Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-04-17
REPORT


posites Submitted March 4, lS34-vby
Mr.. BINNEY, to the House of Represen-
tatives.
The undersigned, minority of the COM
mittee of Way, and Means. to which
was referred the letter Of the Score
tary of the Treasury, communicating
TO the house his reasons for removing
the deposites of tina public money
from the bank of the United States,
and several memorials upon the same
subject, submit the following reasons
for not concurring in the report of the
majority of that committee:
The removal of the public deposites
from the bank of the United States is
an act upon which the judgement of the
country has now irrevocably passed.
The reasons have been Investigated in
both houses OF congress, and by the pub
lie press, TO such an extent that it may
be fairly deemed impracticable to add
any thing to the arguments by which
they are either refuted or sustained !;
but being most thoroughly convinced
that the act of removal Was wholly in
defensible, without color Of probable
cause, IA violation of the bank charter.
ali inroad upon the property and secu-
rity Of the citizens, and upon the rights
OF the legislative department, the un-
dersigned deem it their duty to suomi,
such "A statement as will record their
personal opinion upon the subject.
|. The power OF removing the pub
lie depo,ites is granted or reserved by
the 10th section of the bank charter, to
be exercised by the secretary of the
treasury, for reasons 10 be communica-
ted to congress. This power is not alb
solute or unconditional, in regard either
to the bank or to the country. Abso-
Lutte and unconditional power does not
reside in any department of Govern
ment. Congress hold their own power
under the condition of conforming to
the principles OF justice, as well as to
the restraints or limitations contained
or prescribed in the constitution. They
caunot grant an absolute and uncon
dltional power to any officer of gov
eminent for any purpose OF government.
The broadcast discretion they can give,
must be subject to the implied condition
of being exercised in conformity with
the constitution, the laws, the rights Of
individuals, and the principles of na,u
raj justice. Above all they cannot, in
the absence Of express declaration, be
presumed 10 have given an uncondition
al power to an officer OF government to
affect rights and privileges conferred or
sanctioned by law.
Congress have not granted to the sec.
rotary Of the treasury any power over
the public deposites that is inconsste nj
with these principles. The grant or
reservation of power in the 9Th sec
ton Of the charter is qualified by the
express provision that the reasons for its
exercise shall be Immediately reported
to congress. and the sufiiciency of the
reasons concerns all who may be affect.
ed by the act. that is 10 say, the bank,
congress, and the people especially, who
are vitallV interested in every act that
invades ii legal or constitutional right.
The charter is n contract betwe cen the
stockholders of the bank and the Uni
ted States, and all its clauses must re-
ceive such an Interpretation as is consist
ent with the principals of CONTRACT
The United States contracted to allow
TO the bank the benefit of receiving
and holding the public moneys, unless
the secretary of the treasury should, al
any time, see fit to order otherwise; in
in which case. he should immediately
lay before congress the reasons of such
order and decision. SIN consideration of
the erclusiUe privileges and benefits confer
re" by this act" the bank contracted to
pay, and did pay, to the United States
one million five hundred thousand dol.
lars: and also engaged to perform, aud
has performed for seventeen years, i'm
portabt duties, in exoneration of the
treasury, at an expense of several hun
dred thousand dollars more. The Gus
tod, Of the public deposites is not only
a benefit, but, next TO- the power of ex
elusive banking. tits the principal bene-
ht conferred Nv the act. 1t is contrary {
to every sound rule of Interpretation =
That has heretofore been applied to e
contract, or to law regulating con- '
tract. that power like the secretary's, +
% suspend the enjoyment Of a right. for 10
'easons to be communicated forthwith d