Litchfield enquirer., 1834-02-20
PUBLIC DEPOsITEs.
Report ofthe Commistce on Finance


 Bank Oi the United States, aHd a resolution eubln-
 ted to the Senate, by an honorable member from
 Aenincky, declaring thst the reasons assigned by
 tie Secretary for the removal of the said depesies,
 are unEasIactOry and insufficient, have agreed Oh
 the following Report:
 Tie act incorporating the Bank of the U. Sta'es, IS justly remarked by the Secretary, Is contract containing s,ipuaIions the part 1.-the Government and on the part Uf the coEOTatiOn, entered into Tor full and adequate considsralion.
 The Government hecalne party 10 this contrneI by granting the charter, and the stockholders by accep- IOg M 1n consideratioH, says the charter. "Oi the exclusive privileges and benefits conferred ny this ac on the said bank the president and directors thereof shall pay t0 the United Siaies "et Of the corporate lands thereof, one million and five hunhrcd thousand dollars, in three equal payments" and another sec iion it declares tha during rhe continuance of this aet. and whenever required by the SefreIry of the Treasury the esad corporation shall give the necessary facilities for transferring the public funds froH place to place, within the UNiied States or the Territories thereof and for distributing the came for of the Fasblic creditors, without chargng commissions, 0T clailntlg allowance aCc0Nnt Of CieTe neH Of ex- change; and shaltda and perform the several respec- tive duties Ofhe commissioners of loans for the seve- va states, or any one or more Of lhem whenever Tee quired l,y law"
 The section immediately following this provision is in these words: " And he it further enacie, That the .eposes ot the money oi se United States in places ih which the said bank and branches thereof may De established, shall be made in said bark or branches, unless the Secretary shall at any time otherwise order aud direct; U which the Secretary of the Frea.
 
 sioH, and if not. immediately after the commencemen te next session. the reasons for such order or d. Iection." t,E fF-s}
 It is to be denied or doubted. that this custody 0s inc rnblic depOsites one Of the "benedis con. ierred on the pnblc by the charter. in consideration ofhe money paid, and the services undertaken to he performed ly the bank the government; and to this custody the bank 6as just right, unless such camses have arisen as may have justified the Secretary in giy- ing an order aDd direction for changing that custody Any order or directioD therefore, issued under the provisions oi this law, necessarily involves co"sde. 'aon Of the just extent of te Secretary power and 'f the rights Of the bank. .s..s sss
 But Congress, in making this provision, unquestion 'by had tn view the safety of lhe public funds, and ting of just consideration 10 the bank, for the sum ,ad and lhe services undertaken by it and with this view, also, it has expressed its will that the depostes shall continue to be made n the bank until good cause shall arise for ordering otherwise Ofthis good cansc he Secretary of the Treasury, in the rst instance. and Congress, ultimately and concusvey.i corstitu ed the judge. Every order therefore, of the Secre ary, for changing the deposises presents for the ni1aiion of Congress question of general political propriey, as well as question of right and obligation 10 the bank. ' .,..,. as...-,
 These questions may be considered together. They are intimately connected; because the right of the bank to retain the deposes and to enjoy the advania ges be derived thereirUm, cannot be denied, unless a has arisen within the just power of removal, vested in the Secretary, and which made his duty exercise that power. The Secretary s only remove the deposites for or these reasoDs he Is to give account so Congress; fihey be insufficient to justify the removal the bank has righ! to return of lhe deposiles, and the country ns right, also, pect thai, iHtat case the tJuiac heasure will be re- stored to it's former place ,of safety.
 The Secretary having removed the denos- ties, and having reported his reasons to both Houses, the whole subject is now before Con- gross, by way of appeal froa, his decision i; and the question is, whether that decision ought to stand, or ought 10 be reversed.
 The power 0f inc Secretary under the law, is evidently but provisional. It is a power which he may exercise in the first instance, but the pfopriety of his conduct. in every in- stance Of its exercise, is ultimately referred to the wisdom of Congress, and by Congress it must be judged. He is authorised to do the act, hut Congress is to examine,i it " hen done, and to confirm or reverse it. The Secretary may change the deposites, hut when changed. Congress is, t0 decide on the causes of such change, with authority either to sanction the or 10 restore the deposites, according to its own judgment of right and expediency.
 In. order tO decide whether the act of the Secretary onght to bc confirmed, it is reqni- site in the Grsi place, 10 form just opinion of the true extent of his power, under lhe law and, in the sec"nd place, to consider the va Iidty of the reasOns which he has specially assigned for the exercise of that power in the present case. E. . >.s.
 The opinion of the Secretary is. that his power over the deposites, so far as respects The rights Ofthe bank, is not limited to any particular contingencies, but is absolute and If it he absolute and uncon- ditioDal, so far as respects the rights of. the bank, 1t must be absolute and unconditional in all other respects because, it is obvious, if there be any limitation, that Limitation is inn posed as much for the benefit Of inc hank as for the security of the country. The bank has contracted for the keeping of the public and paid for it, as fora privilege 0r benefit. It has agreed. at the same time, that the Secretary shall possess the power Of re- mOval; but then, it is also agFeed, that hen ever this power is exercised, the reasons therefor shall be reported to Congress; Con- gress heinz thus constituted the final judge, as well of the rights of the bank, iD ihis particu- lar, as of the good of the country. SO that if the Secretary's power be in trAth absolute and unconditional. 1t rrslGains Congress from judging whether the public good is injured by the removal. just as much as if it restraints tt from judging whether the rights of the bank are iajured by the removal: because the linn itaiiOD. if any. is equally for the security of the bank and of the public.
 lfihe bank is interested in retaining the de- pOsites. then it is interested in the trutb or fa- siiy, in the sufiiciency Or insufficiency, of the reason given for their removal. Esprciailyi IS 1t SD interested, since these reasons are to be rendered to tribunal which is to judge oyer the Secretary, and may form a different Opin- ion on the validity of these reasons, and may re-erse his decision. It clearly has an inter- est in retaining the depOsites, and therefore