Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-01-22
REPORT

United States; made to both Houses of Congress,
Dec 4th, 1893.
SIR: In pursuance Of the power, resey-
we'd to the Secretary of the Treasury, by
ihe act of Congress, entitled san act to
incorporate the subscribers to the Bank
of the United States,' | have directed
that the depostes of the money of the U.
States shall not be made in the said bank,
or branches thereof, but in certain, state
banks, which have been designated for
that purpose. And now proceed to lay
before Congress thereasons which indu-
ced me to give this order and directions.
The siAtcrntll seUtion Of the law ABOVE
mentioned, is in the following words:-
saAaa be it furtlIcI enacted, that the de-
posiies of the money of the United States,
in places in which the said bank and
branches thereof may be established, shall
be made in said bank or branches thereof,
unless the Secretary Of the Treasury shall
at any time otherwise order and direct. in
which case, the Secretary of the Treasury
shall Immediately lay before Congress, if
in session, and if not, Immediately after
the commencement of the next session,
the reasons of such order or direction"
Ii has been settled by repeated adjud-
cations, that charter, granted by State
to "a corporation like that of the Bank of
the DATED States, is contract between
the sovereignty which grants it, and the
stockholders. The same principle must
apply to acharter granted by the United
States, and consequently the act incorpo-
rating the bank is TO be regarded as con
tract between the United States of the
one part and the stockholders of the 9th
er: and BY the plain terms OF this contract,
as contained in the section above quoted,
the stockholders have agreed that the
power reserved to the Secretary over the
deposites shalt not be restricted 10 any
particular contingencies, but be absolute
and unconditional, as far as their interests
are volved III the removal. The order,
therefore, of the Secretary of the Trea-
sury, directing the public money to be
deposited elsewhere, can in no event be
regarded as violation of the contract
with the stockhold, RS, nor impair any
right secured 10 them by the charter
The Treasury Department being entrust-
ed with the administration OF the finances
OF the country, it was always the duty OF
the Secretary, III the absence oil any legis,
aatve provision on the subject, 10 take
care that the public money was deposited
in safe keeping, in the hands OF faithful
agents, and in convenient places, ready
10 he applied according to the wants of
the government. The law Incorporating
the Bank has reserved to him, III its full
extent, the power he before Possessed.-I
Ii does not confer on him hew power,
but reserves to him his former authority
without any new Limitation. The oblIga-
ton 10 assign the reasons Tor his direction
to deposlte the money OF the U. States
elsewhere, eau not be considered as re-
striction Of the power, because the right
OF the Secretary TO designate the place OF
dcposite was always necessarily subject
to the control OF Congress. And as the
S. crelary Of the Treasury presides over
one of tine Executive departments of the
government, and his power over 'hls sub
ject forms part OF the Executive duties
of his office, the manner in which it Is
exercised must be subject to the supervi-
sion Of the officer to whom the constltu-
tion has confided tie whole Executive
power, and has required to take care that
the laws be faithfully executed.
The faith of the United States is, how
ever, pledged, according to the terms OF
the section above stated, that the public
money shall be deposited in tins bank,
unless " the Secretary Of the Treasury
shall otherwise order and direct" And
as this agreement has been entered into
by Congress, in behalf OF the United States.
the place Of deposite could not be chan
ged by Legislative act, without disregard
ing pledge. which the Legislature has
given; and the money Of the U. States
must therefore continue to be deposited
in the bank, until the last hour of its ex-
istence, unless it shall be otherwise order
ed by the authority mentioned in the char
ter. The power over the place of depo-
site for the public money would seem pro
perly to belong TO the Legislative depart
ment Of the government; and it is diff
cult to imagine why the authority 10 with
draw it from this hank was confded ex-
clusively TO the Executive. But the terms
of the charter appear to be too plain to
admit ofquesticn: and although Congress
should be satisfied that the public money
was not safe in the care of the bank, or