Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-07

= lad imitation of the New York project OF q
safety fund. This confederation OF pankS WIZ
probably be combined in sympathy DIS wen as
interest and will be always ready 70 ny ~ 'tio
succour of the source of their nourlshment. AS
10 their supplying common currency, In place
of that of the Bank of the United states, the
nan is totally destitute of the essenual requisite.
Thev are not REQUIRED to credit each others pa
per. unless it be issued in the "imnaedadte otc1-
nity,o Now
We have seen what rs in tins contract. wv W.
LET us see what is not there. 1t contains no oti-
nuation for the preservation of the puohc mo no
rails. none for the freedom of elections; none ioi
the purity of the press. All these great tel CO...
after all that has been said against the panh ~
the United States, are left to shit ana TAKE ca
of themselves assthey can. we nave an oeuy
seen the President of a Bank III nelghoocills
city, rushing impetuously to the defence OF lhe
Secretary of the Treasury against an eoltoildl
article in a newspaper, although "the venom OF
the shaft was not quite equal TO the Vlgol VI t,o
bow Was he rebuked by the Secretary OF tne
Treasury? Was the Bank discharged rom the
nubc service? Or, are morals the press, ana
elections in no danger Of conta mination, when
a host of banks become literary champions Oh
the side of power and the officers OF Govern
ment2 Is the patriotism of the Secretary only
alarmed when the infallibility of high authority
is Questioned? Will the States silently acqu-
esce. and see the Federal authority insinuatlng
itself INTO UdllhS VI tOi oiN"'AO--,
TO their exclusive contiol2
We have, Mr.. President, most wonderiui
Financier at the head OF our treasury Depdil,
ment He sits quietly by in the CABINET ana
witnesses the contest between his colleague anu
the President. Sees the conflict IN the nina OF
that colleague between his personal attachment
TO the President, on the one hand, and his So
lemn duty to the public on the other benolos
the Triumph of conscientious obhgatlon Con-
templates the noble spectacle OF an honeSt man,
preferring to surrender an exalted once, WIN
all its honors and emoluments, rather than pc
tray the interests of the people. witnesses .he
insulting and contemptuous expulsion OF tlat
colleague from office; and then cooly enters the
vacated place, without the slightest sympathy or
the smallest emotion He Installed on the
23d of September, and by the goth, the bIle1
period of three days, he discovers that the Go
vernment of the United States had been wrong
from its origin; that every one of his predeCeS-
sors from Hamilton down including Gallatn
(who, whatever said of him on former oc-
casion. and that do not mean to retract, pos
sessed more practical knowledge of currency,
banks and finance, than any man nave ever
met with in the public councs,) Dallas, and
Crawford had been mistaken, about Doth the
expedency and constitutionaity of the Bank;
that every Chief Ma gistrate, prior to him whose
patronage he enjoyed, had been wrong; that
Congress, the Supreme Court OF the United
States and the people of the United States, dur
inc the thirty seven years that they had acqul-
esced in or recognized the utility of Bank,
were all wrong And opposing his single OPT
Mon to their united Judgments he dismlsses the
Bank, scatters the public money, and undertakes
to regulate and purify the public morals, the pub
lie press, and popular elections!
five examine the operations OF this modern
Turgot in their financial bearing merely, we
shall find still less for appreciation
L. He withdraws the public moneys, where, by
his own deliberate admission, they were per-
fectly safe, with Bank of thirty-tive millions
of capital and ten millions Of specie and he
places them, at great hazard, with Banks OF
comparatively small capital and but little spc-
Gle, of which the Metropolis Bank is an exam
pie
2. He wthdraws them from Bank created
by. and over which the Federal Government had
ample control, and puts them in other Banks
created by different Governments, and over
which it has no control
g. He withdraws them from Bank in which
the American people, as stockholder, were
drawing their fair proportion Of interest accru-
| ing on loans, of which those deposites formed
the basis, and puts them where the People of
the United States draw no interest
! A. From a Bank which has paid bonus of
million and a half which the people of the Unit
| ed States may be now liable to refund, and
puts them in Banks which have paid to the
American people no bonus
5. Depreciates the value of the Stock in
Bank where the General Government holds
seven Millions and advances that OF Banks IN
whose stock, it does not hold a dollar, and
whose aggregate capital does not probably
much exceed that very seven millions. And,
finally,
g. He dismisses Bank whose paper circu-
lates, in the greatest credit throughout the
Union and in Foreign countries, and engages
in the public service Banks whose paper has but
a limited and local circulation in their : lmme-
date vicinities
These are immediate and inevitable results.
How much that large and long standing item
of unavailable funds annually reported to Con-
gress, will be swelled and extended, remains to
be developed by time
And now, Mr.. President, what, under all these
circumstances, is it our duty to do? Is there a
Senator who can hesitate to affirm, IN the Ian
guage of the resolutions, that the President has
assumed dangerous power over the Treasury
of the United States not granted to him by the
Constitution and the Laws; and that the rea-
sons assiged for the act by the Secretary OF the
| Treasury are insufficient and unsatisfactory?