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

emoval and lis final relinq aishment. Forj
the measure had then been suspended,
o ne resumed at a future zine, it was in
he power OF TIE bank 20 produce the same
s !, wherever it was again attempted
I u"'.ng aside, therefore, from the view of
me subject which am now presenting,
all the inducements which grew out of the
misconduct of the bank, and regarding
only its approaching end ap2 the ir,fensi'
ty OF the pressure it was then producing,
no fulherdelay was admissible.
The facts and reasons above stated. an.
pear to have established the following
LIST. 1t was the duty of this department
not to act upon the assumption that the
legislative power would hereafter change
the law n relation TO the Bank of the u.
States; and it was bound to regulate its
conduct upon the principle that the exist
ence of this corporation would terminate
on the Sd of March, 1886.
Cd. The public interest required thai
the deposites Of public money should not
lcontinue to be made in the Bank of the u.
States, until the close of its existence; but
should be transferred 10 some other place.
at some period PRIOR to that time.
Sd. The power of removal being reser,
we'd exclusively TO the Secretary of the
Treasury, by the terms of the charter, his
action was necessary in order to effect it =;
and the deposites could not, according to
the agreemt mt made by Congress with the
stockholders, have been removed by the
legislative branch of the government, un.
til the charter to the bank was at an end.
4tl. The near approach of the time
when the charter would expire, as well
las the condition of the mercantile tommu
nifty produced by the conduct Of the bank.
rendered the removal Indispensable, at the
time it was begun; and il could not have
been postponed 10 a later day, without
INJURY to the country.
Acting on these principles, | should have
felt myself bound to follow the course !
have pursued in relation 10 the deposites.
without any reference TO the misconduct
Of the bank. But there are other reasons
for the removal, growing out Of the man
ser in which the affairs of the bank haye
been managed, and its money applied.
which would Lave made it my duty to
withdraw the dsposites at any period OF
the charter.
3t will, presume, be admitted on all
hands, that the bank was Incorporated in
order TO create an useful and convenient
public agent, to assist the government in
its fiscal operations. The act of incorpo-
ration was not designed merely as an act
of favor to the stockholders, nor were OK
lciusive privileges given to them for the
purpose Of enabling them to attain pollti-
cad power, or TO arnass wealth at the ex-
jpense ofthe people of the United States.
The notive for establishing this vast mo-
nopoly, was the hope that it would con-
duce to the public good. II was created
10 be the agent of the public, to be en-
iploycd for the benefit Of the people; and
the peculiar privileges and means of pri-
waite emolument given to it by the act of
were intended as rewards
for the services it was expected TO perform
1t was never supposed that its own sepa.
rate interests would be voluntarily brought
into collisions with those of the public. And
lstIll less, was II anticipated, that it would
seek by It's money 10 obtain political power,
iaad control the action of the government,
either by the iavors it can shower, or the fear
Eot is resentment. its duty was simply that
Iot an agent, bound to render certain services
20 Its principal, in consideration of the ad-
yaniages granted to il. And like every other
public agent or officer, its own separate in-
terests were subordinate to its duty to the
public. 1t was bound to consult ire general
good, rather than its private emounent, if
they should happen to come into conflict one
with another. If, therefore, it sought to OBJ
tain political power, or to increase lis gains,
by means which would probably bring dis.
tress on the community, it violated its duty,
and perverted to the public injury the powers
which were given to be used for the public
good. And in such an event, it was the duty
ol the public servants to when the trust was
reserved, TO dismiss it, so far as might law
fully be done, from the agency it had thus
abused.
Regarding the bank, therefore, as the agent
OF he United States, and bound by the duties
and liable to the obligations which ordina-
MY belong to the relation of principal and
agent, except where the charter has other
wise directed, proceed to state the c.rcun-
stances which show that i; had Justly forfeit
ed the confidence of the government. and
that 1t ought not to have been further trusted