Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-12-11

ton Of the claims Of the Bank, and the course
it has pursued. /
1t seems due to the safety Of the public
funds remaining in that Bank, and to the ho-
nor Of the American People, that measures
be taken to separate the Government entirely
from an institution so mischievous 10 the pub
lie prosperity, and SO regardless to the Con-
slitutlon and laws. by transferring the pub
lie dcposites, by appointing other Pension
Agents, so far as it had the power, by order
ING the discontlnuance Of the receipt of Bank
checks III payment Of the public dues after
the first day Of January next, the executive
has cXerted all its Ia 81 authority 10 sever
the conneXion between the Government and
this iaithlesS corporation.
The HIGH handed career of this institution
imposes upon the constitutional functIonaries
OF the Government, duties Of the gi0vest and
most iu peratlvc claracter--Gutics which they
cannot avoid, and from which trust there
will be 10 inclination Oh the part of any Of
them to shrink. NV own sense of them is
most clear, as is also my readiness to dis
charge those which may rghtiuly fall on me.
To continue any business relations with the
Bank OF the United States that may be avoid
ed without violation Of the national faith
after that institution has set at defiance the
conceded night otthc Governmcntto to examine
lis affairs, after it has done all III its power 10
derilc the public authority in other respects,
and to bring il into dsrepute a, home and u
brCal-attcr 1t has attempted to defeat the
( clearly expressed will of the people, by turn
ing against them the immense power intrust-
ed to their hands, and by involving a country
otherwise peaceful, iourshing and happy
in dissension, embarrassment, aud distress
would make the nation itsclfa degradation, so
seduousIy prepared for its public ngents-and
do much to destroy the confidence of man
kind in popular governments, and TO bring in
10 contempt their authority and efficiency
In guarding against an evil Of such magnl
tude considerations ottcmpoiary convenience
must he thrown ont Of the question, and we
should be influenced by such motives only rs
look to the honor and preservation Of the re-
publican system. Deeply and solcinnly i'm
pressed with the justice of these views, ] feel
it to be- my duty to recommend to you, that
law be passed authorizing sale Of The pub
lie stock; that the provision Of the charter re-
curing the receipt of notes Of the Bank in
payment Of public dues. shall. in accordance
with the power reserved to Congress in the
18th section of the charter, be suspended nm
I'll the Bank pays the Treasury the dividends
withhcld;--and that all laws connecting the
Government or its officers with the Bank, di-
rectly or indirectly, be repealed; and that the
institution be hereafter left to its own rcsour-
ces and means.
Events have satisfied my mind, and think
the minds of the American People, that the
mlschlcis and dangers which flow from Ma
tional Bank far overbalance all It's adyanta-
ges. The bold effort the present Banl; has
made to control the Government, the distress
scs it has wantonly produced, the violence of
which it has been the occasion in one of our
cities famed for lis observance Of law and or
der, are but prcInonitions of the fate which
awaits the American people should they be
deludcd into pcrpctuation of this institutions,
or the establishment of another like it. It is
!erven,!y hoped, that thus admonishcd, those
who lave heretofore favored the establish
ment Of Il substitute for the present Bank, will
be induced 10 abandon it, as it is evidently
better to incur any inconvenience, that may
be reasonably expected, than to concentrate
the whole moneyed power of the Republic in
any form whatsoever, or under any restrict
tions.
Happily it is already illustrated that the a.
gcncy of such an institution is not necessary
to the fiscal operations of the Government
, The State Banks are found fully adequate to
the performance of all services which were
required of the Bank of the United States
quite as promptly, and with the same cheap
ness. They have maintained themselves
and discharged all these Gut:cs,--whc the
Bank of the United States was still more pow
, criul, and in the field rs an open enemy; and
1t Is not possible to conceive that they will
find greater difficulties in their operations
; when that enemy shall cease TO exist
The attention of Congress is earnestly in
yitcd to the regulation Of the deposits ia the
5 State Banks, by law. Although the mower
! now exercised by the Executive Department
i'll this behalf, is only such as was uniformly
, cXcrted through every Administration, from
4 the origin Of the Government up to the pre-
: sent time, yet, it is one which is susceptible
> Of regulation by law, and therefore ought 1,
be SO regulated. The power Of Congress tC
direct in what places the Treasurer shal
r keep the moneys in the Treasury, and to i'm
4 pose restrictions upon the Executive authors
ty, in relation to their custody and removal, i.
= unlimited, and its exercise will rather b,
: coulted than discouraged by those public off
J, GERS and agents on whom rests the RESPONSE
t bllity for their safety. 1t is desirable that n:
G little power as possible should be left to tn,
President or Secretary of the Treasury, owe
those nstitutions-whch, being thus frect
y from Executive influence, and without com
mon head to direct their operations, woul,
: have neither the temptation nor the ability t,
II interfere III the political conflicts of the coun
F" try. Not deriving their charters from the Ia
o uonal authorities, they would never have
!, those Inducements to NEEDLE in general cleo
It tons, which have led the Bank of the Unite,
i States to agitatc and convulse the country 70
l. upwards oftwo years.
= The progress Of our gold coinage is credit
v able TO the officers of the mint and nro,,;so
J. in short period to furnish the country witt
- Snunl and i,urt:.Ll.. i