Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-04-03

HHout any HcSTe, tneTeIOTe, 10 az
3 RAJ gn uncharitably the motives of others
the undersigned is satisfied, that many
Of the acts of the Bank, that are com
9 planned OF, do but justify tis uniform ap
r prehension of such institutions; he con
= ceives that the Bank has forfeited al
I claims to favor, and that, IL chartered
, with such weight of complaint agains
, it, the charter mig hl almost as well bt
, perpetual as limited
, But, whilst these are the sentiment.
5 he eDtertaIEs, and whilst as an individua
, he might, IN every fair way, utter and
: publish, Ia language becoming n freeman
hls strong remonstrances and upbraid-
) ings at the 9 per cent transaction, and
, others; he does not consider il proper
as public officer, TO pursue any Other
than an ODen, decided, and authorized
course. lie is persuaded that vindictive
justice is so much at variance with the
best feelings of the human heart, that a
resort TO a measure of that kind, would,
by the Iepugnance that il would create,
tend to merge the more essential consid-
GRAFTON ofthe future destnies ofthe coun-
try.
4 AT present the Bank stands, if not
convicted, arraigncd, before the coun-
try-it has put itself in the wrong and
the stockholders have not manifested an
inclination even to inquire into the eau
ses of complaint against the directors
Public opinion is unlavorable to the con
tInuance oi the institution. ii is obvi-
ousl y the conviction Of dispassionate men,
that no modification can control an insti
tuition that has the elements Of evil in its
composition and existence. The dictates
Of prudence and policy, therefore, de-
mand that nothing should be done against
the Bank, that might altogether conceal
justice under the veil of sympathy.
\ The main question was put to the
People by the President, and left to them,
in such terms, and in such forms, as TO
absolve him from all accountability. In
this, as in other instances. postcrity will
do justice to tho purity of his purposes,
and the vigor of his acts. And there is
no occasion, either for the present, or
the future, to adopt course different
from the open and manly one heretofore
pursued. 1t is not requisite, in order to
prevent renewal of legal life, to resort
to measures that might be regarded as
extreme, if not utterly needless.
/ Nv. The undersig is persuaded,
that the measure would be regarded as
extreme and arbitrary, for these reasons:
! lst. The charter is the law Of the
land; it is contract, that cannot be dis
solved, or altered, without mutual con-
sent, or forfeited without injury; the pub
lie deposi,es are 2 benefit to the Bank,
for which it has paid consideration, and
their continuance is part of the con-
tract.
Has the undcrsi gned right to rescind
this contract? 1t is certainly true, that
he has the power to change the deposi-
tory, but he is bound to give his reasons
What reasons can the undersigned give;
He must not rely on the reasons of 9TH
ers, unless he adopts them as his own
he must be satisfied that the measure is
sound in itself and deicnsibc.
Ii, indeed, there were not other tribu-
mails, before which acts involving forfei-
ture might be inquired into, and acts
involving forfeiture were apparent, there
might be some apology for an exercise Of
extraordinary power by an individual
But, if there has been such misconduct,
in the corporation, as warrants a iorlci-
ture OF its charter, or if there have been
such acts done by the directors or Off
GERS as bring them within the penalties
Of the act of incorpor alton, what reasons
can be given, for visiting the sins of the
officers upon the stockholders, without
rial by jury, or other judicial proceed.
ng? How could the undersigned i,isti- I
|y himself before Congress, even if his I
opinions were sound, in declining Judi
,ial inquiry, and in ndemning the ac- t
,used unhcard?
IL the President is satisfied that there g
has been misconduct, such as would war !
ant punishment by judicial agency, why q
las it not been, why may it not yet be, +
escorted to? But if no such step has ,
,een taken, or can be sustained, how c
ian the undersigned Justify the assump- {
ion OF the powers of jury, Judge, and Q
'xecutioner? Is he TO punish unheard, $
It his own pleasure, and without being y
bile to assign TO Congress reasons for p
uch an arbitrary act; Is it consistent u
With the principles Of justice, or the ge p
ius of our institutions, that any man 81
hould be able to constitute himself q
ictator, in mattersallecling the charac- "
rr of the country, the welfare of the 81
'eoplc, and the fame of men, who are ;
nited at least to the rights Of fcIons: n
The undersigned has been, like other 81
zen, under excitement, in relation to the II
Iank of the United States, and upon ia