most
essential to thoml
IN this part of the subject, con.
cludc that Congress has not parted
from, but retains its legitimate power
over the deposites; that it might modify
or repeal altogether the clause Of re.
moval in the charter; that a breach oil
material stipulations on the part of the
Bank would authorize Congress to
change the place of the depositcs; that
n corrupt collision, to defraud the pub. |
lie, between the Bank and Secretary
of the Treasury, would be a clear ius.
tlilcation to Congress to direct trans. |
fer of the public aeposites; that the Sc. !
cretary Of tho Treasury is the mere
agent of Congress, in respect to the de-
posltcs. acting in subordinaiion to his
principals; that it results from the ma. !
ture of all agency that it may be re.
yoked, unless otherwise expressly pro. !
vided; and, finally, that the principal, |
and much less the agent, of one party |
cannot justly or lawfully violate the
compact, or any Of its essential provi.
sions, whilst the other party is in the
progressive and faithful performance or
all his engagements.
IL am right, in this view Of the
subject, there is an end of the argu-
ment. There was perfect equality and
reciprocity between the two parties to
the compact. Neither could exoneratc
himself from the performance of his OBJ
legations, whilst the other was honestly 4
proceeding fairly to fulfil all his en-. 4
gagcments. But the Secretary con-
cedes that the public depostes were
perfectly safe in the hands of the Bank;
that the Bank promptly met every de-
mand upon 1t; and that il faithfully per-
formed all its duties. By these con. /,
cessions, he surrendcrs the whole mr.. |
gument, admits the complete obEga.
ton of the public to perform IFS part off
the compact, and demonstrates that no
reasons, however plausible or strong,
can justify an open breach of a solemn
national compact.
2. But he has brought forward va.
rious reasons to palliate or Justify his
violation Of the National faith: and il {
is now my purpose TO proceed, in the
second place, to examine and consider i
them. Before ! proceed to do this, | Il
hope to be allowed again to call the {
attention of the Senate to the nature Off
the Office of Secretary of the Treasury. 4
1t is altogether financial and admins t
trative. His duties relate to the finan. II
ces, their condition and improvement, |,
and to them exclusively. The act ere. Is
ating the Treasury Department, and /
defining the duties of the Secretary, Is
demonstrates this. He has no legisl Ia
lative powers; and Congress neither II
has nor could delegate any to him.-lt
His powers, wherever given, and in II
whatever language expressed, must be II
by his defined duties. Nei. le
Their is the Treasury Department an Il
Executive Department. Ii was ex. Ii
pressly created not to be an Executive l.
1t is administrative but |,
not Erecuiire. His relations are DO L.
sitive and direct TO Congress, bv tie lie
act of his creation, and not to the RE- Il
sident. Whenever he is put p.dcr the y
direction of the President, fAs he is BY e
various subsequent acss, especially Lei
those relating to public ioans,) II is done "
by express provision of law, and for b
specified purposes. cl
With this Key to the nature of the u
Office anathe duties Of the officer, | will a
-. Ix,af3.r nxax,aina the vario,,a wao- ttT