Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-15
POLITICAL,
REPORT OF THE COMMITTEE ON FINANCE

tent OF the claimed by the Secretary the commit
tee proceed consider the reasons which he has orod
Congress as the particular grounds on whch the
mas been exercised in the present case
rue nrs reason assigned by the Secretary, is the nea
approach oil the PERIOD when the bank charter Y in OK
pre-. That period is the 4th of March, 1886 more thar
TWO years distant; nearly years and at the time
mean me TO be holden; and inasmuch the Secretary
hmseH says hat"the power the pl of the demo-
ses Tor the public money would properly to belong
10 the legislative department Of Governments the com.
mi'ee think might reasonably have been expected bv
him. that Congress would not fail to make i'm season suI
able regulations subject thus admitted to he within
duties rf'' ' u Tvs
Why then, should've not have waited till Congress. had
seen Int 10 act upon the subject, had manifested dis
position not TO ac The matter of the depoes had been
before Congress last session, and Congress had hen
ought no provision 10 be yet lis undoubt
Gu sense was, that the public moneys should remain
where they were This manifested by proof, too
clear to be questioned. Another session was fast an
preaching; and why not the whce subject left her.
Congress had chosen to leave il the end of il, s,
sion, TO await the free exercise OF its
this session lit might have been fit foi the Executive to
call the attention oil Congress- at this time to the ne stv
oil some legal provision respecting the of hs
public moneys and would. doubtless have been prone
Tor Congress- without such CALL take up consider be
SUBJECT at It's own suggestions but the committee see no
reason whatever, in the approaching expiration of the
charter Tor change so sudden, and producing such i'm
portant Effects made so long before that expiration at
time when Congress had recently had the subject before
II; and when, too, 1t was again about assemble and
would naturally have reasonable and full opporun ~
adopt any necessary legislative provisions -
The Secretary has stated satisfactory TO the
Committee for not deierrng this important step until the
meeting oil Congress He sets forth no sud-
den occasion, nothing which, in their jude ment made
mediate action by him necessary.
The Secretary suppOses TO have been his duty 10 ac,
on The belief that the bank charter would not be
and he refers to popular elections support of This
opinion The Committee believe it altogether unusual for
reasons OF that kind 10 be assigned public and
acts On such subjects, opinions may be very various
Different aud opposite conclusions may be drawn from
same iaets ny different persons One may think tina,
he lpct tod Tl,:-
to the bank another may sce only, that he has been
chosen, notwithstanding such opposition One NAV reg ard
he opposition or The support Of any measure by paricu
lar candidate having BEEN ITSELF promofi1e cause NJ
the Of his election; another NAV esteem il "a
formidable objection, overcome however, by more pow
eru reasons and Others again, may be of opinion ta il
produced little effect the side or the other
Butt inerences less uncerain could be drawn from such
occurrences, the committee still think that for pubic Of
hcer TO presume what law the Legislature will or will moi
pass respecting matters of finance from the election of
particular person to be Chief Magistrate, implies
quence from such election which the constitutional ;nd
pendence and dignity OF the Legislature do not allow to be
admitted. ~ ~
But if for this, other reasons the Secretary had
suaded himself that the charter Of the bank would not be
renewed STILL ii certainly did not follow that Tho dero
sites ought TO be removed before Congress had decided on
the hands into which they should be and had
made suitable regulation respe cling their future custody
III there good ground for thinking that
would no, re'char'er the bank for that very
was equally good ground Tor surprising that would make
proper and suitable provisions for The of The pub
lie moneys elsewhere. How could The Secretary doubt
he in he
one OF its appropriate duties: The question is not what
measures Congress might be expected adopt whether
the re-charerng oil the bank, what other measures;
but whether ought not 10 have been presumed that il
would adopt some measure, and that seasonabe and pro-
per ONE according its and its duiies and whether
therefore, this anticipation Of the action of Congress on
the eve OF its session, is to be justified.
The bank charter declares that the apostles of the pub
lie money shall be made in the bank and its Offices and tina
the bank shall continue till March, 1896. Where doe. III,
Secretary find his power decide that the deposes
be so made but for seventeen years from the date Of the
charter, instead oil twenty III he may thus withdraw
the deposes two three years before the expiration of
OF the charter what should restrain him from exercising
the authority five years before its expiration or
years? plain and cogent necessity the existence NJ /,
which admits of reasonable doubt which is too
urgent for delay till Congress provide for it, can alone
justify interference with the public moneys lodged in
the bank by law for the double purpose Of safe keeping
and iuihlment OF solemn contract
But supposDg not reasonable for the Secretary to have
expected the Dterposon Of Congress- admitting that
he might consider The Withdrawing OF the deposss as an
act which to be done at time by himself how
CAN'T nevertheless be argued that early and so sudden
a withdrawal was necessary? The committee can per-
ceve no possible reason for this in any Of facts made
known to them.
The withdrawal Of the money left on deoosi,e from
bank whose charter about to expire is naturally one
the things longest postponed. II is safe the last day
the existence Of The bank, in cases. as at an,
previous period The bank expects The of lie depo
sites the period Of lis expiration, and prepares itself
accordingly. The operation, il made gradually, produces
when thus conducted, the least possible disturbances in
the business oil The community. Former experience
would 10 have held out salutary light for The sui.
dance Of the Secretary in this part Of his official duty
the time Of the expiration OF the charter Of the former
bank, Mr. Gallatn was Secretary OF the Treasury aud
the public deposites in the bank The charter tho
bank was TO end on the 4h OF March, 1911 and il does
not appear That Mr. Gallan thought necessary TO make
any provision whatever for removing any part of the de-
posites, except by drawing them for e common ses
ofgoyernnen until late in the very month precedino d.
expiration OF The charter large amount Those dcno
sites remained, indeed, 10 the vaults Of the bant
charter had expired, and until they were wanted in Dr.
general operations Of the Treasury. And WIN
otherwise? Why should that be done sudJenIv nos
which The Secretary thinks could DC done sldnp
hereafter, without, great Inconvenience? Is not is i
inference, from his own argument that the thing shculd
not have been done suddenly at all? As TO the idea tina,
the credit Of the paper Of the bank will be deprecated
near The time of the expiration Gifts charter, or that
would be inconvenen for IT, at that time, TO be called
on Tor the deposites, the committee are utterly at
loss to see the slightest foundation for such an OPT
mon. Experience Is against is and all reason as the
Committee think, Is against il also There is nothing 10
render IL 10 any degree doubtful that the bills Of be bnL
will be in good credit the last day of lie cIarer ,nd
after that time If any shall be outstanding os the s,
now; and there is little to render doubtful ina, bsn
as now the bank would be competent TO answer All do
mands upon u. In the opinion Of the Committee m.
withdrawal Of the fund both eav and
unnecessarily sudden. II might have been made gradual
mgh' have been deerred and IL might have been and
ough 70 have been the Committee think NOT yeptnred
upon at s until the attention Of Congress itself had
called 10 the subject The Committee therefore entirely