Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-18


which shall now proceed 20 noti t,
He asserts and asserts truly that the bank
rtey. is n contract between the Government,
or rather the people fthe United States and the
bank. and that it constitutes him common I
agent or trustee, to superintend the eXecuticn Vi
the stipulatons contained IN that portloil u .o
contract comprehended in the slXteenth section.
Let rs now taking these assumptions to pc true,
ascertain what those stipulations are, the super
intendence of the execution OF which, as ne al
firms. are Jointly confded by the parties to the
Secretary. The Government stipulated on us
part, that the public money should be deposited
in the Bank of the United States-a great ana
valuable privilege, on which the successful ope-
ration Of the institution mainly depends. The
Bank, on its part stipulated that the funds should
be safely kept-that the duties imposed in rela-
ton to them should be faithfully discharged, and
that for this, with other privileges, 1t would pay
to the Government the sum of one million five
hundred thousand dollars. These are the sti-
pulations, the execution of which, according to
the Secretary's assumption, he has been ap-
pointed as Joint agent or trustee, to Supeflntend
and from which he would assume the eXtraordl-
nary power which he claims over the deposites
to dispose of them in such manner as ne may
think the public interest or the convenience OF
the people may require.
Is it not obvious that the whole extent Of pow
er conferred upon him, admitting his assump-
ton to be true, is to withhold the deposltes IN
case that the bank should violate its stlpulatons
in relation to them on one side, and on the
other to prevent the Government from withhold
ing the deposites, so long as the bank faithfully
performed its part of the contract. This is the
full extent of his power; according to his own
showing, not particle more can be added
But there is another aspect in which the position
in which the Secretary has placed himself may
be viewed. 1t offers for consideration not only
question of the extent ofhis power, but question
as to the nature and extent ofduty which, impos-
ed upon him. If the position be such as he has
described, there has been Conflded to him q
trust of the most sacred character, accompanied
by duties of the most solemn obligation. He
stands by the mutual confidence of the parties,
vested with the high judicial power to determine
on the infraction or observance Of a contract in
which government and large and respectable
portion of the citizens are deeply interested;
and, in the execution OF this high power he Is
bound by honor and conscience so to act as to
protect each Of the parties in the full enjoyment
of their respective portion of benefit in the con-
tract, so long as they faithfully observe it
How has the Secretary performed these solemn
duties, which according to his representation
have been imposed upon him. Has he protect
ed the bank against the aggression of the 60
Vernment, or the government against the I'M
faithful conduct Of the bank in relation to the
deposites? Or has he forgetting his sacred OBJ
legations dsregarded the interests of both-on
one side divesting the bank of the deposites,
and on the other, defeating the government in
the intended security Of the public funds, by
Selling on them as the property of the Execu-
tive TO be disposed at pleasure, to favorite and
partiZan banks.
But shall relieve the Secretary from this
awkward and disreputable position in which his
own arguments have placed him. He is not the
mutual trustee, as he has represented, ofthe 60
vernment and the bank; but simply the agent
of the former, vested under the contract with
power to withhold the deposites with view, as
has been stated, to their additional security-to
their safe keeping; and if he had but for mo-
ment reflected on the fact, that he was directed
to report his reasons to Congress only, and not
| also to the bank, for Withholding the deposites,
he could scarcely have failed to perceive that
he was simply the agent of one of the parties,
| and not, as he supposes, joint agent of both.
The Secretary having established. as he sup
poses, his right to dispose Of the depostes, as in
| his opinion the generalinterest and convenience
OF the people might require, proceeds to claim
and exercise power with a bodness common
surate with the extravaganza of the right which
| he has assumed. He commences with claim
| to determine in his official character, that the
| Bank of the United States is unconstitutional
| monopoly-banefu to the welfare Of the COM
munity. Having determined this point, he
comes to the conclusion that the charter of the
bank ought not to be renewed, and then assumes
that it will not be renewed. Having reached
this point he then determines that it is his duty
to remove the depostes. No one can object
| that Mr.. fancy, as a citizen, in his individual
character should entertain an opinion as to the
unconstitutionality of the bank; but that he
acting in his official character, and performing
official acts under the charter of the bank,
should undertake to determine that the institu-
ton was unconstitutional, and that those who
granted the charter and bestowed upon him
his power to act under it, had violated the con-
stitution, is an assumption Of power of nature
| which will not undertake to characterize, as
wish not to be personal
But he is not content with the power simply
to determine on the unconstitutionality of the
bank. He goes far beyond-he claims to be
the organ of the voice Of the people. In this
high character he pronounces that the ques-
ton of the renewal of the bank charter was
put in issue at the last Presidential election,
and that the people had determined that it
should not be renewed. do not, said Mr. Cal
houn, intend to enter into the argument wheth-
er, in point offact, the renewal of the charter
was put at issue at the last election. That point
was ably and fully discussed by the honorable
Senators from Kentucky, (Mr. Clay) and New
|