Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-04-03
WHOLE NO. 2O9.

DdIk CHdTleT uiTtCtS tHdt me puOlC mo-
ncy shall be deposited in that institution,
unless the Secretary Of the Treasury
shall direct otherwise; but 80 jealous
were Congress Of the power, to with
hold, thus conferred, that the Secretary
is enloined Ia give reasons Immediately
to them; obviously showing, that Con-
gress considered themselves alone COM
'pcieni to Judge Of the necessity of re-
moval from one agent, aud the pr0p11ciY
oithc substitute. So that The undcrsign-
ed deems II proper 10 use extreme eau
ton on ground unirodden.
The Undersigned is indeed aware, that
certain local banks are now, from n sup
posed necessity, used as fiscal agents;
and that several of his predecessors, as
an act of ministerial duty, or supposed
necessity, at various times, and under
various circumstances, made arrange
ments with State Banks; (thc particulars
Of which he cannot now ascertain, owing
to the destruction Of the Treasury Office
but he also knows, that under those ar
rangcments, the country lost between
one and two millions Of dollars, whilst
Of upwards of four hundred million, from
time TO time in the custody ofthe United
States Bank, not one cent has been lost.
The undersigned does not use this as an
argument in favor of a renewal Of the
charter, to which he is opposed; but he
states the facts, TO show, that he ought
to have very strong reasons, indeed, to
present to Congress, for exchanging IA
certainty for an uncertainty.
He repeats, an uncertainty, for, if one
of his predecessors was justified in say
ing, in 1914, that ''the multiplication of
banks, in the several states, has soin-
creased the paper currency, that it would
be difficult to calculate It's amount, aud
still more difficult to ascertain it's va
lue," now much more doubt should the
undersigned entertain at the present
day ?
Besides, the undersigned pleads the
authority of the President himself in the
letter now under consideration, as ground
for hesitation. The President does not
pretend that the proposed scheme will
answer; he barely says he thinks il will.
No doubt he thinks 50, and possibly in
some measure upon premises presented
by local Institutions. But even upon
such representations the President does
not rely, Tor he does not suggest plan
for actual or continued operation, but
merely as an experiment. Has the un-
dcrsigned the right TO make experiments
upon such important matters Did Con-
gress, in allowing him to retain out of
bank, the public money, confer on him
Legislative and executive power united !
AS already alluded to, the anxious care,
that at once the undcrsi gncd should re-
port to Congress, after resolving 10 re-
tain the money out of bank, shows that
it was not meant that the undersigned
should make experiments. As it is clear
therefore, on the Presidents own view,
that he Is in doubt as to a substitute, that
he is prepared for test only, and as the
power of the undersi gncd will end on
MS report to Congress, can it surprise
he President, that the undersigned is in
ioubt also If an experiment must be
made, is it not courteous TO those, Of
whom the President considers the un-
lersgncd in this case the agent, to await
heir instruction; Have not the constitu-
ional holders OF the public purse, the
nly means, that can be safely used for
making such trials;
But if Congress should not interrupts
n experiment, y the experiment should
all, as the undersigned thinks it would,
he then to make another VIII not "A
allure of any precpitate, undigcsted,
nd unsanctioncd scheme, give vigor to
le claim of the United States Bank, for
renewal of its charter? Will it not be
rged, that the nadcquacy of The Pres
Ients own project, proved the necessi-
of retaining an organ, that, for fiscal
lrposes, had such obvious advantages
yer local banks The President, be-
sccssary to test the project, and desires
at the trial may be made, so as to meet
C dissolution of the United States
ank. This rests on the presumption
at Congress will not interfere, whereas
G undersigned believes, that the opc-
tions will have scarcely been COM
enccd, ere the apparatus will be demo-
he'd; an occurrence, which for the
Ike of the President, as well as himself,
e undersigned desires not to witness.
Then, is it likely that banks Of any so
ity, will embark in such a project,
hen they know that it may, and proba-
Y will, be arrested by Congress Is
ere the least reason TO suppose that
nks Of good standing will guarantee
e acts of banks in remote parts OF tho
mon; Would the undersigned be pru-
nt in allying the country with banks
Hing To make such common cause Z
,,,., mara tho dil,cultiea nf tho