Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-04-10
WHOLE NO. 21O-

ger any attractions for me, not to thwart
the President in his legitimate course,
not TO mar sautary measure, but to
prevent the execution of "A scheme hich
believed would be detrimental TO the
country and the President himself
\ The alterations made in the instruc-
tioDs were these -
Instead of paragraph (c) according To
which l had made the President, as 1
supposed he was, an opponent of any
National Bank, he introduced the fol-
lowing
"lt is the opinion of The President,
that hereafter as heretofore, bank agen-
cy will be found convenient, in manag-
ing the fiscal operations of the govern
ment; and, as he cannot, consistently
with his avowed sentiments, sanction
any national institution, organized upon
the principles of the existing Bank of the
United States, he deems il proper to us
certain whether all the services now
rendered by it may not be performed by
the banks Incorporated by the several
States, on terms equally or more iavora-
bic to the government"
The paragraph o. was altered by
striking out these words: cit may be un-
derstood that you are to make inquiries
Of all the banks in the principal cities, in
which the primary banks are to be Sc
lectec, in order that ample scope for Sc
lection may be had"
Paragraphs (L.) (N.) and (o.) were
wholly struck out. | have not copied
(L.l in the instructions, as it was not
thought proper to be embraced in them
on Jusl6able considerations; its omission
does not affect any existing question.
This new paragraph was ADDED:
"Nou are not to consider yourself pre-
cluGed by these Instructions from maxi
ing any other propositions to the said
banks, for the purpose of fascertaining on
what terms they will undertake the SER
vice referred to; and you are at liberty
TO receive any propositions from them
that they may think proper to make"
The instructions, thus altered, were on
the 23d Of July sent to the agent, who
soon after proceeded on his mis- q on
He returned early in September, and
on the 9Th Of that month his report was
submitted to the President. The plan
Of bank agency, deemed by the Presi-
dent the only safe one, had been almost
unanimously rejected by the state banks.
The materials paragraph o) from which
the condition OF the State Banks was to
be ascertained, were very imperfectly
furnished. No enquiry, beyond that
which resulted in the agents report and
correspondence, was, to my knowledge,
made. Nor was there any discussion in
my presence, or otherwise to my know.
ledge, as to the agents report and cor
respondence, or any plan of State Bank
agency. il any member Of the admin
slration understood what was to be the
system of future fiscal operations, l was
not hat person, although / attentively
read all that was submitted. Yet it was
into this chaos | was required precipi-
lately to plunge the fiscal operations Of
the country, at a moment when they
were conducted by the legitimate agent
with the utmost simplicity, safety, and
despatch.
| In my own defence, as well as from
public considerations, | have submitted
to you this account Of the instructions,
given to the Presidents agent. 1t was
due to myself to show that the nstruc-
tons, as reported to the Senate, are not
in the shape in which | presented them
to the President. My principal object,
however, has been to state the important
fact that the President would not permit
his own agent to collect information,
that might have disabused his own mind,
or instructed his cabinet, whom he al
fected' to consult. If the information,
called for by the Instructions as at tirst
proposed, had been collected, feel sat
isfed, that 1t would have Indicated the
evil consequences, which have followed
the measures of the President Whe-
ther these acts, thus wantonly executed,
evlnced patriotism and magnanimity, or
a subserviency to selfish cabal you
are competent to determine.
w. }. DUANE.
II Philadelphia, March 8, 1884