Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-01-23

| WI W. ttfC btiCht Ol tHC people, not q
the Bank. II may be waived. Con
gress, being legislative party to tn,
compact, did not thereby deprive itscl
OF ordinary powers of legislation. /
cannot, without breach Of the nation
al faith, repeal privileges or stipula
tons intended for the benefit of the
Bank. But it may repeal, modify, OF
waive the exercise altogether, Of those
parts Of the charter which were intend
ed exclusively for the public. Gould
not Congress repeal altogether the
clause of removall Such n repeal
would not injure, but add TO the security
of the Bank. Could not Congress mo.
dify the clause, by revoking the agen-
cy of the Secretary of the Treasury,
and substituting that of the Treasurer,
or any other officer of Government
Could not Congress,at any time during
the twenty years duration OF the char.
ter, abolish the office altogeter of Sc.
cretary of the Treasury, and assign
all his present duties to some newly
constituted department. The right
and the security of the bank do not
consist in the form of the agency, nor
IN the name of the agent, but in this;
that, whatever may be its form or his
denomination, the removal shall only
be made upon urgent and satisfactory
reasons The power of supplemental
legislation was exercised BY Congress
both under the old and new bank
Three years after the establishment OF
the existing bank, an act passed, better
to regulate the election Of Directors.
and to punish any one who should at.
tempt by brides or presents in any form,
to influence the operations of the insti-
tuition.
The denial of the Secretary, to Con.
gress, of the power to remove the de-
posites, under any circumstances, is
most extraordinary. Why, sir, sup
pose corrupt collision between the
Secretary and the Bank to divide the
spoils of the treasury Suppose to.
tai nonfulflment of ali the siipua,ions
on the pat of the Bankl Is Congress
to remain bound and tied, whilst the
Bank should be free from allthc obiga-
tons of the charter? The obligation
OF one party, to observe faithfully his
stlpulatIons, in contract, rests upon
the corresponding obligation the 9th.
er party to observe his stipulations. If
one party is released, both arc free. IF
one party fail to comply with his con-
tract, that releases the other. This is
the fundamental principle of oil con-
tracts; applicable to treaties, charters,
and private agreements. If it were a
mere private agreement, and one party,
who had bound himselfto deposit, from
time to time, his money with the other,
to be redrawn at his pleasure, saw that
1t was wasted and squandered away, he
would have clear right to discontinue
the deposites. 1t is true that a party
has no right to excuse himself from the
fufilment Of his contract, by imputinp
a breach to the other which has never
been made. And it is fortunate forthe
peace and justice ofsociety, that Meth
er party TO any contract, whether pub
lie or private, can decide conclusivcly
the question of fulfilment by the other,
but must always act under subsection
to the ultimate decision, in case ofcon-
troversy, of an impartial arbiter, pro-
vided in the judicial tribunals of civil.
zed communities.
AS to the absolute, unconditional and
exclusive power which the Secretary
claims to be vested in himself, it is in
direct hostility with the principles of
our Government, and adverse to the
genius of all free institutions. The Sc
cretary was made by the charter, the |
mere representative or agent of Con-
gress. Its temporary substitute, act
ing in subordination to it, and bound,
whenever he did act, to report to bis
principal his reasons, that they might |
be judged of and sanctioned, or over
ruled. Is it not absurd to say that the |
agent can possess more power than the |
principaR The power of revocation is |
incident to all agency, unless, in ex-
press terms, by the instrument creating |
it, different revision is made. The |
powers, whether of the principal or the |
agent, in relation to any contract, must
be expounded by the principles which
govern all contracts. 1t is true that |
the language of the clause Of removal,
in the charter, is general, but it is not
therefore to be torn from the context. |
1t is part only of an entire compact,
and is to be interpreted in connexion
with every part and with the whole.
Upon surveying the entire compact,
we perceive that the Bank has come
under various duties to the public; has
undertaken to perform important fnan
cial operations for the Government;
and has paid bonus into the public
n