Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-01-30
THURSDAY, JANUARY 80, 1884

viz AOofn vi ttiC ~ iltCu CldltS VS. 1dIlO
ridge. when speaking of the bonds requir
ed to be give n by the cashiers of the bank
says, ut requires very little knowledge o
the interior of banks to know, that the in
terests of the stockholders are committed
to very great extent, to these, andothe
officers. 1t was, and ought to havebeen
the intention of Congress, to secure the
government which took deep interest il
MS institution, and to secure individuals
who embarked their fortunes in it. lon the
faith OF the government, as far as possible
from mai-practices of its officers" Bu
the directors of the bank seem to have
acted on principles directly opposite te
those stated by the Chief Justice. And
instead OF endeavoring to secure, ssas far
as possible" tie public and individuals
rom the NAL prat tees of its officers, they
place the funds of the bank under the
control Of a single officer, from whom
neither security nor specific vouchers have
been required. 1t is true, that in the opin,
ph which the Chief Justice gave in the
case from which the above passage is que
ltd, he differed from the rest of the Court,
out the difference was on other principles.
and not on the one above stated.
In forming my judgment on this part of
the case, have not regarded the short
time the charter has yet to run. But my
conduct has been governed by considera-
tons which arise altogether out of the
course pursued by the bank, and which
would have equally Influenced the deci-
sion OF this department, in relation to the
deposites, IT the bank we're now in the first
years OF It's existence. Aud upon this view
of the subject, the following propositions
appear to be fully malntained:
LIST. That the bank, being the fiscal a.
gent OF the government, in the duties
winch the law requires i. to perform, is
liable to all the responsibilities which at
tach 10 the character OF agent, in ordina.
fy cases of principal and agent among II
divIduals; and it is therefore the duty Of
The officer of the government 10 whom the
power has been entrusted, to withdraw
from It's possession the public funds, when
ever Its conduct towards lis principal has
been such as would induce a prudent man
IN private life, to dismiss his agent from
bis employment.
I'd. That by means of its Exchange
Committee, it has so arranged its business,
as to deprive the public servants of those
of observing its conduct,
which the law had provided for the safe
ty of the public money confided to its
care; ard that there is sufficient evidence
to show tina: this arrange ment on the part
OF the back was deliberately planned, and
is still persisted in, for the purpose of con
cealment.
Sd. That it has also, in the case Of the
three per cent. Stock. and OF the bill oil
exchange Oh France, endeavored unjustly
to advance its own interests, at the ex
pense of the interests and the just rights OF
the people of the United States.
If these propositions be established, it is
very clear that a man of ordinary prudence
in private life, would withdraw his funds
from an agent who had thus behaved him
self, in relation to his principal; and it
follows. that was the duty of the Secre.
tary Of the Treasury, TO withdraw the
funds of the United States from the bank.
4th. That there is sufficient evidence
to show that the bank has been, and still
is. seeking TO obtain political power, and
has used its money for the purpose of in
tluencing the election of the public ser
wants, and it was incumbent upon the Sc
cretary of the Treasury, on that account.
to withdraw frcm its possession the money
of the United States which it was thus
using for improper purposes. Upon the
whole. have felt myself bound by the
strongest obligations, to remove the de
posites. The obligation was imposed up
on me by the near approach of the time
when this corporation will cease to exist
as we'll as by the course of conduct which
it has seen fit to pursue.
The propriety of removing the dePo
sites being thus evident, and it being con
sequently my duty to select the places tt
which they were to be removed, it became
necessary that arrangements should be inn
mediately made with the new depositorie:
of the public money, which would mo-
only render it safe, but would at the same
time secure to the government and to the
community at large, the conveniences ane
facilities that were intended to be obtain
ed by Incorporating the Bank of the U
States. Measures were accordingly takeI
for that purpose, and copies Of the con
tracts which have been made with thu
several banks, and Of the letters Of instruc
- r.