Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-01-22
WEDNESDAY, JANUARY %, 1884

be cases, in which the discretion vestet
in an Executive department might witt
proprieiy be in some degree influenced b,
the expectation of future legislation. Blu
they must DC cases in which the princi
pies of Justice, or the public interest man
ifestly call for an alteration of the law, o.
where some expression of the public opn
ion has strongly indicated that change
will probably be made. But where moth
ing ofths kind exists, an Executive office
of thu government is not authorized TO reg
ulate a discretion, which the law has en-
trusted to him. nnnn The -oounptIon tina
the law will he changed.
In deciding upon the course which il
was my duty to pursue in relation to the
deposites, ! did not feel myself justified in
the renewal of the charter on
either of the above mentioned grounds.
II is very evident tina, the bank has no
claim TO renewal, founded on the Justice
OF Congress. For, independently of the
many serious and insurmountable objec-
lions which its own conduct has furnished,
1t cannot be supposed that the grant to
this corporation Of exclusive privileges.
at the expense of the rest of the commu-
MY TOR twenty years, Can give it rigbt
to demand the still further enjoyment of
IFS profitable monopoly. Neither could
&C, upon the assumption that the public
Interest required the re charter of the
bank, because am firmly persuaded that
the law which created this corporation, in
many OF It's provisions, is nut warranted by
the constitution, and that the existence of
such powerful monied monopoly is dan
gerous to the liberties of the people and
to the purity Of our political institutions.
The manifestations Of public opinion,
instead Of being favorable to renewal.
nave been decidedly to the contrary. And
have always regarded the result of the
last election of the President of the Uni
ted States, as the declaration of major
ity of the people that the charter ought
not TO be renewed. 1t is not necessary
to state here, what is now a matter of his
tory. The question of the renewal of the
charter was introduced into the election
by the corporation itself. Its voluntary
application TO Congress for the renewal
OF It's charter four years before it expired,
and upon the eve OF the election OF Presi
dent, was understood Oh all sides, as bring
ing forward that question for incidental
decision, al the then approaching election.
1t was accordingly urged on both sides,
before the tribunal of the people, and
thelrverdict pronounced against the bank.
by the election of the candidate who was
known to have been always iufexibly op-
posed TO it.
Under these circumstances could not
have been justified, upon either of the
grounds above mentioned, in anticipating
any Change in the existing laws III rela-
ton 10 the bank; and as the act OF Con
gress which created the corporation, linn
its Its duration to the Sd of March. 1886,
it became my duty, as Secretary Of
the Treasury, in executing the trust con.
flded to me, under the law, to look to that
period of lime as the termination of lis
corporate existence. had no sufficient
grounds for presuming that the law would
be altered In this respect, by future legis-
lation. and new charter be granted to
the bank. Ii was therefore incumbent
upon me, i'll discharging my official duties,
10 act upon the assumption, that this cor
poration would not continue in being af
ter the time above specified. Aud in this
state Of things, without any reference to
the manner III which the bank had con
Quoted itself, it became necessary to de
eide whether the deposites ought to re.
min in tho bank until the end of its COR
porate life, or be removed at some earlier
period. In forming my opinion en- this
subject, could only inquire which ofthese
measures would most conduce to the pub
lie good.
1t is obvious, that the interests of the
country would not be promoted, by per-
hitting the deposites of the public money
to continue in the bank until its charter
expired. Judging from the past, i, is
highly probable that they will always IA
mount to Sc, eral millions Of dollars. 1t
would evidently produce serious inconve-
nence, if such a large sum were left in
possession Of the bank until the last mo
ment of its existence, and then be sudden
ly withdrawn, when its immense circula-
ton is returning upon it, to be redeemed,
and its private dcpositors removing their
funds into other institutions. The ability
OF the bank, under such circumstances, to
be prompt in its payment to the govern
ment, may be we'll doubted, even if the