Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-10

views of the President and such Suggestions oh
nv own part as seemed to be caied lor, II pe
comes my duty to myself, IN oIoei ~. W gudiu
against expectations, on the part OF the banks,
that NAV not be realized, or mlsapprehenslon
elsewhere distinctly to say that the performance
IF the nresent act of duty, as an executive agent
is not 70 he understood as an indication OF any
intention on my part under existing clfcumstan'
ces to exercise the power vested In me by law.
Whether such an emergency may not arise as
NAV warrant the exercise Of that power, it is
unnecessary now to anticipate; 1t is su1hcent 10
observe, that in my opinion none such exists at
present. -, :,
-. In the afternoon of the day on which
delivered these instructions, to the President, Tor
examination, instead of message tor person
al explanation, received letter. OF which THIS
is copy.
The President U. S. to the Secretary Of the Trea-
WASHINGTON, July %, 1888.
"My dear sir: cannot perceive the proprie-
ty of the concluding paragraph (o) in the draft
of instructions, proposed to the agent of enqui-
nv. which you have submitted to me this morn
ing; unless you are determined not to acquiesce
in the decision which the President, on advise
ment with his cabinet, may make after full
view of all the circumstances Of the case. 7 GU
may not be aware that such is the construction
which the paragraph authorizes, and that 1t IS
manifesty at variance with the views which
render the inquiry expedient. The great OBJECT
to be obtained by the inquiry is to ascertain
whether the state banks will agree to become the
agents of the government, on the terms propos-
ed, for the safe keeping and transmission of the
public moneys. Ifthey will, the ground taken
bv the President should circumstances remain
as they now are is that it will be then eXpedient
and just to resort to them as substitute for the
Bank of the United States as fiscal agent
But lest in the course of the enquiry something
might arise which would justify different course
it was deemed best by US at our last interview,
that there should be no commitment beyond the
enquiry at this time, as to the action of the 60
vernment in regard to the change of the depo-
sites and that on the latter point decision
should be postponed until the report OF the agent
should be received, when there would be full
consideration of the conduct ofthe bank, and OF
all the matters connected with the substitution OF
another fiscal agent.
"Previously to enquiry however, you declare
that nothing has yet occurred to render neces-
sary the movement anticipated by it, and thus
leave me to infer that should the inquiry estab-
sh 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 President, on advisement with
his cabinet, may make. Please inform me whe-
Their am correct in supposing that this is your
determination. fl am, it will then be my duty
in frankness and candor to suggest the course
which will be necessary on my part.
| am, very resp'ly, your ob't serv't,
ANDREW JACKSON.
considered it palpable violation of the Pre-
sident's assurance, given to me in his letter or
the 26th Of June, from Boston, that 1t was not
his intention to interfere with the independ
ent exercise of the discretion committed to the
Secretary of the Treasury, by law, over the
subject" of the deposites; and was first inclin
ed peremptorily to adhere to the last paragraph
(a) Of the instructions. 1t occurred to me how
ever that the President still admitted in his let
ter that I" all matters connected with the substl-
tuition Of another fiscal agent" for the United
States bank, were to be "fully considered"
knew that the Instructions Gan alteration of which
was then unknown to me) contemplated the
Presidents bank plan alone, the practicability
of which &oubted. / also knew that the in
structions contemplated the collection of infor-
nation, as to the effect of removal of the depo-
sites upon the mutual relations OF banks, and up
on society, which if faithfully collected would,
believed, disabuse the Presidents mind. And
could not with propriety say that would not at
future period act, because it might become
my duty to do So Under these Impressions
forthwith wrote the following reply:
The Secretary Of the Treasury to the Presi-
dent T. S.
"TREAsURY DEPARTMENT, July %, 1888.
'sSir: In answer to the letter which have had
the honor to receive from you this afternoon,
beg leave to state that having understood
your present object to be merely an inquiry In
to the practcabty of the arrangement, which
you desire to make with the state banks, in case
it should be deemed proper to employ them as
substitutes for the Bank of the United States, and
that there should be no commitment beyond
that inquiry, it occurred to me that it would be
prudent to insert in the instructions to the agent,
paragraph which would prevent misconcep-
ton, that might otherwise be produced, unde-
signedly on his part in the minds of the direct
ors of the state banks, or Of those of the pub
lie. If such misconceptions should be other
wise guarded against, as they may be, have
no desire on my own accountant the paragraph
co. should be retained.
II have already, both in writing and verbally,
had the honor to state to you, that, after the full
lest consideration which | have been able to
give the subject, do not, under existing cir
cumstances, feel myself justified in substituting
state banks for the Bank of the United States
as the depository of the public money; but that
am ready to make, under your direction, the
fullest inquiry as to the propriety of the change
In the discharge Of the high trust confided to
me, it has been my desire to act according to
my best Judgment, with all the lights before me-